Just settled 1

[Eagle777]

Just settled with Wells for 50% but Macy's won't budge. They will only settle for 85% any suggestions? Charge off is this week.

Thanks

[Eagle777]

Just got off the phone with them it has been charged off. Can someone explain what happens now. I was hoping it wouldn't get to this

[Evan Bedard]

I would find out asap which collection agency is going to be handling the account. Even though the account has been charged off that does not eliminate the chances of reaching a settlement before they decide to pursue further actions to collect on the debt. As soon as you get the collection agencies info I would contact them and offer x amount to settle the account. Who knows maybe they will be willing to settle the account for less than the amount WF previously offered. You want to stay on top of this to ensure they do not pursue further action before you can come to an agreement.

[Eagle777]

Thanks Evan. I spoke to them today they are willing to go 50% @ 3 payments. I told them I would call them back.

I am worried that this charge off will not allow us to refi through the harp 2.0. Do you know if we would still be able to refi even with a charge off?

Thanks!

[Evan Bedard]

I am worried that this charge off will not allow us to refi through the harp 2.0. Do you know if we would still be able to refi even with a charge off?

I'm glad to see they are more willing to work out an agreement than Macy's was. I know HARP does have some minimal credit requirements, but you ay still be able to qualify even though this account has been charged off. Here try contacting a member by the name of Erik Sandstrom, you can find his contact information in the thread below and he should be able to tell you whether or not you may qualify for the refi with this charge off on your credit report.

Why your lenders aren't offering HARP 2 NOW

[Eagle777]

Thanks Evan I emailed Erik last night. Also, my Amex was also charged off yesterday. It's a business account. It has never shown up on my credit report will it show up now as charge off? I had read on this forum that business accounts are not reported on our credit. Is that true?

[IOAlot]

Re Amex,

They do show up after your late. I have 2 business accounts that charged off and are now on my personal CR.

[Evan Bedard]

I agree, even though they do not show up now once you become delinquent or the account has been charged off they may report it to the credit bureaus..