Posted on: 04th Oct, 2010 03:50 pm
hi,
in 2009, my lender informed me that my mortgage had been charged off. this is the primary loan-there is no second mortgage. i was told that the lender may sell the loan and i would hear from the new holder of the loan.
i have heard absolutely nothing in the past year. they haven't sent me a bill and i haven't made a payment in over a year.
i still pay taxes on the property but i don't really understand the status of the property. i'm not in a position to make any payments and even so, the house is worth about half of the amount i paid.
should i contact my lender or just stay quiet until someone contacts me?
in 2009, my lender informed me that my mortgage had been charged off. this is the primary loan-there is no second mortgage. i was told that the lender may sell the loan and i would hear from the new holder of the loan.
i have heard absolutely nothing in the past year. they haven't sent me a bill and i haven't made a payment in over a year.
i still pay taxes on the property but i don't really understand the status of the property. i'm not in a position to make any payments and even so, the house is worth about half of the amount i paid.
should i contact my lender or just stay quiet until someone contacts me?
Hi Guest!
Welcome to forums!
Charge off means that your lender has declared your account as uncollectible. He will not contact you for the payments. However, he may assign the account to a collection agency who will contact you to recover the dues. You should contact your lender and check out if he has assigned your account to a collection agency. If yes, then you can negotiate with the agency and settle your dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Charge off means that your lender has declared your account as uncollectible. He will not contact you for the payments. However, he may assign the account to a collection agency who will contact you to recover the dues. You should contact your lender and check out if he has assigned your account to a collection agency. If yes, then you can negotiate with the agency and settle your dues.
Feel free to ask if you've further queries.
Sussane