Debt Collection

The number of points a credit score goes up after three negative accounts have been removed varies. It depends on the type of account removed and the person's score prior to the removal of the items.

If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).

Generally you will be given notice by certified mail that a foreclosure action has been initiated. In most jurisdictions the notice will be published in your local newspaper for successive weeks and will include the date of the auction. Once the property has been sold at auction it is no longer your property. You should already know of the impending foreclosure by the late notices you will have received from the bank.

An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.

it does not actually improve the score but if they are already turned over to the collection agency - it will just make credit score get worse and worse. the only way to improve score is by paying everything off ON TIME and letting time take it's course. Most bad stuff will drop off within 10 years

An heir is one who inherits. An antonym is disinheriteded. Here is an example in a sentence: John is sole heir to his father's fortune, John's older brother Joe is disinherited.

Generally, no. Foreclosure is the recovery of an asset that has been pledged to secure the mortgage loan so that it can be sold to pay off the loan. It is not a lawsuit for a judgment for the money owed. The reason is that if the property does get sold, the proceeds go to pay off the loan. If there is equity in the house and it is sold for more than the loan amount, the proceeds will be sufficient to pay the loan in full and you will not owe the lender anything. Thus, the lender does not get a money judgment and cannot execute or place a lien on your bank accounts. Sale proceeds over the amount of the loan are given to the debtor. There are two further protections for persons in foreclosure. In general when a mortgage loan is in default, mortgage lenders are precluded from suing for the money owed before they foreclose and sell the property. This ensures that the security is sold first, then if the proceeds of the sale are insufficient to pay the debt, the lender seeks what is called a deficiency judgment. Theoretically, this is the amount of the debt less the proceeds of the foreclosure sale; but it is not that simple, because of the second protection. The second protection is that generally the debtor is given what is called a fair market value credit against the amount of the debt. This means that no matter what the foreclosure sale produces in cash, the debt will be reduced by at least the fair market value of the house. This is very important, because foreclosure sales tend to bring in less than the market value of the house. It would be inequitable to the debtor if a bank or buyer were able to obtain the property on the cheap, then sell it at market value for a quick profit, leaving the debtor with a huge deficiency judgment. Speculators at foreclosure sales would rake in profits when they flip the property all at the expense of the debtor. Sometimes at foreclosure sales no one wants to buy the house no matter what the price. So the bank makes an initial bid of $100.00 and if no one else wants to bid higher, the bank takes it. The bank will not be allowed to sell the house at market value, then sue the debtor for the total debt minus $100.00. Essentially, the bank is not permitted to grab your bank accounts unti it gets a deficiency judgment. The bank cannot get a deficiency judgment until the actual amount of the debt is determined and that can't be determined until after subtracting the fair market value credit from the actual debt. By the way you're probably wondering why wouldn't someone bid $101.00, then keep bidding in small increments hoping to get a steal. This won't happen, because at the start of the sale, the bank attorney will announce to everyone that it is prepared to and will bid up to the amount of the debt. This keeps the speculators from making bids that are so high that it won't be profitable to them when they flip the house later, especially if the loan amount is close to the fair market value amount. The speculators know this is one of the unwritten rules of the foreclosure game and they abide by them. Remember though that legal questions always depend on the laws of the state in which the issue exists, so the answer may vary state to state. You must check your own state's laws to know exactly what will happen.

Notice of foreclosure as described above must be served on all occupants/owners of the property being foreclosed upon at least four (4) weeks prior to the foreclosure sale. Homestead properties require eight (8) weeks notice before sale.

A 0 balance charge off means that the debt company has given up trying to collect the debt. It may sound good, but the effect on the credit rating is very bad.

You owe 50000 you can surrender the cash value of your life insurance. This may result in federal and state income taxes where applicable.

My house is going through foreclosure. My biggest need is money to move and finding a place to rent.

For me, it has taken 4 years. Have a sale date set in December, but bank has finally offered a trial modification. It took MUCH persistence and refaxing and resubmitting documents, updating financials and what not. I think they have it more together now, so you should get all your ducks in a row. Best of luck to you.

A creditor is unable to harass for any debt. They can face penalty for doing so. read the FDCPA, it has helped me understand a little better what is and is not permitted to be done by debt collectors. There may be a difference between creditors and debt collectors; check and see. Hope this helps

Legally the date of last activity is not suppose to re-start. But, I have been noticing that the date of last activity renews itself once the account is sold to another third party collection agency. Here's the thing - the seven year clock is a "Myth". I know this is shocking when it comes to debts, but it's true. What you should be concerned about is the "Statue of Limitation" for your state or the state that you opened that account. The date of last payment is the date you should calculate the number of years from the Statue of Limitation. Example: If an account/credit card was openend in the state of North Carolina, they have a four year "Statue of Limitation" for "Open Accounts". This means that there was a written or verbal contract. The date of last payment was 12/2004, which means that the statue of limitation expires on 12/2008. This means that the collector or creditor can no longer try to collect on this debt. On the credit report, the bureaus usually have something that potrays this: This account will remain until 11/2011. This means that by 11/2011, you as the consumer, can dispute this account and ask for a permenant removal. Good Luck!!

The only way a debt collector can garnish your wages is if you owe Tax liens, or child support. Other then that, it is not possible for them to do this legally. If you are the only one responsible for this debt, and your husband is not the co-signer, then he is not responsible for this debt. The worst thing that will happen is that you receive phone calls daily from a collection company requesting a payment. If you need further instructions, feel free to read the other articles that I have answered pertaining to this.

Good luck!!

It means it is worth a lot.

You may: 1. Work with the lender and negotiate to end the foreclosure. While I recommend this method, you need to be prepared to enter into a payment plan with the lender. Be persistent--if the lender says no initially, ask to speak to a supervisor, as banks don't like foreclosures. Remember that foreclosure costs the bank money too. 2. Sue to stop the sale. You can do this, but you will likely need an attorney. And the relief is only temporary. 3. Refinance and pay off the debt in full.

a account where it is only yours and nobody elses only u can take out money from that account a account where it is only yours and nobody elses only u can take out money from that account

my mother in law died last year and her husband was responsible for her medical bills. Over $200,000.

It depends on the creditor. I would start at .10 cents on the dollar or 30% of the balanced owed, and work from there. Speak to the Manager of the department when negotiating, and get everything in writing before making a payment.

it all depends on what state you live in. In some states they can't garnish your wages

Garnishment requires a court order. You would have to be sued first, and either have judgment brought against you by losing the case, or by not responding to the lawsuit papers; called judgment by default. Then papers are mailed to you indicating that garnishment will occur. If you are served with papers, make sure you respond to the court within the time limit stated on the papers, or you risk judgment by default. Many times, if you are having financial troubles, you can indicate this to the court and they may decide the case in your favor.

Move to Texas and put your money into exempt assets; e.g., a homestead, retirement assets, life insurance, annuities . . . .

Roxanne deposited $300 into a savings account earning 5¼% annually. What is her balance after 1 year

yes it can, they usually return it when the debt is deemed uncollectable then they can transfer it to a attorney for possible suit.

Foreclosure takes care of your loan with the bank, so unless you owe more than your home is worth, you shouldn't have to worry about them coming after your other assets. 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.