Charged-off account

[HouseWon'tSell]

Just got a letter regarding my account the holds my second mortgage.
It says that my delinquent account is scheduled to be charged-off as bad debt.
It goes on to say that a charged-off debt would remain on my credit report for 7 years.
Also that they MAY assign my account to a collection agency for concentrated collection activity.

Is this Good/bad? And what is concentrated collection activity? (I thought they were doint that alread.

[HHM]

I have never heard the term "concenterated collection", but I surmise that it means aggressive collection.

However, if they are a second mortgage, why don't they just foreclose, something seems odd here.

[BrokeCh7]

To HHM

Check the name of who posted "houseWon'tSell" This may answner why they don't want to forclose. The bank dosent want a house that won't sell. I would guess that the bank knows this and just wants to get something out of it. If they have asked nicely now they are asking un-nicely or what ever. My guess is its just presser to get money.

Good Luck and i hope "house won't sell" can change their name to "GetToKeepTheHouse" If that is what they want to do.