Compare Mortgage Quotes

etf · Joined: 07 Mar 2011 Posts: 1 1.31 Dollars($)

Remaining balance just a little over $8,000.00 on loan. First mortgage only, never a second.
--Is this likely to be a repossession?
--If a collection agency is used by the bank, would the payments still have to be the same amount, or could i make the monthly amount i could afford?
It was 10% for ten years.
--The balance was set to be paid off this November '11. Will I have more time now to pay it off?
Thanks for your help.
JM

smithsussane · Posted: Mon Mar 07, 2011 9:00 pm Post subject:

Hi etf!

Welcome to forums!

Charged off means that your lender is not interested in collecting the dues or repossessing the property from you. After charging off the dues, the lender may assign your debt account to a collection agency who will in turn contact you for the debt. You can negotiate and settle the debts with your collection agency. You can pay off the collection agency as per the settlement offer.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

I just logged onto my Suntrust account and saw that the home installment loan has been charged off. What does this mean?

Bookmark this page

Helpful References

Calculators

Financial Tools

Our Community

Community Rewards

Followers (252)

455 People like Mortgage

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1