chase 2nd heloc charged-off will they reaffirm

Hi maureen!

Welcome to forums!

Charging off mortgage means that the original lender (i.e Chase in your case) is no longer interested in collecting the mortgage debts from you. For this reason they have sold your mortgage to a collection agency who will in turn collect the mortgage from you. To know as to whom Chase has sold off your mortgage, you can contact Chase's customer care department. You can then contact the collection agency and try to pay off the debts. To know more about second mortgage charge off, check out the following link:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html

I don't think the collection agency will foreclose the property. They will, however, definitely want you to pay off the debts. But, yes, I believe that Chase should have given you a chance to bring the mortgage payments current.

Feel free to ask if you have further queries.

Sussane

when a collection agency takes over how do they spread out the payments and will they allow the same length of time as the orignal equity loan was written for, anyone know that answer I would appreciate it.

Hi maureen

As far as I know, the collection agency will want you to pay off the debts as soon as possible but you can definitely try negotiating with them. Once you start negotiating with them, it will be their discretion whether they will give you the same length of time as the original equity loan was written for or whether they want you to pay off the debts immediately.

Thanks.

thank you, does anyone have any experience with chase and who they use for collection chargeoff helocs, are they negotiating type or are they jerks

Hi maureen,

I think it will be better if you can directly contact the customer care department of Chase and check with them who your collection agency is. You will get the exact information from them.

Thanks

thank you, in the process of trying to get answers now, they are so difficult to work with, they send you from one department to another, they never gave us any options they just charged off and never told us until i called to find out how much we owed to catch up then they refused our money and too late, ugh, so frustrating, now maybe with the economy and government taking interest they change their minds, but somehow i doubt it, will keep you posted

Hi maureen,

I can understand how frustrated you must be feeling. But do not get upset. You should contact Chase and ask them who you collection agency is as James Hogg has said. Then you can contact the collection agency and start paying them off.

Thanks,

Jerry

good news i finally spoke with someone in recovery department and they are helping me, we sold some assets and were able to pay arrears and they will accept our monthly payments and there is no fear of foreclosure, i am very pleased, they said their goal is to keep people in their homes, i wish they said that four months ago when i first approached them, the man i dealt with then basically said oh well either pay up or get out. times have changed, thanks for all your help, and will keep you posted of any changes.

I have the same problem. I have been dealing with Chase since the beginning of 2009. The first time I attempted to modify my Heloc, they had the wrong income and they denied me. I called to complain and was told that they couldn't help anyways until I got my first with Wells Fargo modified. I stop paying the Heloc for two months and when I started my modification trial payments with wells fargo, I contacted Wamu and the representative started me on a trial modification over the phone. The debited two payments out of my acct. for Aug and Sep. When Oct came around and I didn't see them take my third trial payment, I contacted them and they couldn't locate my acct. The excuse I was given was that California Wamu was in the process of transfering all their accts. to Chase and that's was why my acct was not found. I was told to call back after October 26 once the transition was done and to my surprise when I called I was informed that my line of credit had been charged off. They completely cheated me with their lies and now no one wants to pull my acct. back. I feel that it's there fault. of course, they now claim that they did this because I didn't provide them with the paperwork. I faxed it three times... !

Oh my!! I am glad we are not the only ones. This week Chase approved our main mortgage modifiication, but to our surprise (no notice!) when I called to make the trial payment they said they could not find the account anymore ... no clear answer .... one rep said: " written off", another: " paid off" and after many another rep told us to call recovery. We talked to recovery and a condescending girl told us to pay 70% of the whole loan!!!! If we had that money under our mattress, do they think we would be asking for a modification ??????
We thought they are a third party collections agency, but they will not confirm. DOES ANYBODY KNOW who this recovery team is and what their intentions are, can they proceed with foreclosure or file a judgement ???

We all need to get together on this one!!!

Just to clarify on my previous post ... the charge of is one our HELOC not the main mortgage.
Maureen: Do you have the extension # of the person in CHASE Recovery that is helpful?

They lie... They never give answers in a timely manner... They say they care... They don't....
Don't expect anything from them.
The classic is giving them paperwork, by the time they review it, your paperwork is out of date. You send it again. They take 2 months to review. It's old paperwork again. Then it gets charged off or foreclosed on. It depends how underwater you are with your loan.

oh dont get me started about chase, I went to the local branch and had them fax paperwork twice for me, my mother in law passed away and has a mortgage with them my hubby is on the deed and we have been paying mortgage for 4 years and wanted to have his name put on it instead of hers we took the death certificate and filled out paperwork to assume the mortgage and they claim they never got it i went back down to the branch and told the women they never got it she faxed again and then called them now we are being told they cant talk to us we are not on the loan

to klowe,

i understand how painstaking it is for you to send the paperwork to the lender time and again in order to assume the mortgage. i do not quite understand why they do not want you and your hubby to assume the loan. your mother-in-law is no more alive and you and your hubby are making the mortgage payments on time for the last 4 years. do you and your hubby qualify for a refinance? if you do, then i believe you should refinance at a low interest rate and take a new mortgage on the property in your names.

You should just leave the loan alone esp dealing with Chase. If you can pay the mortgage and the deed has your name, dont worry about changing the loan to your name. The house it tied to the loan. If you stop paying the loan the house will go into forclosure as the house is collateral. Keep paying the bill and in the end the house will be yours.