Posted on: 12th Oct, 2010 02:03 pm
I have 2 loans with Chase and the smaller loan was charged off. On the primary loan they have offered me a modification. I can't make decision on the modification becuase I don't know what the "charge off" implication means. Is this just a hit a on my credit report or can they come back and put a judgement or lein on my newly modified loan if that's what I choose to do?
I live in Texas........any help would be greatly appreciated. Chase is a nightmare to deal with. If you make 20 calls to the same 800# you will get 20 different answers.
I live in Texas........any help would be greatly appreciated. Chase is a nightmare to deal with. If you make 20 calls to the same 800# you will get 20 different answers.
Hi worrellmatt,
Charge off means that your mortgage account has been declared as uncollectible by the lender. Thus, the lender will not come after you in order to recover the loan. However, in most cases, the lenders sell off the charged off account to a collection agency who in turn harass the borrowers for payment. However, this charge off won't have any negative affect on the loan modification of your primary mortgage.
Take care
Charge off means that your mortgage account has been declared as uncollectible by the lender. Thus, the lender will not come after you in order to recover the loan. However, in most cases, the lenders sell off the charged off account to a collection agency who in turn harass the borrowers for payment. However, this charge off won't have any negative affect on the loan modification of your primary mortgage.
Take care