Posted on: 12th May, 2009 02:28 pm
I recently called my mortgage company and they told me my loan was chareg off for my home. What does this mean for me? :oops: and what should i do.? :)
Hi Guest,
I guess you were delinquent on your mortgage payments. That's the reason why the lender charged off the loan. It means that from now onwards your lender won't collect the dues from you. A third party collection agency will collect the dues from you. If you do not pay the dues, the collection agency can sue you.
You will have to start paying off the dues. If you want your mortgage company to handle your loan, then you will have to ask them to withdraw the account from the collection agency.
I guess you were delinquent on your mortgage payments. That's the reason why the lender charged off the loan. It means that from now onwards your lender won't collect the dues from you. A third party collection agency will collect the dues from you. If you do not pay the dues, the collection agency can sue you.
You will have to start paying off the dues. If you want your mortgage company to handle your loan, then you will have to ask them to withdraw the account from the collection agency.