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If you are paying interest only on a mortgage and have no equity in a home that has depreciated can you abandon the property?
Sure, if you don't mind losing your entire investment, ruining your credit rating and being hassled by creditors. Ok... enough sarcasm... maybe you need to talk to Suzie Orman. Yes, but the borrower will still be responsible for any deficiency between the loan balance and the amount that the lender receives in the sale of the property. In addition to any deficiency that may result, the borrower is also responsible for all other costs incurred by the lender related to the foreclosure process.
What else can I help you with?
How long after you file a chapter 7 are you supposed to turn over property or do you wait for the meeting of the creditors so the court can tell you?
In the case of a home, it will be sold at Sheriff sale on its own. (or the Trustee may sell it) In the case of any other property, the Trustee must abandon the property, then the Creditor will contact you (or your attorney if you have one) to arrange to get the item. If its a car, or some other type of personal property, you can sometimes accellerate the process by calling the creditor's attorney. (Or the creditor if they don't have one) Ask the Trustee at your 341 hearing (meeting of the creditors) what he/she thinks. They may abandon it right there.
What is some 7 letter verbs?
arrange release squeeze abandon
Where can you find 10000000 dollars?
It would be very rare for you to find this much money. You could find it in a abandon mansion.
Is foreclosure done quicker if home has been discharged in bankruptcy?
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
What changes in the firm or in the environment might cause a firm to abandon the functional approach?
A firm might abandon the functional approach if it faces significant changes in its environment, such as increased competition, technological advancements, or shifts in consumer preferences that require more agile and integrated strategies. Additionally, internal factors like growth, diversification, or the need for enhanced collaboration among departments can prompt a shift towards more flexible organizational structures. Such changes necessitate a move away from rigid functional silos to foster innovation and responsiveness.
How do you abandon real estate property?
You leave the property and stop paying the mortgage and taxes. However, be advised that your debts regarding the property will keep accruing. If there is an outstanding mortgage the lender will go after you for the amount you owe and legal costs if it forecloses. If you fail to pay your property taxes the town may eventually take possession of the property and sell it. While the property is in your name you have liability issues.
Is a mortgage company entitled to the insured's loss settlement?
They MAY be entitled. You will have to research your loan documents. If the lender believes is is the intention of the borrower to "walk away" and abandon the the mortgaged property, they MAY be able to attach the insurance settlement in order to protect their financial interest in the property. All of this would have to be done legally, of course, through a court of law.
Why does Darnay plan to abandon the property of his family when he inherits it from his uncle?
"This property and France are lost to me," said the nephew, sadly; "I renounce them." "-I would abandon it, and live otherwise and elsewhere. It is little to relinquish. What is it but a wilderness of misery and ruin!" To the eye it is fair enough, here; but seen in its integrity, under the sky, and by the daylight, it is a crumbling tower of waste, mismanagement, extortion, debt, mortgage, oppression, hunger, nakedness, and suffering."
How is abandon property treated in Alabama?
The bank takes it, sells it.
Can your boyfriend sue for property he abandon 10 months ago?
not sure
How do i get rid of an abandon vehicle on private property in wash state?
Call the police
How long does it take for the trustee to tell you what is going to happen to a piece of property that he could auction or let you buy back or abandon?
there is no set time for such a decision. Although it is everyone's best interest to get all the issues resolved as quickly as possible. The trustee's decision will be made on how encumbered the property is, appraised value, etc.
My husband and I are separated he's filing chapter 7 bankruptcy One home is in his name and another in both of our names Can the court take my home Iowa?
The court does not take anything. Is that the one in both names? Was he paying the mortgage or part of the mortgage? I strongly urge you to get your own bankruptcy lawyer, since this is a very technical area of bankruptcy law. You need to find out if he intends to abandon his interest in the homes or intends to reaffirm the mortgage(s). Abandoning the property can cause problems if you cannot pay the mortgage on "your" home in Iowa. The real estate would be foreclosed on if there is a mortgage, unless you can make the payments on a joint mortgage or refinance in your name alone. You can also sell the house owned jointly, though you might need his agreement to sign the transfer documents or file a legal action in Iowa if that was where you were living when the separation took place or if venue lies in Iowa for other reasons. I said it was technical!
Can a flea market owner dispose of your property due to a dispute?
NO! They must take you to court unless you abandon your property. Then they still have to go through the courts! At least in Ohio.
How does bankruptcy affect timeshare ownership if the timeshare is co-owned by 2 people on the lease?
In theory, the trustee could sell your interest in the timeshare to any willing buyer. The trustee might even offer to sell your interest to the other co-owner. However, the trustee may determine that it isn't worth the hassle of selling and could abandon the property back to you.
What is the word in LAW for a person who enjoys a property when it was given by an owner to look after temporarly for sometime.?
I BELIEVE that you might be referring to someone who holds a LIFE ESTATE to the property (i.e.: they can live on the property for as long as they live, or until they abandon it, and/or upon their death it reverts to the property owner).
Make a Sentence with abandon?
Do not abandon your children. Do not abandon your dogs. Do not abandon me.
