Posted on: 27th May, 2009 12:54 pm
My husband and I had fallen behind on our mortgage. He called GMAC today to see about a loan modification he was told the account was charged off and we could pay 26,000 and own our house free and clear with a charge off on his credit as settled. Or we could pay monthly payments for the next 10 years and have it as a settled. I called an attorney because I never have heard of this!! We never received any letters or foreclosure notices!! Has anybody else heard of this??
Hi sdjd,
Mortgages can be charged off by the lenders if you are not paying your dues at the right time. It means that the lender is not interested to collect the dues from you and thus it has charged off your account. Henceforth, a collection agency will collect the dues from you. However, the lender should have informed you that he has charged off the account.
In my opinion, it is a good idea to pay off the remaining amount and own your property free and clear. However, if you cannot afford to pay off the dues altogether now, you can then pay off for the next 10 years and have it settled.
Thanks
Mortgages can be charged off by the lenders if you are not paying your dues at the right time. It means that the lender is not interested to collect the dues from you and thus it has charged off your account. Henceforth, a collection agency will collect the dues from you. However, the lender should have informed you that he has charged off the account.
In my opinion, it is a good idea to pay off the remaining amount and own your property free and clear. However, if you cannot afford to pay off the dues altogether now, you can then pay off for the next 10 years and have it settled.
Thanks
I to had never heard off a mortgage off til to day i was told my mortgage was charged off i would like to no how long be for i hear from acollection agency and do i have to pay the full amount owed on the house?
as far as i know there is no said time period as to when the collection agency would contact you. if you know that your debt has been charged off, then you can contact the collection agency yourself and try to pay off the debts. you will have to pay the full amount owed on the house. however, a charge off generally takes place in case of second mortgage. to know about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
can a first mortgage that is in a chapter 13 be charged off, it has 6months arrears being paid by bankruptsy court. they now say they have charged it off, what does this mean
Welcome Mrs Beasley,
If your property and the mortgage is included in your bankruptcy filing, then your lender cannot charge off the loan. If the lender has done so, it can be considered as illegal. You should speak to your attorney and bankruptcy trustee in this regard and resolve the matter.
If your property and the mortgage is included in your bankruptcy filing, then your lender cannot charge off the loan. If the lender has done so, it can be considered as illegal. You should speak to your attorney and bankruptcy trustee in this regard and resolve the matter.
I have a first mortgage charge off. I filed a insurance claim one the house for wind damage and other damage when some one broke in and trashed it when that last tenets left wile it was vacant. the company kept the funds to fix the house. Is that legal ? also its charged off how does that make me responsible for the property if at that time i don't own it. The City is sending letter to me and I'm going to need to do repairs and maintain the property to there stratification or fines or more serious consequences will be forced.
Hi Patrick,
Your first mortgage has been charged off but you're still the owner of the property. That's the reason why the City is asking you to do the repairs and maintain the property. Being the owner of the property, you're still responsible for it.
Thanks
Your first mortgage has been charged off but you're still the owner of the property. That's the reason why the City is asking you to do the repairs and maintain the property. Being the owner of the property, you're still responsible for it.
Thanks
the mortgage company told me that my mortgage has been charged off, however we are still living in the house? What happens next, do we have to move, do we still own the home, should we still pay our taxes?
Hi latonya!
Welcome to forums!
Charge off means that the lender has declared your mortgage account as uncollectible. You should contact your lender and check out if he has sold off your mortgage account to a collection agency. If yes, then the collection agency will contact you for the payment.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Charge off means that the lender has declared your mortgage account as uncollectible. You should contact your lender and check out if he has sold off your mortgage account to a collection agency. If yes, then the collection agency will contact you for the payment.
Feel free to ask if you've further queries.
Sussane
I just found out a few months ago that my loans were charged off when I asked for a credit report. I have been paying on both, but since the bankruptcy I have found that I now cannot make the payments. When I asked for help when I could not make a payment, my bank set up a repayment plan but never sent me a form, even though I called and they promised it 3 times. I am fed up. Question: can I now walk away from this house and both its loans? I am retired and on a limited income compared to what I made while working. How much time do I have to do this, what do I do next
Hi justjg,
If you haven't reaffirmed the mortgage, then you're not liable for mortgage dues personally. In such a situation, you can surrender the property to the lender and walkaway from it.
If you haven't reaffirmed the mortgage, then you're not liable for mortgage dues personally. In such a situation, you can surrender the property to the lender and walkaway from it.
lender sent certified, modification then when we called stated mortgage had been charged off. This is the second modification sent in . First one never got a response . The second one never ask for, They sent it certified. Don't know what to think. First and Second modification have been review before sending by Urban League (Hud).
Hi B thompson!
Welcome to forums!
If the mortgage has been already charged off, then you won't be able to get a loan modification now. You should contact your lender and ask him to withdraw the account from collections so that you can get a loan modification and pay off the loan to save the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the mortgage has been already charged off, then you won't be able to get a loan modification now. You should contact your lender and ask him to withdraw the account from collections so that you can get a loan modification and pay off the loan to save the property.
Feel free to ask if you've further queries.
Sussane
Hi,
I had never heard off a mortgage off til to day, i was told my mortgage was charged off i would like to no how long be for i hear from acollection agency and do i have to pay the full amount owed on the house.
I had never heard off a mortgage off til to day, i was told my mortgage was charged off i would like to no how long be for i hear from acollection agency and do i have to pay the full amount owed on the house.
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.
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.