Posted on: 26th Feb, 2010 10:06 am
My bank charged off my mortgage and took it out of foreclosure. Can they come back on me and foreclose at a later time for the money.
Hi yellowsunny,
If the lender has charged off your mortgage, it means that he thinks the loan balance cannot be recovered from you. The lender will report this as loss for accounting and tax reasons. The debt may have been sent to a third party collection agency. In such a case, it is unlikely that the lender will foreclose the property.
If the lender has charged off your mortgage, it means that he thinks the loan balance cannot be recovered from you. The lender will report this as loss for accounting and tax reasons. The debt may have been sent to a third party collection agency. In such a case, it is unlikely that the lender will foreclose the property.