Can a loan company foreclose on a loan that’s been charged off?

Asked on August 15, 2015 under Real Estate Law, Indiana


Terence Fenelon / Law Offices of Terence Fenelon

Answered 5 years ago | Contributor

The term "charged off: is merely for tax reporting and accounting purposes.  The debt may still be collected upon.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.