Hello - in 2008 I lost my job and we had to short

Hello -
in 2008 I lost my job and we had to shortsale our home. 1st mtg was not an issue - 2nd mtg (LOC) agreed to release the lein but not the note. They wanted 10k from the closing and for us to pay 100.00 per month @0% interest - and they would reevaluate in a year. We agreed and closed on the shortsale. (we never missed any payments on either note up to the sale) The first month after the shortsale I tried to send a payment but was told my new loan # was not ready yet... I tried again and the fellow working my case was no longer there and my note was "charged off"... I have sent a letter to the bank with a return receipt and they state that there has not been an error and this note remains charged off. Do I have any legal recourse to get this off of my credit?

1 Answers

Honestly, it would probably take more of your time than it's worth. Typically, a charge off takes place after an account goes delinquent by 180 days or more, but I'm wondering if they can consider a HELOC charged off after a short sale takes place. This would be my guess.

Do you have money to offer a settlement? If so, I would probably lean this way due to the fact that your credit score will improve after the account is reflecting a zero balance. Depending on which bank this is for, you may be able to settle the account for less than $2,000.00.

Best of luck to you!

Marie Megge



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