If a bank writes off a loan for a vehicle and I had to report this loan to the IRS as a write off do I get the title to the vehicle and if so how do I go about it
1 Answer from Attorneys
You can't "write off" a debt which you owe. Just because the bank writes it off doesn't mean you don't owe the money. "Writing Off" is an internal accounting procedure of the bank. So No, I do not see any way to get the title to the vehicle. I am assuming the vehicle was repossessed and what is at issue is the deficiency.