Charged off - Loan Modification Forum

pdsfoley · 05-14-2009, 07:41 PM

Found out through NACA today that our 1st and 2nd loan have been charged off....Naca said they will still submit...but its interesting....whats next????

Rumor · 05-14-2009, 08:40 PM

I don't mean to sound stupid..but what do you mean by charged off? Either I'm dumber than I think or I'm just having a bad day...

jhn_plsn · 05-14-2009, 08:52 PM

Doesn't "charge OFF" mean the original creditor is now selling the debt to a collection agency who may become much more agressive in its efforts to collect the debt.
Don't get to excited.

zbasspro · 05-14-2009, 10:31 PM

Quote:

Originally Posted by jhn_plsn

Doesn't "charge OFF" mean the original creditor is now selling the debt to a collection agency who may become much more agressive in its efforts to collect the debt.
Don't get to excited.

That`s what I`m getting from the credit cards anyway.

dthom · 05-15-2009, 04:01 AM

Never heard of a 1st getting charged off, I have heard of a 2nd being charged off. Strange.

pdsfoley · 05-15-2009, 06:16 AM

Yeah usually the 2nd....but NACA said both were charged off. We/re assuming its because we are soooo upside down here in Ca. home is worth at least 200,000 less not inc all we owe. What a mess....

CW California · 05-15-2009, 09:24 AM

Hey wouldn't it be cool if they just gave you the house? LOL

pdsfoley · 05-15-2009, 04:04 PM

LOL yeah how great would that be??

CW California · 05-15-2009, 09:55 PM

Didnt you used to work for CW? Maybe they dumped it because they were worried about liability from the termination????

05-14-2009, 07:41 PM	#1 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Charged off Found out through NACA today that our 1st and 2nd loan have been charged off....Naca said they will still submit...but its interesting....whats next????

05-14-2009, 08:40 PM	#2 (permalink)
Rumor Senior Member Join Date: Feb 2009 Posts: 442 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Charged off I don't mean to sound stupid..but what do you mean by charged off? Either I'm dumber than I think or I'm just having a bad day...

05-14-2009, 08:52 PM	#3 (permalink)
jhn_plsn Senior Member Join Date: Apr 2008 Location: Riverside, Ca Posts: 136 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Charged off Doesn't "charge OFF" mean the original creditor is now selling the debt to a collection agency who may become much more agressive in its efforts to collect the debt. Don't get to excited. __________________ *John, Upside down big time.* *1st modified again=USBank, 3% for 5yrs, 4.95 cap for the life of the loan(no principle write down but a stable solution)* *2nd(heloc)=BofA offered three month trial at 1/3 the payment. We'll see.*

05-15-2009, 04:01 AM	#5 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 699 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Charged off Never heard of a 1st getting charged off, I have heard of a 2nd being charged off. Strange.

05-15-2009, 06:16 AM	#6 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Charged off Yeah usually the 2nd....but NACA said both were charged off. We/re assuming its because we are soooo upside down here in Ca. home is worth at least 200,000 less not inc all we owe. What a mess....

05-15-2009, 09:24 AM	#7 (permalink)
CW California Senior Member Join Date: Feb 2009 Location: SoCal Posts: 1,127 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Charged off Hey wouldn't it be cool if they just gave you the house? LOL

05-15-2009, 04:04 PM	#8 (permalink)
pdsfoley Senior Member Join Date: Feb 2009 Posts: 416 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Charged off LOL yeah how great would that be??

05-15-2009, 09:55 PM	#9 (permalink)
CW California Senior Member Join Date: Feb 2009 Location: SoCal Posts: 1,127 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Charged off Didnt you used to work for CW? Maybe they dumped it because they were worried about liability from the termination????

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