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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

smithsussane · 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

Guest

The same thing is happening to me and my family. The mortgage is being charged off after we were denied for a loan modification for the second time. We have not received any information on the charge-off process and we are very worried about losing our home. We do need to keep our property.

adonis · Posted: Mon Jun 21, 2010 12:25 am Post subject:

Hi tayw,

You should get in touch with your lender and check out who your collection agency is. Once you know about them, you need to contact them and try to negotiate them regarding your dues. You can try to get a payment plan from them in order to pay off the dues. Once you pay off the dues, your property will be safe.

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Charge-Off Mortgage-- No Foreclosure