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A charge-off is a notation on your credit report indicating that the original lender has written off the charge as unlikely to ever be paid. An account that is 120 to 180 days past due usually will be charged off. Obtaining a mortgage with a charge-off on your credit report is challenging, but if the charge-off is old enough and you rebuild your credit, you still may be able to obtain a loan with favorable terms. need more anyone just find in Florida unitedcounselors dot org
What else can I help you with?
Buying a house or renting a house?
If you can buy, definitely do that. That way instead of paying rent, you're paying off your mortgage. It depends on the relative cost of buying versus renting in your area. In many places it costs less on a monthly basis to buy a home than to rent one, but in some locales rent is very cheap compared to buying a house. In those places you might be better off renting and saving the additional money that would have gone towards the costs of buying. That money saved could be used to buy a better home at some point, perhaps in a cheaper city.
How do charge offs affect your credit?
Charge offs will drastically lower your credit score, just like any negative item similar to collections, judgments, and liens. They will stay on your credit report for 7 years unless removed. The more money owed and the more recent the charge off the more it will lower your credit score. You can remove charge offs by disputing them to the credit bureaus. The credit bureaus have 30 days to verify the charge off or it must be removed from your credit report.
Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
What is a Charge-off in a credit report?
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
Mortgage charge off and debt forgiveness?
wells Fargo charged off my 56,000 dollar home. Reported as 0 payment. 0 balance, and 0 old. What does that mean to me. I have not paid anything since 2007.
Are homes for rent to own cheaper than just buying a home?
In the short run, yes. However, after buying a home, the home will typically gain value over the years as you pay it off. Not to mention that if you intend to live in the same home for about 25 or more years, the home will eventually be paid off, but you'll never stop paying rent on a rental home.
How does paid closed wriiten off affect your credit report or score?
paid charge off affects your report as it is negative information
What is internal charge off?
A bank or a loan company can "charge off" a small amount of debt to get the amount off their books. However, this will affect a person's credit report. And it does not mean the person does not have to pay the debt. A debtor should still work to pay off the charge off, to clear the debt and save their credit rating.
How do you get a home monitoring bracelet off?
By buying the same tool/equipment used to put it on, but that would likely be illegal.
If cosigning for your mother can impact you negatively when buying your own home how can you help her?
Pay off all her debts yourself if you can.
Will the iPod charge if it is off?
No, the iPod will not charge if it is off. The iPod must be on for it to charge.
Is Microsoft office included with windows vista home?
Not usually however usually if you buy it off Microsoft direct it will be included. You should check with the people you are buying it off.
Does an electric scooter need to be switch off to charge?
It will charge faster if the primary ignition is off and the switch is flipped off, but it does not have to be completely off to charge.
Why does paying off accounts payable not affect net income?
Paying off accounts payable not affect net income because it is charged to income statement already at time of purchases now it is just the payment of cash which charge cash only.
Am I better off buying a discounted issue of a magazine or the entire subscription?
Be careful when buying a subscription. A lot of magazines will continue your subscription year after year and charge your credit card automatically. Unless you buy a magazine faithfully at the checkout counter every month, you could wind up with a bunch of waste paper building up in your home in addition to spending more money than you bargained for.
What best describes why renting a place live is generally cheaper than buying a home?
Renters don't own anything as a result of their payments, while homeowners do
Is towelling a good insulator?
No you are better off buying some insulation from a store like home depot. It will insulate, but it is also flamable and retains heat
