WHAT DOES IT MEAN THAT MY MORTGAGE CO CHARGED OFF MY DEBT

It means that your mortgage company has considered it a loss and it's basically uncollectable. It does not mean that they have no right to try to collect it. Normally foreclosure preceedings will take place very soon if they have not already begun.

Did you have a foreclosure?

No I am not in foreclosure; they have given me a settlement amount. My mortgage is with WAMU who just merged with JP Chase Morgan. I not sure what to do seeing as though the banks are not trying to lend money unless you have perfect credit. Any suggestions. Thanks
Charollet

Hi charollet!

Mortgage charge off means your dues have been sold off to a collection agency who will collect the dues from you henceforth. The original lender is not interested to collect the dues from you. You can try for FHA loans which I think you will get.

Thanks,

Jerry

my mortage has been charged off. not in foreclosure.

Hi Brenda!

Welcome to forums!

It means that your lender is no longer interested in collecting the dues from you as you were not paying the debts. Thus, he has assigned or sold off the account to a collection agency who will in turn collect the debts from you. If you pay off the debts to the collection agency, then you'll be able to save your property.

Feel free to ask if you've further queries.

Sussane

I'm 5 months behind on my mortgage and today I got a paper from a lay office saying that the bank has sent my mortgage to them and now they want the whole mortgage amount saying it's now a debt is this how foreclosure starts or are they just suing me for the money?

Hi Scott,

You need to check out whether or not the amount has been transferred to a collection agency. If yes, then they will demand the money. They won't start off with the foreclosure process.

Thanks,

Jerry