0
You have 2 accounts with this one borrower they already have a garnishment against you on the first account and know they are threating a lien against your property you dont have any property what sho?
Wiki User
∙ 15y ago
Pay your bill! If there is no property to attach or lien and they are already garnishing your wages then they can ask the judge to debit additional monies until they max out local/state garnishment laws. There are personal assets, bank accounts, vehicles, anything of value that can be considered assets. I suggest communicating with the borrower and pay!
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can a creditor recover any deficit that results from the voluntary repossession of a vehicle if the borrower has no assets or property?
Yes. If the borrower is employed the lender can file a lawsuit and be awarded a judgment which can be executed as a wage garnishment. Even if the borrower does not have seizable income, assets or property at the time the judgment is awarded the lender can hold the judgment. Judgments can be from 5-20 years duration and most are renewable. That means it is highly likely that at some future time the debtor will be employed or have assets or property that can be attached.
Does being a co borrower mean having the same rights to the property as a borrower?
No, the agreement of the co-borrower is independent of the deed/title. Being a co-borrower means that you share the responsibility of the loan on the property, but the property ultimately belongs to whoever is listed as owner(s) on the title or deed.
If there is no wage garnishment in TX why file bankruptcy?
Because creditors may garnish your taxes, your bank account, other financial accounts, and may attach other real property with a court order.
What does a credit card judgment mean?
The creditor has won a lawsuit judgment against the debtor(s) and can execute the judgment against any nonexempt property belonging to the debtor(s). The preferred method of judgment execution is wage garnishment followed by bank account levy, or seizure and sale of nonexempt property or a lien against real property. North Carolina, South Carolina, Pennsylvania and Texas do not allow wage garnishment for creditor debt. The exception is Texas where the court can grant wage garnishment if the debtor has no other property for which the judgment can be executed against. Married couples living in community property states are both usually responsible for debts incurred during the marriage regardless of which spouse is the account holder or borrower.
If a bank repossesses a car because the borrower has defaulted on the loan can the bank exact money from borrower's paycheck?
Generallydue process of law must be followed, meaning a lawsuit before a creditor can garnish wages or take other action against a debtor's property. The exception is if the borrower has an account at the same bank where the loan was granted. In such cases a bank can implement was is known as a "set off" and withdraw the amount of the loan from the accounts held by the borrower w/o the need of a court order. Such action will generally apply to joint accounts as well as those that are single, although there are some exceptions in some states as to the levying of marital accounts.
What is the claim on the property or income of a borrower?
financial asset
If you are being garnished do you keep the property that is related to the garnishment?
There is some confusion here, as only wages and bank accounts can be garnished, (bank accounts are referred to as levied). If this pertains to the repossession of a vehicle where there is a deficiency in the sale of the vehicle and the debt owed then the borrower/debtor might or might not retain the vehicle (lender's option) but can have wages garnished for the entire amount owed by a lawsuit judgment. Other issues could be foreclosure discrepancies and the execution of a judgment as a wage garnishment for creditor debt. In such cases property that is not considered collateral for the debt would remain with the garnishee/debtor. If the property was used as collateral such as a big screen TV purchased on a merchant's account, the company can repossess the item for the amount of the defaulted account in some instances the debtor can keep the merchandize by paying the depreciation cost. There could still be an outstanding balance that would have to be paid depending upon the circumstances.
Can a co borrower on a home file bankruptcy?
Sure. And yes, it will involve the property and credit of the other co-borrower.
What is a claim on the property or income of a borrower called?
financial asset
What is the difference between mortgage and pledge?
The differences between a mortgage and a pledge:1. The Security in Mortgaged is an immovable property, while in a pledge it is a movable property.2. In a pledge the ownership of the pledged property remains with the debtor (the pledgor or borrower). In a mortgage, the ownership of the mortgaged property is transfered to the creditor (banker or mortgagee).3. Delivery of the property is essential to a pledge; hence the goods delivered by the pledgor or borrower will be in the custody of the banker. But, in a mortgage, the possession of the property will be with the borrower.4. In a pledge, the banker (pledgee) can sell the pledged property without the intervention of the Court. In a mortgage, except in English mortgage, a mortgagee can sell the property only with the permission of the Court.5. A pledgee does not have the right of foreclousure (i.e. cannot debar the pledgor or the borrower from taking or redeeming the pledged property). But, in a mortgage, a mortgagee (borrower) has the right of foreclousre, i.e., can debar the borrower from taking back the mortgaged property under certain circumstances.M.J.SUBRAMANYAM, XCHANGING, BANGALORE
What is the difference between co signer and co borrower?
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
