Posted on: 04th Apr, 2010 02:51 pm
My wife and I have been trying to modify our loan with JP Morgan Chase. It has been 8 months total but about 2 months since we have heard from them. We decided to call today and told us that they have charged off our mortgage and we are pretty much SOL. Now we have a 2nd mortgage with another company. Does this Charge off mean we will lose our house?
Im not really sure how this works. Anyone have any info?
Thank you
Troy Vogel
Im not really sure how this works. Anyone have any info?
Thank you
Troy Vogel
Hi marriedman,
A charge off does not mean that you would lose your property. Your account is now with a collection agency. They will contact you and demand for the payments. You can negotiate with them and ask for a payment plan in order to pay off the loan. If you do not pay them off, then they can sue you.
A charge off does not mean that you would lose your property. Your account is now with a collection agency. They will contact you and demand for the payments. You can negotiate with them and ask for a payment plan in order to pay off the loan. If you do not pay them off, then they can sue you.