Posted on: 13th Sep, 2007 12:45 pm
I own a rental in which the mortgage was charged off by the lender. I am thinking of quit claiming the property to someone. Could the lender reverse the charge off and make the loan due immediately once they found out about the transfer of owership?
"I own a rental in which the mortgage was charged off by the lender. I am thinking of quit claiming the property to someone. Could the lender reverse the charge off and make the loan due immediately once they found out about the transfer of owership?"
Lender has charged off the debt but that does not mean it cannot be collected later on.
Lender has charged off the debt but that does not mean it cannot be collected later on.
Hi Morgan,
Once a loan is charged off by the lender, it means that he has write it off. The borrower will never have to repay it again. So even if you quitclaim the property to someone else, the lender cannot reverse the charge off.
Once a loan is charged off by the lender, it means that he has write it off. The borrower will never have to repay it again. So even if you quitclaim the property to someone else, the lender cannot reverse the charge off.
"I own a rental in which the mortgage was charged off by the lender. I am thinking of quit claiming the property to someone. Could the lender reverse the charge off and make the loan due immediately once they found out about the transfer of owership?"
Could you provide some additional details?
I have never heard of a mortgage being charged off. Why wouldn't they foreclose and remove you from the property?
Could you explain the situation up to and after the charge off?
Could you provide some additional details?
I have never heard of a mortgage being charged off. Why wouldn't they foreclose and remove you from the property?
Could you explain the situation up to and after the charge off?
