What is a mortgage charge off?
August 13th, 2009
I'm currently seriously past due on my 2nd mortgage. I called my bank right now to once again discuss options. The gentleman said your loan has been "charged off." He said, "give me some time to see if i can pull it back into the loss mitigation dept."
He's gonna call me back tomorrow, but until then I just want to know what charge off means in mortgage term.
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Posted in Behind On Mortgage, Help with mortgage, Loss Mitigation, Mortgage Problems, Understanding Mortgages, Upside Down Mortgage FAQs | 
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Usually a charge off is a loss that the financial company takes when turning your account over to collections. That means that your mortgage company will only receive money on that charge off if the collection company gets any money from you.