Posted on: 23rd Sep, 2008 03:30 pm
Mortgage Charge Off-----When a lender tells a borrower that their loan will be charged off. does this mean this process is like a foreclosure. will the borrower be forced out of their home & as someone else purchases their home throw this Mortgage charge off procees?
Hi aliciaharris!
Welcome to Forums!
Mortgage Charge Off refers to the portion of principal and interest which is taken as a loss when the loan is considered to be uncollectible. This means that they have given up on you repaying this debt willingly. However, you should note that negative information will stay on your credit report for almost seven years. The lenders can take the help of the debt collection agencies and they will be pressing you for recollection.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Mortgage Charge Off refers to the portion of principal and interest which is taken as a loss when the loan is considered to be uncollectible. This means that they have given up on you repaying this debt willingly. However, you should note that negative information will stay on your credit report for almost seven years. The lenders can take the help of the debt collection agencies and they will be pressing you for recollection.
Feel free to ask if you have further queries.
Sussane
alicia, please don't post the same question on a variety of forums. as you can and have seen, you'll get many answers from one simple post. multiples clog up the site unnecessarily.
thanks.
thanks.
