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What happens if you owe a lender a great deal of money but they are unable to find you until the statute of limitations is up?
Wiki User
∙ 19y ago
The SOL regulations are sometimes misunderstood. The SOL can be used as a defense for debt(s) not being collectible. But, substantiating evidence has to be submitted to the court, an SOL IS NOT automatic. It is entirely possible that a judge will find reason to disallow an SOL defense. One instance could be the subject of this query. If the debtor deliberately avoids contact with the creditor(s), in other words "hides out." Each state enacts laws pertaining to creditor/debtor litigation. Therefore it is difficult to assess the consequences of attempting to avoid creditors w/o knowing state statutes pertaining to such action.
Wiki User
∙ 19y ago
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What happens in a home foreclosure?
A housing foreclosures usually means the owner of a home has defaulted on their mortgage or has gotten seriously behind and are unable to negotiate or workout a solution with the financiers (bank or lender). In this case the bank or lender may take legal action to repossess the home and sell it. All of this takes a lot of time (6 months to a year) and must be done through the local courts. If the owner cannot work something out with lender they will be required to surrender the property and move out or face eviction. It's a painful and humiliating process. Hope this helps.
What it is accounts receivable financing?
Taking out a business loan using you accounts receivable as collateral. If your business is unable to pay the loan, the lender takes over your accounts receivableand collects from them.
What is the definition of foreclosure?
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. A foreclosure happens when someone who has made a loan with a bank can't pay their loans anymore. The bank will then sell the lenders stuff, such as their house, as compensation.
What are the pros and cons of being a co-borrower on a mortgage application as a homemaker with debt?
If this was my call I would not do it there are no pros to this topic.If the primary signer bails you are in deep doo doo. Whoever the lender is they see something on your credit report that they can sieze from you if the primary signer is unable to pay. the other con is that the lender will show up as an inquiry on your credit report which will hurt your score
What happens if you are unable to pay back a loan on your 401K plan?
thenthe distribution amount will be counted as income to you for that yr, you will be receiving 1099 form
What kind of cases has a 12 year statute of limitations?
Unable to address the question. ALL states have SOL's of varying lengths.
Statute of limitations in washington state?
Unable to respond with an answer. Ther are bott Criminal Law SOL's and Civil Law SOL's. And among them there are various crimes and offenses all with differing timeframes.
What is the statute of limitations for debts in the state of New York?
i have a debt that I have been unable to make a payment since 2002. It is now 7/2008, what is the statute oflimitations for debt in new york state?
What is the statute of limitations on a ticket for driving with expired tags and no insurance in Kansas?
There is no statute of limitations on an unpaid ticket. Once your window of opportunity to pay or contest the ticket has passed (usually about 30 days), your license will be suspended. That driving record will follow you to any state and you will be unable to obtain a drivers license until the matter is cleared up.
What is FL penal code 812.1350?
Unable to find any record of such a statute.
My car's final payment is due on Jan 31st of this year what happens if I am unable to come up with the 1700 that is remaining by that date?
The contract will be in default and the lender may take steps to recover the debt owed.In such a case it is unlikely that the lender would repossess the vehicle. It would be in the best interest of the borrower to contact the lender before the due date and try to extend or refinance the loan.
What is the statute of limitations in Portsmouth va for a case to be re-opened?
Unable to answer - both civil and criminal laws have varying lengths of time - and others have no expiration at all. You must be more specific or you could call the office of the Clerk of Court who should be able to give you more specific information.
What happens if you cant reach the student to repay your loan?
If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.
What happens when you get paralysed?
you are unable to move.
What is a deed of postponement?
Deed Of Postponement(DOP) If the customer has a mortgage with Lender 1 then this lender already has a charge at the land registry. How if the customer approaches Lender 2 for a Secured Loan, then Lender 2 should send a DOP asking Lender 1 if they agree for them to be second charge holder. This letter gives Lender 1 priority over Lender 2 when it comes to releasing the charge. IF the customer is unable to continue with the mortgage and would like to sell the house, Lender 1 will first get the proceeds that the customer owes to them and if anything is left goes to Lender 2
Is there a statute of limitation for collecting inheritance money in LA?
There is a statute of limitation of the person is aware that the money is there and is never collected. If the person who stands to inherit is unaware, it is the state is unable to keep that money until the person is informed.
What crime would get you 4yrs probation and 90 days in jaill?
Unable to answer, there is no statute governing the reasons why a judge should offer you probation, or not.
