Posted on: 10th Aug, 2009 02:55 am
What does it mean that my mortgage was charged off? Do I have to move? Who owns the house? I was told that they are not planning to put into a foreclosure. They asked me for a settlement amount.
Mortgage charge off does not mean that you will have to leave the property. It means that your lender is no longer interested to collect the dues from you as you are not paying the dues on time. He has, thus, sold off your account to a collection agency who would in turn collect the dues from you. You can negotiate with the collection agency and try to get a repayment plan to pay off the dues. To know more about charge off, check out the given link:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
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