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marchuleta
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 Posted: Mon Nov 02, 2009 9:46 pm Post subject: Charge-Off Mortgage |
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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.
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 gunzijjistaff
Joined: 07 Apr 2009
Posts: 459
6.94 Dollars($)
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| Posted: Mon Nov 02, 2009 11:12 pm Post subject: |
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If your lender charged off your mortgage while you behind for payment from last 6 months. Lender will declare that, the debt in un-collectible. But this doesn't means hat you don't owe the money. Lender will sells off your property to recover loan amount ( foreclosure) or he will assigns the debt to a collection agency that'll collect the payments on his behalf. So, your debt hasn't been canceled or forgiven.
Thanks.
gunz.ijjistaff  |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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| Posted: Tue Nov 03, 2009 4:20 am Post subject: |
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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 |
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