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Do you have to declare bankruptcy if you default on your mortgage?
No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.
What is a default letter and an order of consent in relation to bankruptcy?
A default letter is a letter to say you have defaulted on a specific loan or obligation. Meaning you have not been making the payments needed. An order of consent is a document that is created of an agreement between you and company you have defaulted on payments.
What happens if cosigner stops making payments?
The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.
What can a creditor do if you stop payments on a secured loan that was not reaffirmed?
Repossess or foreclose on the secured property if the agreement is in default.
What happens if you default on paying your monthly payment to the trustee?
If you default on your monthly payments to the trustee in a bankruptcy case, the trustee may take several actions. They could file a motion to dismiss your bankruptcy case, which would leave you responsible for your debts without the protection of bankruptcy. Additionally, your creditors may resume collection efforts against you. It's crucial to communicate with your trustee and explore options if you're facing difficulties in making payments.
What is it called when the bank takes possession from a mortgager because of default payments?
When a bank takes possession of a property from a mortgagor due to default on payments, it is called foreclosure. This legal process allows the lender to reclaim the property and sell it to recover the outstanding loan balance. Foreclosure typically occurs after a series of missed payments and can significantly impact the borrower's credit score.
Does a landlord have the right to collect rent on a home with a notice of default?
As long as the landlord is in legal possession/ownership of the property and as long as you are residing on/in his property, yes. His notice of default has no legal effect of putting a "stay" on your payment of rent.
Can a person get arrested if he or she don't pay for the car loan?
When you get a loan you sign a legal document that states that you will make the arranged payments on time. There is usually a clause that states when payments are deemed late and how many payments can be missed before the loan is considered "default" and they own the vehicle, outright. The lender is then allowed to "repossess" their property by any means they choose (usually a towing agency). If you resist their efforts to reclaim their property (hide the car or incapacitate the vehicle) you are considered to be in possession of stolen property and subject to arrest.
Filing a Chapter 7 with 2 payments owing on your car how long do you have in getting it current before the creditor can take it if you plan on curing the default 30 days after filing?
When you file a Chapter 7 bankruptcy, you have the option to keep your home and 1 vehicle. If you are able to make the last 2 payments on the car, you can keep it and not include it in the bankruptcy.
Am I still allowed credit cards after bankruptcy?
Yes, it is still possible to get a credit card after bankruptcy. "Secure" credit cards require you to place a security deposit down in the event of default, but they are a good way of rebuilding your credit.
If filing bankruptcy jointly when the husband resides in the house and the wife in an apartment is there any way to keep possession of the house?
Whether or not a house is forfeited in a BK, depends on several factors. How the property is titled, the property exemption allowed, if the mortgage is in default, etc. Regardless of where your spouse lives, you are still entitled to the exemption, which is usually what determines the "fate" of the property. Contrary to most peoples' belief about BK, very few filers "lose their home". It is ususally surrendered voluntarily, because they are unable to make current payments and make up for those that are in arrears.
What is the default property of data control?
Caption is the Default Property.
