I had/have a loan through a mortgage company; they written off the remaining loan off as "bad debt" and closed the account. It's been verified when I pulled my account. They have made no attempt in trying to contact me and I did notify them of my new address and contact info. What are my options and can I remove this from my credit report.
Respectfully,
2007-05-24 03:18:11 · 6 answers · asked by biggdawgg7447 1 in Business & Finance ➔ Credit
also, am i still required to repay the loan even if they written it off as "bad debt"?
2007-05-24 03:38:21 · update #1
They're only required to remove it after the 7 year reporting period has expired.
Even if you were able to make good on it wouldn't disappear any quicker.
2007-05-24 03:21:12 · answer #1 · answered by Bob-O 3 · 1⤊ 0⤋
The debt will remain on your credit report for 7 years from the date in which you stopped paying on the debt. Be very aware that the 7 years could very will start all over again if you contact the mortgage company. So unless you are willing to pay this debt off I would advise to not contact them. The mortgage company still has to follow the state law in which the debt occured. It is called the SOL or Statue Of Limitations. They have only so many years to try to collect the debt. Depends upon what state you live in. If the statue of limitations is up, then you no longer have to pay the debt. However it will remain on your credit report for the 7 years.
2007-05-24 04:38:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you don't feel that you owed the amount, then you can put a statement in your credit file explaining why. From your question though, it sounds like it was a valid debt, so it'll stay there until the 7 years is up.
They never contacted you at all when you first were late or when you defaulted? That would be very unusual. But it wouldn't matter as far as your credit report, since you would have known what you owed.
2007-05-24 03:24:17 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
there is no way of having this removed from your report. all negative information stays on your report for 7 years. even if you pay it, it will only get updated to reflect that you paid the balance or that you settled for less than the amount owed. even when it falls off after the 7 years, you will still owe money if you don't pay. having it fall off your report does not mean that you don't owe it anymore.
good luck!
2007-05-24 03:29:13 · answer #4 · answered by YSIC 7 · 0⤊ 0⤋
It would appear that the lender has decided to not further pursue attempts to collect from you. However, assuming that all information in your credit report concerning this issue is correct, you can't remove it. It will most probably stay there for its maximum life term of seven years.
2007-05-24 03:21:37 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
If the debt is valid, and it sounds like it is. There is nothing you can do to remove it.
It will drop off after 7-years from the date of first delinquency.
2007-05-24 03:26:26 · answer #6 · answered by ? 7 · 0⤊ 0⤋