Debt Collection

The repurcussions of foreclosure individually are: 1) your credit report is dramatically lowered, and it will be very difficult to get another mortgage in the future. 2) Even after the lender has foreclosed, they often still have the ability to put a judgment against you, which can lead to garnished wages, and will keep you from being able to purchase other real estate. 3) If the bank does not go after you through a judgment, they must report to the IRS that the they "forgave" the debt (if your house was not worth as much as your mortgage debt), and the IRS considers that to be income, and will tax you on it. But, as of early 2008 (or so), the taxable income (loan forgiven) is non taxable.

If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit.

The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

If you were not a joint debtor you are not responsible for repayment of deceased parent(s) debts.

no...the note goes back with the bank...your credit is ruined for five years

A "default judgment" is granted when the debt is not contested. You would put information pertaining to your proof that the debt is not valid or actually owed.

Just because a person feels wronged, or got inferior goods or service, is not proof enough.

Recently, we have been seeing foreclosures take between six months and a year.

There are solutions, check out www.theroofproject.org The ROOF Project is a nonprofit providing homeowners and tenants FREE government approved help and advice regarding foreclosures.

NOTE: Watch out for SCAMS - You should NEVER be asked to PAY for foreclosure assistance. Check out http://www.loanscamalert.org for more information.

Yes. California allows income garnishment by judgment creditors. The law also allows a judgment creditor to place a lien on real property owned by the judgment debtor. Generally the homestead exemption will protect a primary residence from a forced sale for debt owed. Judgment creditors rarely request a forced sale of a primary residence because it is a complicated and lengthy process and is seldom profitable enough for implementation.

Read a debt cancellation - Law Firm lawyers Directory article here---- http://www.helplinelaw.com/docs/stampduty/maharastra.php

The courts can if the debt wasnt repaid, the only way out is to setle or go bankrupt.

A court levy is actually put in place by a court, the bank is required by law to comply with the court.

The reason the court may have put a levy on your account is usually due to an unpaid debt. I would contact your bank and try to find out the details. In most places, the bank is required to provide notification of a levy, but not until after the levy action has taken place.

There are a number of organizations that offer people with bad credit an opportunity to obtain legitimate loans. You should check with your local financial adviser who can give you several options.

The tax lien foreclosure process is a great form of investing right. Purchasing tax liens and foreclosing on them gives you the ability to purchase properties at a fraction of their cost. Then you can turn around and either rent them out (and make some steady passive income) or sell them at market value for a tidy profit.

If you pay 1 dollar a month...it would barely cover your interest for that month..you might as well flush your dollar down the toilet..best way to avoid collections is to pick up the phone and set up a sensible plan that your fits your budget...if your sincere and honest with them they will work with you..nothing is better then something to them. So most of the time if you explain them your sitution they will work with what you have...i've had some creditors that i paid $15 a month on $3000 account..because i had intentions to pay they worked with me..at the very least it stopped all the calls everyday..and to answer your question more directly ...$1 a month wont do anything and they will still call you because they did not authorize such a low amount..sending in a dollar is the same as sending in a penny...so take my advice and call them...good luck

If they're dead they don't owe anything to anyone. If it was you, apparently you missed your opportunity to collect while they were still alive. Other than that, you need to keep in mind that impersonating someone to collect money not rightfully yours is theft and can be prosecuted in a court of law.

Though if someone was legally in debt to you, being related to the deceased, you could take them to court and their obligation would still stand.

If the estate has not been settled and the deceased owes you money you can file a claim with the estate. I am not a lawyer, but was an administrator for my mother's estate. Regardless of what the law might be, the right thing to do is to pay off all the debts before passing out money to the heirs.

If you are credit-worthy, you may be able to co-sign for your boyfriend's vehicle. But be aware that if he fails to make payments for any reason, you are liable for the debt and the creditor will come after you and possibly file suit against you. - I wouldn't do it.

Appraisers use sales of homes that were made as arms-length transactions where neither the buyer was desperate to buy nor the seller was desperate to sell as a basis for comparing other similar properties in an area. A foreclosure property does not meet these criteria because of the nature of the legal process that the house is undergoing.

Houses in foreclosure are typically classified as distressed properties, which means that there is something wrong with them that induces the owners to sell for less than the fair market value of the property. In some cases, this might mean a condemned house or one that has been severely damaged or fallen into disrepair.

In such cases, the buyers of a distressed house are able to offer the sellers less than what the property would sell for if it was in a fairly decent condition. But these types of houses are also difficult to compare to other houses in the geographic area that are in better condition or where the owners have no added reasons to unload the property.

Foreclosure cases work slightly different compared to a house that is falling apart or damaged, but the lack of time many people have to sell before losing the home to a county sheriff sale indicates that the buyers have the upper hand in negotiating a beneficial price in order to complete the sale before the eviction.

This is one reason that properties in foreclosure often sell for less than their fair market value or the current market value of similar properties, even if there is nothing physically wrong with them. Appraisers know that the sellers may not even have wanted to sell, which can easily skew comparable valuation data.

Properties owned by banks after a foreclosure auction has taken place are little different. In these types of cases, banks may not take care of the houses, or vandals may strip them for any useful resources like copper pipes, for instance. Banks also do not want to own these properties and are often willing to entertain lower offers.

But again, these types of sales are not between a disinterested buyer and a disinterested seller -- in most instances of foreclosure, the seller is willing to unload the property for just enough to make it worth their while. Owners want to sell to save the house and their credit from foreclosure, while banks just want to unload foreclosure properties from their balance sheets.

Thus, foreclosure properties are not good candidates for comparable sales, except for comparing sales of other foreclosed homes. Appraisers would much rather use home sales that were not done under duress, because a certain home was condemned, sales between family members, or foreclosures. The values have too great a tendency to become distorted.

If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit.

The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

Just reply in a female voice (like a pre recorded voice) that "all the route to this lines are busy, please try after sometime"...........if this wont help, then dude its time for you to change the house......

No, the statute of limitations won't start over again unless you make a payment.

If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit.

The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

It depends on the country you are in, but in the UK, the first claim on the estate is the revenue (ie tax), then debtors - which would include the credit card debt. That should be paid out of the estate of the deceased.

Immediately contact your credit provider, apologize for the situation and ask what you can do about it. There will be a solution, and they would much rather you work with them to find this solution rather than bury your head in the sand and hope the debt will go away. It won't. With luck you'll find a way of explaining how you've let the matter reach the summons stage.

You can be sued and your car repossessed.

the total amount of money that a country's central government has borrowed and is not still paid.