A home can't really be repossessed at all. If your in default on a student loan, the loaning company can sue you (you don't have to be present in court) and obtain a judgment against you forcing you to pay the debt. If you can't do it even then, they can place a lien on your home.
In the US judgment creditors who perfect a property lien can request a forced sale of a primary residence.
State homestead exemption and the way the property is titled determine whether or not that is possible.
If the court allows a forced sale, the judgment creditor assumes responsibility for the property, meaning they have to undertake all procedures needed to sell the property at fair market value.
The debtor receives the amount of the homestead exemption and all secured lenders of the property must be paid the full amount of their lending agreement. This usually results in the judgment creditor receiving a very small amount if any of monies owed, which is why a forced sale of a primary residence is rarely implemented.
No, the government will garnish wages, keep tax returns, and harass you, but they will not seize property for defaulted student loans. The best thing you can do with a defaulted student loan is consolidation. With consolidation, you can get an income sensitive repayment. In other words, you can get a payment that your budget can afford. The payment can be as low as $0 a month, depending on your income and dependants. You can get assistance with consolidation of defaulted loans at www.defaultms.com
Most likely no. A defaulted Federal student loan is as bad as an IRS lien.
If you need help with your defaulted student loans, contact Default Management Services. You can get their phone # from Google. Ask for Doug
The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.
The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.
The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.
The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.
The lender would need to sue you and win a judgment in its favor. It could then request a judgment lien that could be recorded in the land records. Once it has been recorded against you and your property, you cannot sell or refinance your property until the lien is paid.
No.
If you are in default on federal student loans you are not eligible for financial aid until you get them out of default.
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
You should be able to as they are individual loans.
Yes, you can take out additional loans as long as you are not in Default on the current loans.
If your loans are Federally Guaranteed Student Loans, like Stafford or Perkins loans, then yes there is help. This company specializes in helping people that are in default: www.defaultms.com
Commercial Mortgage bank offers a variety of loans through their bank that includes home loans, student loans as well as business loans to their customers.
Student loans can show up as "baddies" on your credit report if they are paid late or in default. These loans are reported similar to revolving loans or lines of credit.
If your loans are in a Deferment, then they were never in a Default status, they may have been delinquent. You are not eligible for Deferment while loans are Default. So to answer your question, yes you are eligible to take out additional loans if you are in a Deferment.
If you are living in the US, then the answer is no if the loans are in default. You will not be eligible for another Federal student loan until the loans are rehabilitated for 12 months or consolidated. If you need help with consolidation of your defaulted loans, please click on the link at the bottom of this text box. In some other countries, student loans can be awarded as long as you fill the requirements (i.e. are a student at an approved institution and have a minimum of courses). You can simply keep adding to the loans and pay them off later when you finish studying, or while paying them off.
yes if they default it will hurt your credit yes if they default it will hurt your credit
yes if they default it will hurt your credit yes if they default it will hurt your credit
Not if he did not cosign on the loans.