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Thought our house was foreclosed on last year, turns out it was charged off, what now

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crazykari65 Joined: 21 Apr 2011 Posts: 1 1.29 Dollars($)	Posted: Thu Apr 21, 2011 8:25 am    Post subject: Thought our house was foreclosed on last year, turns out it Like 0 Dislike 0 We thought our house was foreclosed on last year, even stats on our credit report, city keeps sending us notices to keep up the house, we called the lender and they said it was charged off, what does that mean? What should we do from here
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Thu Apr 21, 2011 2:28 pm    Post subject: Like 0 Dislike 0 Hi crazykari65, Welcome to Mortgage fit, Most of the people have a notion that 'charge-off' means you are relieved from the debt..(either with forfeit of the property)..but guys/gals this is just a naive idea.... In reality 'charge-off' means since you have stopped paying the monthly due over few months, bank/lender has identified that your loan is no longer a profit making deal for them...and thus they mark it in their book (accounts) that your loan is a loss making deal for them.This simple process is termed as 'charge off'. So now you have understood that what is meant by 'charge off'..You can just contact your lender and try to pay the dues as early as possible so eventually that charge-off status of your loan will be removed once you become current on your payment... Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Thu Apr 21, 2011 7:30 pm    Post subject: Like 0 Dislike 0 Hi crazykari, Charge off means that your lender is not interested in collecting the mortgage any more from you. He is considering your account as a bad debt and may have sold off the account to a collection agency who will in turn collect the dues from you. _________________ Procrastination is the enemy of your financial success

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