Posted on: 31st Jan, 2011 12:19 pm
The bank that did the charge off on the second when my husband passed away also have the original mortgage. They have refused to combine the 2 and make it possible for me to carry both. I have kept the 1st mortgage current but do not have enough income to cover both mortgages as is.
Welcome sactul,
A charge off means that the lender is not interested in collecting the payments from you as it feels that you won't be able to pay it off. The lender may sell off the account to a collection agency who can contact you and collect the debts.
A charge off means that the lender is not interested in collecting the payments from you as it feels that you won't be able to pay it off. The lender may sell off the account to a collection agency who can contact you and collect the debts.
A charge off means that a creditor has considered a delinquent debt a loss and has given up collecting it, typically after six months of non-payment. The creditor will usually hand over the debt to a third party to effect collection. A charge off can be the most damaging mark on your credit report as it indicates you have a history of not paying your debts.
A charge off means that a creditor has considered a delinquent debt a loss and has given up collecting it, typically after six months of non-payment. The creditor will usually hand over the debt to a third party to effect collection. A charge off can be the most damaging mark on your credit report as it indicates you have a history of not paying your debts.