Posted on: 12th Jun, 2010 08:21 pm
When I spoke to my mortgage lender I was told that mortgage was in charge-off status and that I had two options a)to either pay $23,000 and I would totally own the home or b)continue to make payments and they would calulate up I believe she said the term of how long I am behind 33,000. I had signed up for loan modification but they said I didn't pay for the requested months which I did but after that I was able to continue the payments so now my payments are up to 700.00 mth so I wanted to see if I could get a secured loan or home equity. Only thing with that is I am unemployed and my credit is poor but I can lost my home. help please
with your mortgage loan in charge off status, it will be very difficult for you to get another loan. Plus being unemployed and having poor credit will both be used against you in your quest for another loan. That is like having charged off credit cards with outstanding balances, and wanting to apply for new credit cards. Even if you are able to get a loan, which I seriously doubt that is possible in these current mortgage condition, but if you managed to get another loan it would not be a loan with a good interest rate.
It would be in your best interest to rent or live with relatives for now until your are able to recover, or get on a re-payment plan and clear out what you owe.
It would be in your best interest to rent or live with relatives for now until your are able to recover, or get on a re-payment plan and clear out what you owe.
can a homeowner refinance or apply for a home equity loan when in charge off status or if they don't go with the short sell or can't get the a personal loan to pay the requested payoff amount and but they continue making the requested monthly payments can?
once your loan is in the charge off status, it means that the lender has assigned your account to a collection agency. you will have to deal with the collection agency regarding that account. it won't be possible for you to get a second mortgage in your name once your present loan is in the charge off status.
Thanks for this
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