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Brebre

Bank of America Forgivness program

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I had a loan equity with Bank of America . My loan was forgiven under the Department of Justice principal forgiveness program.

They say it was a charge off. I think BOA received money from the federal government for this loan. They are reporting it as a paid charge-off. They said they cant help what the credit bureaus call it. Are they right? They sent me a letter saying the loan was forgiven. I don't agree it was a charge off -it was forgiven ! THey released the lien- would they release the lien on a charge off?

Edited by Brebre

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They do at times release the lien on charge-offs. Even if not paid. So a loan can have the lien released and be charged off in certain instances.

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They do at times release the lien on charge-offs. Even if not paid. So a loan can have the lien released and be charged off in certain instances.

The loan was not a charge off- it was forgiven.They said that is the term they use and that is what they report to the credit bureaus.

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They do at times release the lien on charge-offs. Even if not paid. So a loan can have the lien released and be charged off in certain instances.

The loan was not a charge off- it was forgiven.They said that is the term they use and that is what they report to the credit bureaus.

 

I was only answering your last question "would they release the lien on a charge off?" The answer is yes, they will depending on the circumstances.

 

I would have to read the settlement (don't have time right now) to know what it was for sure (they have had quite a few) and have a better idea of how it should be reported. Maybe No data as paid as agreed doesn't make sense either.

Edited by tiggerlgh

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Look into the 609 credit dispute programs, but do not pay anyone to do what you can do yourself for free. Just takes a little time and research. Good luck. I had a home foreclosed in 2013 ( my choice paid on a 46500 for original mortgage, paid on it for 17 years and still owed 43,000) filed bankruptcy the same month of the foreclosure, its listed on my credit report as foreclosure instead of bankruptcy. I am in the process of having it removed completely. I will let you know how it works out. Good luck to you.

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