Mortgage or Loan Charge-off

[Chad U.]

Hey all Note experts out there, hopefully someone can help out here. I'm doing DD on an NPN that I got a bid accepted on, and upon review of the collateral and servicing notes, it's indicated that the mortgage was charged-off by one of the previous banks. The AOM and Allonges are all there, but I discovered the selling entity is a debt collector (this purchase is through a broker). The foreclosure process had been initiated on the property but it was stopped by the previous bank as the mortgage was charged-off, and a lien release was apparently sent in and recorded.

I have not ordered a Title report as of yet to confirm any of this yet as I like to do a quick review 1st of collateral and any online access I can get from the county website, before spending $100.  

My question is, since the mortgage was charged-off and the lien released, I'm assuming there's no way that this property can be foreclosed on?  I guess the only way would be to get a DIL in this case?  

[Wayne Brooks]

If the loan was released, it's as if a mtg never existed.....this is an Unsecured debt.