Posted on: 04th Mar, 2009 01:54 pm
I JUST RECENTLY PAYED OFF A LOAN TO A COLLECTION AGENCY......I CALLED THE ORIGINAL LENDER AND I WAS TOLD THAT THE ACCOUNT WAS GOING TO BE CHARGED OFF....WHAT DOES THIS MEAN TO ME???? AND HOW DOES THIS AFFECT ME???
Hi rociourieta,
If you do not pay your mortgage dues regularly or if the lender thinks that he will not be able to recover the dues from you, he can sell off your mortgage to a collection agency. This is known as mortgage charge off. The collection agency will in turn collect the dues from you. A mortgage charge off is reported to the credit bureaus by the lender and it lowers your credit to some extent.
Thanks
If you do not pay your mortgage dues regularly or if the lender thinks that he will not be able to recover the dues from you, he can sell off your mortgage to a collection agency. This is known as mortgage charge off. The collection agency will in turn collect the dues from you. A mortgage charge off is reported to the credit bureaus by the lender and it lowers your credit to some extent.
Thanks
james, here we are discussing a credit card account, and not a mortgage.
rociourieta, let me get this straight...you paid the collection agency before you spoke with the lender? that's pretty peculiar...it does make sense that the lender would have charged off the account, but that ordinarily comes first.
rociourieta, let me get this straight...you paid the collection agency before you spoke with the lender? that's pretty peculiar...it does make sense that the lender would have charged off the account, but that ordinarily comes first.
james, here we are discussing a credit card account, and not a mortgage.
this was me:
rociourieta, let me get this straight...you paid the collection agency before you spoke with the lender? that's pretty peculiar...it does make sense that the lender would have charged off the account, but that ordinarily comes first.
this was me:
rociourieta, let me get this straight...you paid the collection agency before you spoke with the lender? that's pretty peculiar...it does make sense that the lender would have charged off the account, but that ordinarily comes first.
