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adonis · Posted: Fri May 20, 2011 10:07 pm Post subject:

Hi farrukhharoon,

If you haven't been late, then it's quite surprising that the lender had charged off the loan. You can ask your lender to call back the account from collections and sort out the matter. If the lender does not do so, then the collection agency will contact you for the debts. It will depend upon the collection agency as to when they will contact you.

Guest

I have a client tying to go through a modification, they removed her from the modification program and said her mortgage was charged off, the modification department said they had never dealt with a charge off before. Does the client still own the property, can she still occupy the property? What if the lender does not sell the loan. She owes $68,000, her property appraised at $5,000.00. please enlighten me on this........

adonis · Posted: Thu Sep 15, 2011 12:02 am Post subject:

Welcome Guest,

The client still owns the property but the debt account is owned by a collection agency to whom the lender has sold off the account. If the lender has not sold off the debt, then the client or you should directly contact the lender and try to sort out the matter.

Guest

My loan was charged off by Chase Mortgage. I was trying to get a premodification since May 2011. But Chase seems to have consistently lost my application or could not get anyone assigned to the case. Since my loan was charged off, is it possible to file Chapter 13 bankruptcy?

jameshogg · Posted: Mon Jan 09, 2012 12:17 am Post subject:

Hi Lewis,

Though your debt has been charged off, you can still file Chapter 13. You can include the charged off loan in that bankruptcy filing. You should contact a local bankruptcy attorney and check out what steps you need to take in order to file bankruptcy.

Thanks

Guest

I have a vacant house I've been trying to short sale. I live in a different state now. It's been charged off. I would like to just be done with it. I plan on filing bankruptcy. Will bankruptcy force the collection company's hand to do a deed in leiu?

adonis · Posted: Sat Jan 14, 2012 12:32 am Post subject:

Hi bonbon,

If you file bankruptcy and include the mortgage in it, then you won't remain personally liable for the debt anymore. In that situation, you can simply surrender the property and the lender or the collection agency can foreclose the property and recover their debts.

Guest

Can the lender refuse to foreclose or do a deed in lieu?

Niicss · Posted: Mon Jan 16, 2012 2:40 am Post subject:

It is solely the lender's discretion whether or not he will foreclose the property or go for a deed in lieu of foreclosure. If he wishes, he can simply charge off the loan and let the collection agency deal with you.

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