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No, a "charge off" is a term used by credit card companies and other unsecured creditors to indicate that the account has been defaulted and collection procedures will be implemented. A foreclosure is the act used by a mortgage lender to recover property when the mortgage contract has been defaulted upon.
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∙ 15y ago
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Is a charge off better than a foreclosure?
They are both bad things....and not mutually exclusive. A foreclosure that doesn't pay off the debt can mean that unpaid portion becomes a charge off, if uncollected. However, a foreclosure is normally viewed as a more severe thing than a charge off....as foreclosures only occur with secured loans (generally homes) and a charge off can occur with just about any debt. I suspect a mortgage would never just be charged off as they would always want to foreclose and get as much from the security as they can, so they would only have to charge off less.
Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
Are taxes due for a charge off?
If what your asking is really
What happen to second loan after foreclosure?
They only foreclose on the 1st loan. The 2nd will go as a charge off as bad debt. They may sue you to get a judgment on it. I had an 80/20 loan and on my credit the 80 loan was only showing as foreclosure, the 20 was coming up as charged off
Why would a finance company charge off on a mortgage loan when they have the deed why and not foreclose on it instead?
There is a process called a Deed in Lieu, which is different than a foreclosure.
Can you get approved for a home after foreclosure?
You are typically off the market for about 3-4 years after a foreclosure.
Is bankruptcy better when paying off bills due to a foreclosure?
Bankruptcy should only be a last resort when someone is faced with debt and a foreclosure. Bankruptcy always reflects on someone's records, even when they stumble on new financial opportunities.
What does charge off on a credit report mean?
It means the creditor has essentially given up on trying to collect a debt from you (though they may have sold it to a collection agency for pennies on the dollar). There's also a "paid charge off", which means that, after they gave up, you paid it off anyway, which really doesn't do you much good, because a paid charge off looks just as bad on your credit report as a charge off. A charge off, of either kind, is the third worst thing you can have on your credit report, after (1) bankruptcy, and (2) repossession/foreclosure.
Why does an electr fan continues to rotate even after switiching off?
Because of capacitor used in the fan due to its capacity to store the charge nad emmit the charge after fan is switched off.
What does write-off mean on a credit report?
A write off means a charge off. This is one a creditor closes an account due to non payments.
What is the definition of the term 'charge off'?
The term "charge off" is used when a company or creditor clears a persons account due to lack of payment at loss to the company. No further charges can be applied to the account.
What makes your hair stick off when you take off the sweater?
Static electricity, due to a transfer of charge, as the fabric moves over your hair.
