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Hi--

I've defaulted on my mortgage in Missouri and it seems as if Citibank has charged off the acct-- what does this exactly mean? Does this mean that they are not going to foreclose on the property? They have assigned this debt to a collection agency, but what happens to the property do I still own it?

Thanks for any assistance you can offer.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

If your lender charged off your mortgage while you behind for payment from last 6 months. Lender will declare that, the debt in un-collectible. But this doesn't means hat you don't owe the money. Lender will sells off your property to recover loan amount ( foreclosure) or he will assigns the debt to a collection agency that'll collect the payments on his behalf. So, your debt hasn't been canceled or forgiven.

Thanks.
gunz.ijjistaff Laughing

sara · Posted: Tue Nov 03, 2009 4:20 am Post subject:

Hi marchuleta,

Charge off does not mean that your loan has been forgiven. The loan has been sent to collections and now the collection agency would collect the dues from you. However, you still own the property. If you do not pay the dues, then the collection agency can place a lien on your property or can sue you for the debts.

Take care

Guest

Citimortgage is forclosing of home in Missouri and it was to be actioned off May 14th. We paid for the risk insurance in payment monthly. Can they try to take money for my bank account to pay back? We live in Texas and can no longer pay for our home.

Thank you so much for your answer

smithsussane · Posted: Mon May 17, 2010 11:31 pm Post subject:

Hi Percy!

Welcome to forums!

After the foreclosure is over, you won't remain the owner of the property any further. Thus, the bank will not be able to take out money from your account.

Sussane

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