Posted on: 12th Jul, 2009 02:08 pm
WHEN I CALL MY MORTGAGE CO I HAVE NO BALANCE ON MY HOME (WHICH I DO) AND I WAS TOLD ITS BEEN CHARGED OFF. WHAT DOES THAT REALLY MEAN?
Hi ROB,
A mortgage charge off means that your lender is no more interested in collecting the mortgage dues from you as you are not paying the dues on time. They have thus charged off the mortgage to a third party collection agency who will in turn collect the dues from you. It does not mean that your debt has been forgiven.
Thanks
A mortgage charge off means that your lender is no more interested in collecting the mortgage dues from you as you are not paying the dues on time. They have thus charged off the mortgage to a third party collection agency who will in turn collect the dues from you. It does not mean that your debt has been forgiven.
Thanks