I have a seller who wants my help in Short Selling 2 of his rental properties that are in really bad condition. He says he hasn't paid on these in almost 2 years. I just spoke to the bank and they said the properties were charged off. The tax records still have the sellers name on them, so...
Does the seller still own title to the properties and now owe nothing on them?
Tags:
Seller still has title unless a foreclosure sale was completed. "Charged off" is an accounting term, which means the asset is valued at $0 on Chase' books. It might be that Chase has sold the "bad paper" to a collection company, or it might be that Chase "Recovery Department" are the folks you have to work with to negotiate to get the lien released.
Thanks Michael ! I will pass this info onto the seller.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.