OfflineHey All,
I'm super excited about this new venture and AMAZED at the Love in this Forum and the wealth of knowledge!!!
Anyway, to my question, I've instigated a postcard campaign after driving for dollars and some motivated sellers have contacted me. I'm hearing something new to me, that is that the BANK has Charged Off the Note...
What does that mean exactly?
It seems like the bank walked away from the property and left the owner with responsibilities to pay taxes, but I'm unsure of how to work that.
Looking forward to any type of guidance.
Nazir
Remember a WISH Changes NOTHING but a DECISION Changes EVERYTHING!
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Remember a WISH Changes NOTHING but a DECISION Changes EVERYTHING!
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nazir411
What does that mean exactly?
It seems like the bank walked away from the property and left the owner with responsibilities to pay taxes, but I'm unsure of how to work that.
Looking forward to any type of guidance.
A bank charge is usually a one time write off of noncollectable debt. The banks will figure they will never be able to get the money back and consequently "write off" the debt.
Bank of America recently was able to tale a Multi-Billion Charge Off for bad mortgages they had taken out. They made a deal with Freddy and Fannie to pay the piper and write off the bad debt. Hopes this helps.
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