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What does charge off gone to recovery mean

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by donnac, May 20, 2010.

  1. donnac

    donnac LoanSafe Member

    In one of the threads I read today someone's second mortgage was charged off and sent to recovery what does this mean exactly?
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hi Donnac,

    From my understanding once the second has been charged off they may send it to a collection agency or their Recovery Department to try and collect the debt. Chase won't make any effort to collect payments on your second loan. The Recovery Department may call you for payments just like collection agencies call debtors and ask for payments on behalf of creditors.

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