My home equity has been charged off

[rebel89110]

My home equity loan has been charged off. I go to court day after tomorrow and this loan was included in my trustee payment plan. I was just wanting to know since it has been charged off by the bank will I still have to make my monthly payment to them? I spoke to the bank and they said they will no longer reporting to any of the credit reporting agencies.

[lrprn]

My home equity loan has been charged off. I go to court day after tomorrow and this loan was included in my trustee payment plan. I was just wanting to know since it has been charged off by the bank will I still have to make my monthly payment to them? I spoke to the bank and they said they will no longer reporting to any of the credit reporting agencies.

Did your trustee pay off your home equity loan in full during your Ch 13 plan? If it was paid in full, then there is nothing for the bank to "charge off" - dispute that.

If the loan wasn't paid off in full during your 13, then to keep the secured asset it is tied to (your home) you have to keep making the payments. 'Charged off' is just a credit report category. I wouldn't use a credit report to make important financial decisions about your home, EVER.

Check with your lawyer to see how this development affects your payments (if any) to the home equity loan holder.

And unfortunately, no lender is required to report to the credit agencies. Reporting is entirely voluntary.

[rebel89110]

no my loan was not paid off in my ch 13. one more question since I am paying on this loan does the bank have to change their status on my credit report from charged off to currant?