Greater Nevada Credit Union [GRTR NV CU CARS CY] 451 EAGLE STATION LANE CARSON CITY, NV 89701-0000 775 882-2060 Â© Copyright 2011 by Lane Guide Lenders Online, Inc. All Rights Reserved.
A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet. A charge-off is an item on the company's income statement that is not collectible and is subsequently written off the balance sheet.
Answer. Your second-mortgage debt has not been canceled or forgiven. A âcharge offâ is an accounting term that means the creditor no longer considers the money you owe as a source of profit, but rather, counts it as a loss. A charged-off loan (unlike forgiven debt) is still considered an obligation that you must pay.ou will have to make payments on the debt or pay it off in full; otherwise, the collection agency can sue you personally to recover the money (so long as the statute of limitations has not run out). (Learn more in Noloâs Statute of Limitations & Debt Collection area).