CAN HOME LOANS BE WRITTEN OFF
The question we have been asked in the industry is can Mortgage Loans be written off and what does that mean?
Have you stopped receiving calls from the lender? Are you receiving calls from a different lender? Did you receive a notice from a management company? Chances are your current lender/servicer has changed and/or changed the company that handles your loan.
If you receive a letter or do a credit pull and your past lender/servicer (which you think is still the servicer/lender) information on file says "CHARGED OFF" that means your loan amount has been transferred. So what NOW???
Do you have to pay? Who do you pay? Don't know who the lender is? We are responding to questions we have received in the office numerous times so I hope this helps.
For those who have no idea who the lender is and they have not made contact SAVE YOUR CASH. Some benefits of a "Charged Off" Mortgage sometimes you are allowed a discounted loan reduction for numerous reasons or a reinstatement fee and a loan amount that you can afford.
I will not give guidelines since there are multiple and specific to the individual's that now owns the loan. There ARE NO STANDARD cookie cutter solutions. Due to numerous funding guidelines within the banking industry and other things behind the scene 10 different accounts with the same lender could offer 6-8 totally different options to keep you in your home.
For foreclosure prevention help and possible loan reduction contact us at 888-879-3207 or locally at 904-437-4819.
Have a Happy Safe Memorial Day.
The question we have been asked in the industry is can Mortgage Loans be written off and what does that mean?
Have you stopped receiving calls from the lender? Are you receiving calls from a different lender? Did you receive a notice from a management company? Chances are your current lender/servicer has changed and/or changed the company that handles your loan.
If you receive a letter or do a credit pull and your past lender/servicer (which you think is still the servicer/lender) information on file says "CHARGED OFF" that means your loan amount has been transferred. So what NOW???
Do you have to pay? Who do you pay? Don't know who the lender is? We are responding to questions we have received in the office numerous times so I hope this helps.
- Do you have to pay? The debt is still valid so yes, BUT sometimes the amount and or
- payment is reduced.
- Who you pay is usually provided from the past lender. Normally, they will inform you of
- the transfer, the new lender name and address, after this the new servicing company/lender usually contacts via phone, e-mail, or visit to home to inform you to contact them regarding the loan.
For those who have no idea who the lender is and they have not made contact SAVE YOUR CASH. Some benefits of a "Charged Off" Mortgage sometimes you are allowed a discounted loan reduction for numerous reasons or a reinstatement fee and a loan amount that you can afford.
I will not give guidelines since there are multiple and specific to the individual's that now owns the loan. There ARE NO STANDARD cookie cutter solutions. Due to numerous funding guidelines within the banking industry and other things behind the scene 10 different accounts with the same lender could offer 6-8 totally different options to keep you in your home.
For foreclosure prevention help and possible loan reduction contact us at 888-879-3207 or locally at 904-437-4819.
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