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Is it legal for a lender to sell your charged off debt to another lender?
Wiki User
∙ 15y ago
Yes, it is a common practice especially when it relates to credit card debt.
Wiki User
∙ 15y ago
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Is it legal to charge off a vehicle account when the owner wasn't notified?
Yes, there is no law that says a debtor needs to be notified of any debt being charged off by the lender. The term simply refers to the original lender moving a debt from an open account to inside or outside collections. The debt remains valid and collectible.
If a vehicle was charged off as bad debt is there a lien holder?
Yes...the lender did not forgive the debt. Charged off is only an accounting term for something the lender has to record on his books...basically to show the loss and non-performance of the loan. It does not change the borrowers obligation, or the lenders rights, in any way.
What is a "foreclosure"?
The legal process by which a lender terminates the owner's right to a property that was pledged as security for a debt.
What is the legal definition of self-cert mortgages?
The legal definition of a self-cert mortgages is where the owner/buyer transfers to the lender an interest in real estate allowing the lender to secure a repayment of their debt.
Can a HELOC that is charged-off by the lender be included in a chapter 7 bankruptcy?
It has to be included in a bankruptcy filing. A charge-off is a tax break for the lender. It has nothing to do with whether the debt is still owing.
Can the borrower on a promissory note transfer the debt to another borrow without lender approval?
Is not possibile.
In Texas if you are making payments can the lender still garnish your wages?
Hello, As per the information I have..... In Texas, you can only be garnished for state taxes, not for private debt. :) Thanks! This is not legal advice, just a friend helping another :)
Can you be sued after a bill was charged off on your credit record?
Yes, a 'charge off' does not invalidate the debt nor the legal rights of the creditor to collect that debt.
Can a secondary collection agency purchase a charged off debt and then begin to add late fees and add additional debt to the original?
Yes, it is perfectly legal for a debt to be sold and for the debt to continue to accrue interest and penalty charges.
Can 2500 credit card debt permit credit card co to take your car?
NO. Only a lender with a lien on your vehicle has the legal authority to repossess it.
What is difference between a charged off debt and written off debt?
In most cases there is none. Charge off and written off are terms that indicate the debt is being removed from normal account action and sent to collections. Only when a debt is "forgiven" by the original lender or collector is it considered no longer collectible.
What is a security deed?
A security deed is used as part of a mortgage type transaction. It is a conditional conveyance of the property to the lender while the debt is outstanding. Legal title is transferred to the lender although the original owner has the right to the possession use and enjoyment of the property as long as the conditions of the loan are met. When the debt is paid the lender executes a reconveyance deed of the property back to the owner.
