What does it mean when the 2nd lien reflects "profit & loss writeoff - account closed" on your credit report?
What should you do with your current home - sell it or walk away? Any HONEST info is greaty and truely appreciated.
2006-12-28 06:45:11 · 6 answers · asked by Hello Kitty 1 in Business & Finance ➔ Renting & Real Estate
Thanks for the info! One more question - Is the 2nd lien still enforceable against the property??
2006-12-28 06:59:40 · update #1
It's just basically saying that your home was foreclosed on and that bank lost out with you. I believe you're gonna have a really rough time trying to buy another house for a while. Good luck.
2006-12-28 06:50:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, if your current home is in foreclosure, you will not get a mortgage for another one.
"profit and loss writeoff- account closed" means the debtor wrote off the debt without collecting it. It goes on your report as a delinquency, but does not count towards your total indebtness.
If you can sell your home for more than the debts, do it. If not, remain in the home until you are evicted.
2006-12-28 06:52:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I don't think you would be a good risk. It would be several years before you could buy a home.
As far as profit and loss writeoff---worst entry possible - means they couldn't collect and they just wrote off your debt.
2006-12-28 06:54:08 · answer #3 · answered by violetb 5 · 1⤊ 0⤋
Maybe,, let me tell u this.. friend has a house in foreclosure,, home is 15,500.. and she went out and purchased a 147.000 with a new mortgage company... and they have bad credit .. i mean cars repod every six months. U Tell me how they got this 147,000 home?
2006-12-30 11:18:44 · answer #4 · answered by rhonda_good2006 1 · 0⤊ 0⤋
Fillout the free situation evaluation form at
www.totaldebtsolutionsllc.com
They deal with dozens of lenders on a daily basis.
Costs you nothing to let them try for you.
2006-12-28 08:09:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, he's documenting the actual shown fact that he's keen to screw the financial employer for the money they gave him. there's no way yet another financial employer is going to line as much as bend over for him. heavily? understanding that he's genuinely mushy stealing could YOU loan him money?
2016-10-06 03:16:24 · answer #6 · answered by vanderbilt 4 · 0⤊ 0⤋