Posted on: 21st Feb, 2008 07:53 pm
Can a lender reclaim or sell a property that they charged off?
Hi,
Actually the loan is charged-off and not the property and even after that the lender might send the unpaid balance to the collection agencies. He may try to collect the debt from you or may come after your property. If you don't receive form 1099-C from your lender, you cannot be sure that your unpaid balance has been forgiven.
Actually the loan is charged-off and not the property and even after that the lender might send the unpaid balance to the collection agencies. He may try to collect the debt from you or may come after your property. If you don't receive form 1099-C from your lender, you cannot be sure that your unpaid balance has been forgiven.
Hi tko879,
Can you please explain you situation in detail so that we can give you a better answer? As Michel has already mentioned a property cannot be charged off but a loan can be.
Best of luck,
Larry
Can you please explain you situation in detail so that we can give you a better answer? As Michel has already mentioned a property cannot be charged off but a loan can be.
Best of luck,
Larry
some banks will charge off the debt but I believe they can still foreclose on the property.