L/C? Letter Of Credit?
Hey i found a house that looks like a decent rehab the other day. I looked up the title owner and it is listed under a man's name. However, the mailing address has a woman's name and then L/C after it. From the research i've done the best i can find out L/C means letter of credit? If that's the case anyone know what the heck that means!? DId the lady already buy it and did so on a letter of credit from the bank? Or do you think it would be more likely she was doing the gentleman a favor so he wouldn't lose his house?
I looked up the womans house and it is only a little 50,000 house not too far from where the one i want to rehab is. That is the only property she owns. Just wondering if anyone has had any experience with this Letter of Credit business and if that is what the L/C really means. Thanks!
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