Posted on: 02nd Jun, 2009 09:53 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.
Hi sunil,
Your mortgage was charged off to collection agency by your original mortgage holder as they felt that they could no longer recover the loan amount from you. The collection agency now will collect the payments from you. You can also pay them a certain amount of money and settle the debt for less than owed.
Your mortgage was charged off to collection agency by your original mortgage holder as they felt that they could no longer recover the loan amount from you. The collection agency now will collect the payments from you. You can also pay them a certain amount of money and settle the debt for less than owed.
is it legal?
If i refuse can they take legal action ?