Re: Charge-offs vs. Collection?

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Posted by Christine Baker on December 16, 1998 at 17:38:17:

In Reply to: Re: Charge-offs vs. Collection? posted by crash22 on October 31, 1998 at 14:08:43:

As far as Scores go, I doubt that there's much difference between a charge off and a collection. But yes, collections USUALLY have to be paid off prior to closing on a mortgage.

I guess the fear is that you might be bothered by the collection agency into paying them instead of the mortgage. In Cal an unsecured creditor cannot foreclose on you. And some lenders don't care whether your collections are paid, but then of course you get much higher rates.

Good luck,

Christine

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Comments:
: As far as Scores go, I doubt that there's much difference between a charge off and a collection.  But yes, collections USUALLY have to be paid off prior to closing on a mortgage.  

: I guess the fear is that you might be bothered by the collection agency into paying them instead of the mortgage.  In Cal an unsecured creditor cannot foreclose on you.  And some lenders don't care whether your collections are paid, but then of course you get much higher rates.

: Good luck,

: Christine


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