Re: Charged Off Loan Vs Foreclosure

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Posted by Jim V on February 25, 2005 at 19:53:09:

In Reply to: Charged Off Loan Vs Foreclosure posted by R.Smith on February 25, 2005 at 12:01:39:

I'm guessing your bank doesn't want the land, or the expense of foreclosure. A simple charge-off provides some tax relief for them now, while foreclosing would require legal expenses, plus possible real property taxes and costs to re-sell the land. It's more cost efficient for them to just write it off.

: My Fl. bank tells me they have charged off my loan due to late paymants but they have not placed me in foreclosure yet. I would like to catch up loan payments which I have $$ to do but they refuse to work it out. They claim they will only settle for the entire balance 7K. Land is in Fl.

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Comments:
: I'm guessing your bank doesn't want the land, or the expense of foreclosure.  A simple charge-off provides some tax relief for them now, while foreclosing would require legal expenses, plus possible real property taxes and costs to re-sell the land.  It's more cost efficient for them to just write it off.  

: : My Fl. bank tells me they have charged off my loan due to late paymants but they have not placed me in foreclosure yet. I would like to catch up loan payments which I have $$ to do but they refuse to work it out. They claim they will only settle for the entire balance 7K. Land is in Fl.


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