Chase says properties were charged off ?

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?

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Permalink Reply by Michael Hayley on June 3, 2013 at 8:26am

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.

Permalink Reply by Tracey Semelsberger on June 3, 2013 at 8:33am

Thanks Michael ! I will pass this info onto the seller.

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