Posted on: 23rd Sep, 2010 01:33 pm
Hello We have a 1st and a 2nd mortgage through CHASE. We applied for a loan modification on June of last yr and are still on the forebearance plan they set up for us. From my understanding they are supposed to getr you a payment that you can afford at a low fixed interest rate for 30 yrs. This was supposed to happen in 90 days of applying. Ye here we are 15 months later and no final solution. So I started working with NACA to help advocate for us. They requested a mortgage staement for us on both loans. So I called CHASE and they said that the second loan was charged off. So what does that mean they are trying to do for me. Anything at all?
Hi Robin,
A charge off can be defined as a loan or credit card debt written off as uncollectible by the lender/creditor from the borrower. However, in most cases, the lenders/creditors assign the uncollectible account to a collection agency. The collection agency contacts the borrowers for the payments. You need to check out whether or not your lender has assigned your account to a collection agency. If yes, then you need to deal with them and pay off the account.
Thanks
A charge off can be defined as a loan or credit card debt written off as uncollectible by the lender/creditor from the borrower. However, in most cases, the lenders/creditors assign the uncollectible account to a collection agency. The collection agency contacts the borrowers for the payments. You need to check out whether or not your lender has assigned your account to a collection agency. If yes, then you need to deal with them and pay off the account.
Thanks