What does it mean by mortgage charge off?

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Icon Mini Profile tko879





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Post Posted: Thu Feb 21, 2008 5:24 pm    Post subject: What does it mean by mortgage charge off?
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What does it mean when a lender does a charge off on a property? Do the borrower still own the property? Can the lender still foreclose on the property? What is the borrower rights after a property charge off?
Icon Mini Profile larry





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Post Posted: Thu Feb 21, 2008 5:39 pm    Post subject:
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Hi tko879,

Welcome to the forum.

Charge off means the lender has considered it as bad debt and written as loss. Basically the debt is sold to the collection agency if the debt is secured one. Is it that you have lender charged off your debt?

Thanks,
Larry
Icon Mini Profile tko879





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Post Posted: Thu Feb 21, 2008 6:01 pm    Post subject:
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thanx Larry for the quick response.

I have some investment properties that are charged off. I guess i want to know, if they have charged off the debt, Can the lender come back and take that property or try to sell it? or do they lose all rights to the property and its mine?
Icon Mini Profile jeffselan
jeffselan


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Post Posted: Fri Feb 22, 2008 6:51 am    Post subject: I would
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I would have to say if the property is already charged off, that means it was forclosed and auctioned or sold to another buyer at a loss.

They can take you to court normally. Consult an attorney.

Hope tht helps.

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Jeff Selan
Wells Fargo Home Mortgage
Hurricane, WV

www.jeffselan.com
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