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What else can I help you with?
How long can a bank require you to pay on a delinquent loan?
Until it's paid off, or you declare bankruptcy and have the debt forgiven.
What is a consent judgment in a foreclosure?
A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.
How long befote foreclosure after docket mumber is established?
You may be confusing foreclosure with bankruptcy. In states that require a court action before foreclosure, you will get the notice with the court's docket number and can respond appropriately. In states that rely on open and public seizure, there may be no legal action, so no docket number. Someone from the mortgagee will show up and walk on your property and declare it has been seized. Usually, the mortgagee has to publish its intent to seize in a local newspaper. Some states require the mortgagee to file an action to determine that the debtor(s) is (are) not on active duty in the military. The debtor(s) get notice of that, with the docket number. If no debtor is on active duty, there is nothing s/he can do to respond.
What financing instrument does not require a judicial foreclosure in case of default by the borrower?
deed of trust
How soon can you file chapter 13 bankruptcy to stop a foreclosure?
Filing Chapter 13 bankruptcy will stop a foreclosure as soon as the papers are filed with the bankruptcy court. The automatic stay goes into effect immediately upon filing, and will stay in effect as long as the issue is in the legal system. There is no one perfect time for filing Chapter 13 bankruptcy, and the longer homeowners wait to file, the more it will cost them to get out of bankruptcy and the more likely they will be to fail the repayment plan and have the case dismissed. Most homeowners wait to try several different methods to stop foreclosure before relying on bankruptcy. Refinancing or working with the lender for a mortgage modification or forbearance agreement may be easier and result in less damage to the homeowners' credit histories. In fact, bankruptcy is often recommended and used as a last option to stop a sheriff sale or put the process on hold due to the imminent loss of the house. However, with the new bankruptcy rules that went into effect in 2005, homeowners should prepare for the possibility of having to file as an emergency, even if they never actually need to file. The new rules now require bankruptcy counseling as a prerequisite for beginning the court process at all, so homeowners will not simply be able to file bankruptcy as a last ditch effort a few hours before their home is auctioned -- they need to file proof of completing the counseling with their bankruptcy petition. As soon as homeowners become aware of a financial hardship that will cause them to miss a mortgage payment, they should begin preparing for how to avoid foreclosure. This might include working with the lender right away, consulting with a Realtor to list the house for sale, and taking the bankruptcy counseling sessions just in case they run out of time. It is better to be prepared for any possibility, since the foreclosure process can often be unpredictable, with various state and local rule variations, as well as the bank's own ability to move forward with the process quickly.
What is foreclosure and bankruptcy seasoning?
Foreclosure is basically the act of foreclosing, especially a legal proceeding by which a mortgage is foreclosed. Here in California, for example, a lender can foreclose on the deed of trust if you don't pay your mortgage. The bank or note holder goes through an extensive process to sell the property at public auction to the highest bidder. Some foreclosures require court action, others do not. Your reference to bankruptcy seasoning is a little unclear. Creditor attorneys will sometimes refer to a lien as "seasoned" if the lienw as created outside of the preferential transfer period in federal bankruptcy law. Federal bankruptcy law allows a debtor to recover certain payments or "preferential transfers", that were made to a creditor a short time before the filing of the debtor's bankruptcy. A judgment lien can be a transfer and can be a preferential transfer if the lien arose within the 90-day time period prior to the filing of the bankruptcy. Foreclosure and bankruptcy seasoning is commonly used in the mortgage industry referring to the time period that must elapse before a borrower is eligible for a loan. ie. To purchase a home using an FHA loan the foreclosure seasoning requirement is 3 years, therefore 3 years must have elapsed since the previous home was foreclsosed. Unless the foreclosure was due to extenuating circumstances such as the loss of the primary wage earner or a situation beyond the borrowers control. It must be a really good reason before a lender will reduce the 3 year restriction. The bankruptcy seasoning requirments are 2 years from the discharge date for a chapter 7 and 12 months for a chapter 13 bankruptcy with court approval on an excellent payment history on the trustee payments. The seasoning requirments for conventional loans are much longer in the midst of these volatile lending conditions. Please consult your mortgage advisor for details.
If bankruptcy has been dismissed can you file again?
If bankruptcy has been dismissed it is possible to file again. The trustee will require an explanation of why the first case was dismissed before accepting a new bankruptcy case.
How long does a foreclosure take in MN?
Notice of foreclosure as described above must be served on all occupants/owners of the property being foreclosed upon at least four (4) weeks prior to the foreclosure sale. Homestead properties require eight (8) weeks notice before sale.
Do you have to get full auto coverage if you file bankruptcy?
If you're auto payment is included in your bankruptcy, then yes, they will require you to keep full coverage as long as there is a secured balance on the vehicle.
Is a credit couseling program required if I file for bankruptcy?
Most states do not require you to take a credit counseling course before filing bankruptcy. This is typically a volunteer activity.
Does interest owed to the Internal Revenue Service stop accruing during Chapter 13 bankruptcy?
Typically a Chapter 13 bankruptcy will require you to enter into a payment plan with the IRS, and interest will be frozen as of the date that you file your bankruptcy petition.
What does the war powers act require?
It requires the president to go to congress to declare war.
