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  1. #1
    Join Date
    Dec 2011
    Posts
    1

    Default How Should a Charged Off Second Mortgage Be Listed on a Credit Report

    My question involves a mortgage in the state of: CA

    In 7/08 I had a rental property with a 1st and Home Eq Loan. Neither were purchase money loans. The property was then re-sold to another party in 8/08. The SOL in CA is 4 years from the date of the last activity on the credit report which was 7/07. I do believe I'm beyond the SOL for the 2nd to obtain a judgement. The 2nd is reporting on my credit report as "charged off" with a balance owed of $71,000 and has it listed as an OPEN account. From everything I've read about charge offs this accounting action permantely closes the account. I know if the loan was within the SOL I'm still liable, it can be sold to a collection agency, etc. The bank tells me the account is permantely inactive, no payment is owed and they will not pursue any payments. How do I get them to report the account as closed?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Should a Charged Off Second Mortgage Be Listed As Open or Closed Acct on Credit R

    They won't report it closed because it isn't closed.

    a statute of limitations defense must be presented if sued. If you would fail to present such a defense, the plaintiff could still win a judgment.

    credit history remains on your credit report for 7 1/2 years from delinquency. You'll just have to wait it out.

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