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About Doug Walker
Expertise
Fair and honest lending is my passion. I've been in full time in the mortgage business for 20 years as a loan officer, manager, owner, underwriter - and can probably handle most any question. I can help you save money on your next mortgage loan by explaining closing costs and identifying fair fees and "junk fees".
Experience
I have owned my own company as a broker and a banker, managed large production teams and have been a top producer in personal loan production. My experience includes all types of real estate lending: Conventional, FHA, VA, contruction and development loans. I currently work for one of the largest mortgage lenders in the nation and specialize in jumbo loans for private banking clients.
Education/Credentials
I have obtained mortgage and real estate licenses and have taken numerous continuing education courses. My certifications include underwriting authority for loans up to $1,000,000 and instructor for first time home buyer education courses.
Awards and Honors
President's Circle, Market Builder of the Year
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You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Mortgage Charge Off
Expert: Doug Walker - 10/27/2009
Question
QUESTION: I am with HSBC mortgage company who had advised me that my home was in foreclosure due to lack of pmts due to financial difficulties and they had a sell date for the home.
I'd found a broker who was willing to do a short sale on the home before the sheriff's sale because they denied my loan modification through the Obama plan when the broker continued to contact them for the short sale they then took the home out of foreclosure canceled the sale date and now has advised me the home was charged off, but they can't send me anything in writing of the charge off and will not provide any information, however I am currently in a bankruptcy chapter 13 which did not include the home my thing now is once my chapter 13 is discharged in August of 2011 will I owe the total balance on the home being charged off at that time or will it go to collections for repayment or will they be able to start collecting monthly pmts again even though they have advised me they no longer have an interest in the home but will have a lien on it for life and it can never be refinanced. I am confused and not sure how this whole thing works can u offer me any advise?
ANSWER: Hi Val,
If you are not making payments on the mortgage and it is not in the Chapt 13, then HSBC should continue with the foreclosure if there is no pending sale. I too am confused if they are choosing not to do that. When the bankruptcy is discharged should have no influence on their decision.
If they will just hold the lien on the home without expecting payments, you might as well stay there until they tell you to leave, but I suspect you are not getting good information from HSBC. I would contact someone there until you get a solid answer that makes sense.
Let me know what happens.
Thanks,
Doug
---------- FOLLOW-UP ----------
QUESTION: Thanks..I was advised by HSBC they no longer hold an interest in my property and do not want it back and do not want any pmts from me and cannot send it off for collection until my chapter 13 is discharged they said I will be responsible for the home taxes and maintenace for the remainder of the home life and they will keep a lien on it which will not allow any refinancing or selling of the home...I am so confused and trying to find someone who is familiar with this situtaion cause its very confusing
Answer
Hi Val,
Wow...I guess you can count me amount the confused! To have a mortgage company not accept payments and not pursue foreclosure is very odd. It must have something to do with the Chapter 13 protection. I would suspect the collection and/or foreclosure process would resume as soon as the bankruptcy is discharged.
Being a mortgage banker, not an attorney, I am more familiar with getting clients into new loans, not getting out of old ones. Your bankruptcy attorney might be the best source of information to clarify some things for you.
Good luck!
Doug
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