0
When a defaulted secured loan is charged off and the property isn't repossessed but the account is turned over to an attorney do you still have to pay the loan?
Wiki User
∙ 18y ago
Absolutely, a charge off does not affect the validity of a debt. The issue of the account being referred to a collections attorney or law firm may indicate that the creditor has decided to file a lawsuit or enter into arbitration action to recover the debt.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
Can a credit card company take you to court and come after 30000 in equity in a second home if you quit paying your credit card bill on a non-secured credit account?
Original creditors sell defaulted accounts to third party collectors who attempt to collect the debt and any fees that are applicable. If settlement cannot be reached with the debtor, the collector may refer the account to a collections attorney. The attorney must be licensed in the state where the debtor lives before a lawsuit can be filed. If the lawsuit is won, a writ of judgment is granted. The judgment can be executed in the form of wage garnishment, bank account levy, liquidation of nonexempt property or lien(s) against real property. State laws govern what property is exempt and what can be seized for repayment of debt. In theory a creditor can use the judgment writ to initiate the forced sale of a home. Most primary residences can be protected from forced sale by the state or federal homestead exemption. Liens against property are usually granted, although there are a few exceptions. Other property such as a summer home or rental property cannot be protected by a homestead exemption and therefore could be subject to seizure and forced sale by a judgment creditor
If the original credit card issuer sells a defaulted account can the purchaser of that account obtain a judgment against the debtor account holder?
Yes. Once an account has been sold it becomes the property of the collector/collection agency that buys it. The collector can then file suit against the account holder debtor for the amount owed and if a judgment is awarded against the debtor it can be enforced in whatever way allowed under the laws of the debtor's state to collect the debt that is owed.
Can assets of the people you live with be seized if you declare bankruptcy?
Perhaps. If the filing party is on a deed for real property or joint bank account with the others that property might be "frozen" until the amount each party is entitled to is proven. It will depend on what the property is and how it is titled. If this is the issue it would be advisable to consult a bankruptcy attorney.
Can you tell me what corporate advance means from a mortgage company?
Corporate Advance: a charge made to a borrower's account to protect the lender's / investor's interest in a property (e.g. property inspection, comparative market analysis, attorney fees, etc.). This fee is later recouped by the lender.
Do you have to pay your dead husbands credit card debt?
The answer depends on the details such as:When the account was openedwhether you live in a community property stateWhat was purchased- did you benefit from the purchasesWhether your property was owned as tenants by the entiretyYou should consult with an attorney before paying those credit card balances.
When a car gets repossessed can they keep the personal property that was in the car?
If you take your personal property before the vehicle is picked up, you can keep it. If you voluntarily turn in the vehicle you get to keep anything you want. If they have to hunt it down and tow it off, you're just out of luck. They'll throw away anything that was in it and if someone picks it up, it's theirs.This is not true.. The creditor must account for all personal belongings found in a repossessed car.. The below answer came from the following site... http://www.fair-debt-collection.com/searches/repossession.html"What happens to personal property left in my car?Personal property does not apply to improvements made to the car, such as a CD Player, stereo or luggage rack. It only applies to items not connected to the vehicle. The creditor or whoever repossessed the car CANNOT keep or sell any personal property found inside. If the creditor or whoever repossessed the car cannot account for personal property left in the vehicle, you may be entitled to compensation and should consult with an attorney"
What happens to personal property left in a repossessed vehicle in Washington?
A creditor may not keep or sell any personal property found insidetje car. This does not include most improvements made to the car, such as a stereo or luggage rack. If your creditor cannot account for valuable articles left in your car, you may be entitled to compensation and you should consult with an attorney. IN Georgia you have 30 days to remove any personal property Left in a repo.
Can you face foreclosure due to a charge off?
No, a "charge off" is a term used by credit card companies and other unsecured creditors to indicate that the account has been defaulted and collection procedures will be implemented. A foreclosure is the act used by a mortgage lender to recover property when the mortgage contract has been defaulted upon.
What happens after your creditor has sent your account to an attorney?
The attorney gives you some time to pay, then gets a judgment and uses the other legal options(garnishee wages, attach property, bank accounts).
Does an escrow account also cover any needed repairs on a new home?
No. An escrow account is held specifically for real estate taxes and homeowner's insurance. And in some cases can be used by the lender to offset defaulted payments, (depending on the contract and state property laws).
What can you do if a credit card issuer is planning to sue for an account that was never charged off or reported to the credit bureaus?
Any creditor/lender may file a lawsuit against a defaulted account at any time. The account need not be designated a charge off nor be reported to credit bureaus before litigation can be pursued. The best choice is for the debtor to seek advice from an attorney who is qualified in creditor and debtor issues (bankruptcy attorney). Most attorneys offer a free or minimal fee consultation to discuss the options. If the debtor chooses not to seek legal advice, he or she should research the laws of their state to discover what personal and real property can be exempted from creditor attachment.
In MI can a parent be liable for a joint car loan account defaulted by their child if the parent knew nothing of the account and never signed an agreement or made a purchase?
No
What is a charge-off on your credit report?
Charge off is a shortened version of "charged off to profit and loss". This is an internal accounting term for activity creditors take on defaulted accounts. For a consumer's purposes charge off = collection account. This is a defaulted debt that shows as a derogatory account on your credit file.
Lets say - Judge Judy awards the plaintiff x amount of dollars for winning their case. I would like to know how does that plaintiff get paid. Does the plaintiff have to deposit the money into Court?
NO your Money will be deposited into a escrow account by your attorney. An escrow account is an account that your attorney name and your name is on that account. To make any withdrawal from tha account have to made by your attorney. You can close that account once that attoney receive their cost. but to close that account you are basically firing or relieving that attorney.
Do i need to set up an estate account for my father if he owned no property or home?
Consult a probate attorney in your area. In most states, there is an 'express' form if there is no real property involved. But there is also a requirement to allow all of the debtors to make their claims.
Can a credit card company take you to court and come after 30000 in equity in a second home if you quit paying your credit card bill on a non-secured credit account?
Original creditors sell defaulted accounts to third party collectors who attempt to collect the debt and any fees that are applicable. If settlement cannot be reached with the debtor, the collector may refer the account to a collections attorney. The attorney must be licensed in the state where the debtor lives before a lawsuit can be filed. If the lawsuit is won, a writ of judgment is granted. The judgment can be executed in the form of wage garnishment, bank account levy, liquidation of nonexempt property or lien(s) against real property. State laws govern what property is exempt and what can be seized for repayment of debt. In theory a creditor can use the judgment writ to initiate the forced sale of a home. Most primary residences can be protected from forced sale by the state or federal homestead exemption. Liens against property are usually granted, although there are a few exceptions. Other property such as a summer home or rental property cannot be protected by a homestead exemption and therefore could be subject to seizure and forced sale by a judgment creditor
If the original credit card issuer sells a defaulted account can the purchaser of that account obtain a judgment against the debtor account holder?
Yes. Once an account has been sold it becomes the property of the collector/collection agency that buys it. The collector can then file suit against the account holder debtor for the amount owed and if a judgment is awarded against the debtor it can be enforced in whatever way allowed under the laws of the debtor's state to collect the debt that is owed.
