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If a developer buries tree stumps or tree debris on a CT property which develops into sinkholes do I have any legal recourse?
Wiki User
∙ 13y ago
You need to consult with an attorney in your area who can review the situation and the time period and explain your options under your state law. (it would help if whoever buried the debris also included some personal identification to help identify the perpetrator)
Wiki User
∙ 13y ago
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Is Colorado a non-recourse state for residential property?
yes
Is Georgia a non recourse debt state?
Yes, Georgia is a non-recourse debt state. This means that in the case of a foreclosure, the lender cannot pursue the borrower for any deficiency balance remaining after the sale of the property.
I was arrested for trespassing. The person who had me arrested does not own the property. What is my best recourse?
You can challenge the validity of the arrest by providing evidence that you had permission to be on the property from the actual owner or tenant. You may also consider hiring a lawyer to help defend your case and ensure that your rights are protected during legal proceedings.
What recourse does second mortgage have in Washington State?
I've heard if the 2nd was used to buy the property initially then there is no recourse. If the 2nd is a line of credit taken later after the initial purchase the lender can sue you for the money.
Is Ohio a non-recourse state for mortgage debt?
no....... the lender can go after you for up till 2 yrs after they sell the property.
If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
How do you know if your mortgage loan is a non recourse loan or recourse loan?
Good question, I have been looking for an exact answer my self. I have learned from my searches: Generally a note is an obligation to pay and must be paid in full. So, unless a note is explicitly non-recourse, the creditor can seek any of debtor's property for payment (subject to bankruptcy limitations). The general rule is that note secured by mortgages on property are recourse loans. The major exception comes from the antideficiency statues, common in the western states, that apply generally to mortgages securing loans on personal residences.
What options are available to recover life estate property when the taxes have been defaulted on and the property is subject to sale in Wisconsin?
The only recourse is to pay the taxes or the state will take the estate and the son will get nothing.
Do you pay income taxes on rental forclosed property?
Possibly. It depends on your basis, how much depreciation you have claimed, whether the loan is recourse or non-recourse, and whether the bank is canceling the unrecovered balance of the loan. A foreclosure is treated as if you sold the property to the bank. On a recourse note, it is treated as if you sold the property for the fair market value at the time of foreclosure. On a non-recourse note, it is treated as if you sold it for the balance of the loan. (I am assuming the loan balance is more than the value of the property, otherwise you would have just sold the property and paid off the loan, right?) On a recourse note, if the bank decides not to pursue a deficiency judgment against you, then the cancelled debt (the difference between the FMV and the balance due) is taxable ordinary income (unless you meet the insolvency or bankruptcy exceptions). You'll also need to recapture depreciation, just like on an ordinary sale. Unlike a homeowner whose personal home is foreclosed upon, you will be able to claim a capital loss.
What is private property protected by?
Private property is typically protected by laws, including property rights, contracts, and legal recourse in the event of theft or damage. In many countries, individuals have the legal right to own, use, and dispose of property as they see fit within the boundaries of the law.
Is a car loan considered recourse or non-recourse debt?
I think is non recourse debt
What are the rights to private lenders who are investors which hold second mortgages?
In California, a second loan can be recourse or non-recourse, depending on if it were originated as a cash out second or a second based on a purchase money loan. The cash out scenario (recourse) lender has the option to foreclose on the property and pay off the first lender. Not often done. If the first lender forecloses then in California the recourse (second) lender (in a cash out transaction of course) can turn that loan into a personal debt or collection.
