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Charge-Off Mortgage-- No Foreclosure

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marchuleta Guest	Posted: Tue Nov 03, 2009 11:08 am    Post subject: Charge-Off Mortgage-- No Foreclosure If the lender has charged off the mortgage and now a collection agency is trying to collect on the debt, does that mean the house will never foreclose? What are my options when working with a collection agency? I no longer reside in the house and was hoping the house would foreclose. The property is in Missouri and I reside in California. Any insight you could offer would be greatly appreciated. -marchuleta _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 3738 Location: Alaska 561.45 Dollars($)	Posted: Tue Nov 03, 2009 10:58 pm    Post subject: Hi marchuleta! Welcome to forums! The lender will no longer collect the dues from you. Thus, he won't foreclose the property. The collection agency, on the other hand, would place a lien on the property if you do not pay off the dues. It may even garnish your wages or sue you to recover their dues. You can contact the collection agency and try to settle the debts with them. They may forgive a portion of your payments or give you a payment plan to clear off the dues. Feel free to ask if you've further queries. Sussane

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