Posted on: 27th May, 2009 12:54 pm
My husband and I had fallen behind on our mortgage. He called GMAC today to see about a loan modification he was told the account was charged off and we could pay 26,000 and own our house free and clear with a charge off on his credit as settled. Or we could pay monthly payments for the next 10 years and have it as a settled. I called an attorney because I never have heard of this!! We never received any letters or foreclosure notices!! Has anybody else heard of this??
Hi terriash!
Welcome to the forums!
As the mortgage has been charged off, the collection agency can now come after you in order to recover the debts. You cannot live there for free.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As the mortgage has been charged off, the collection agency can now come after you in order to recover the debts. You cannot live there for free.
Feel free to ask if you've further queries.
Sussane
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