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What is a Mortgage charge off?

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MariaChase9 Joined: 02 Apr 2009 Posts: 1 1.28 Dollars($)	Posted: Thu Apr 02, 2009 3:28 pm    Post subject: What is a Mortgage charge off? Like 0 Dislike 0 Aunt lives in Louisiana missed 3 months due to storms. Now has a mortgage charge off? What is a mortgage charge off first of all? What does this mean for her? Will she lose her home?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Fri Apr 03, 2009 12:39 am    Post subject: Like 0 Dislike 0 Hi MariaChase, A mortgage charge off does not mean the debt has been forgiven. It means that the lender records it as a loss for accounting purposes as they think they cannot recover the balance loan amount. They write off the loan from their account and pass it to a collection agency for the recovery of the debt. Thus, your aunt will now have to make the payments to the collection agency. If she makes the payments regularly, the home will not be foreclosed on.

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