Debt Collection

If you have to ask this question i can see why your home was forclosed, Of course it does, If you buy a brand new car and dont pay for ot and it gets repo'd dosent that effect your credit? Yes. Ok now how many cars can you buy for the price of a house 3-4. Okay so a forclosure is like 3-4 reposessions. Make sence???

Just because a debt doesn't show up on your credit report does not mean that you don't have to pay it. Pay what is due and get on with life.

Writing off a debt is not forgiving it. All that means is that the debt is no longer active in their accounting system and written on their behalf into another. You can't dispute that which is still owed.

Its like saying you don't have to send your mother a birthday card because she moved from Minneapolis to Phoenix...she must not have a birthday because you have never celebrated it in Arizona.

A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default you would need to negotiate with your lender to see if they would accept a deed in lieu of foreclosure from you. There may be other consequences of a deed in lieu so you should seek the advice of an attorney if you are in default and contemplating your options. There may be a community service available for foreclosure counseling in your area.

They can if he/she is on the collections account.

Do not worry about this creditor taking you to court, or garnishing your wages. It's not going to happen! Your best bet is to save at least 50% of what you owe on this account, and settle anywhere from 30% up to 50% (Depending on what they would be willing to except). Temember, negotiate, negotiate, negotiate..... Good Luck! I entirely disagree with the above. Your position may allow you to negotiate some leeway...but the creditor will not forgive your debt. Your disability IS able to be garnished, and as it provides a constant source of payment, would certainly be a route they would take. Remember, pay your debts, pay your obligations, try not to negotiate with banks and organizations that are much more experienced and stonger than you... (I would note that many of the above posters comments are simply wrong and ill informed, perhaps stemming from being seen originally in her commercial context postings trying to entice people to use a service that claims to get rid of debts.....all of which have been identified as scams preying on the vulnerable by every Consumer group I've ever seen).

Doubtful ... at best, you would have to accept a really absurdly high interest rate, which would mean more financial doom in the long run.

A foreclosure remains on your credit report for up to 15 years.

Yes, but contact your mortgage company and make the arrangements. Lenders always prefer making arrangements rather than going into foreclosure because they lose money on every house foreclosed on.

You probably will need to follow up with the three reporting agencies to be sure the paid notation shows up. The foreclosure notice and late payments will stay on the record for several years. Obtain a paid letter from the lender and send copies to each of the credit reporting agencies--it still will take some time, but your action will help move things in the right direction.

That depends upon the laws of the state where you reside or where the bank account is. Normally, when a levy is placed on a bank account, the account is frozen and the account owner is given a certain amount of time to go to court to prove that the levy should not have been placed on the account. The money in the account will not be turned over to anyone until the court orders it. If the account owner fails to make an objection in court within the stated time period, the bank is allowed to assume that the owner has no objection and turn the account funds over to the creditor.

Non-judicial procedures are used by states that use deeds of trust as the security instrument for purchasing real property. This procedure is in contrast to states that use a judicial procedure when a mortgage is the security instrument for a loan to purchase real property. See link provided below. Additional Information Many states avoid the judicial foreclosure process, and instead, the mortgage lender notifies the borrower with a notice of default. Since the mortgage loan terms already specify that a sale process kicks off right away (without going through the court system) - the lender can start the foreclosure process very quickly. Then the borrower has a fixed period of time (which varies state by state) to either sell the home, or negotiate to solve the financial problem. If the consumer does not accomplish this on their own, the mortgage lender then can come in and auction off the home to the highest bidder.

Payday loan companies cannot issue a bad check to any county in Texas. The District Attorney's office considers them to be a line of credit. The collection agency will try to scare you into believing that! Payday loan companies cannot issue a bad check to any county in Texas. The District Attorney's office considers them to be a line of credit. The collection agency will try to scare you into believing that!

A creditor must petition the court to obtain a judgment against you for a credit card debt. If successful then the judgment is recorded in the land records. According to the chart at the link below an Ohio judgment is good for 21 years and must be brought forward in the land records by a re-recording every five years.

An unclaimed money search is a way for an individual to check for money that is under their name that may not have been claimed. The department of treasury in each state should be able to provide this information.

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.

until the company writes the debt off or the person owiing the debt dies

There are a few general rules about what appliances and items may be taken out of a house when homeowners either sell or are foreclosed on. With the large number of homeowners facing foreclosure right now, news stories have been reporting that many former owners essentially strip their properties of anything useful or salable, including copper pipes, furnaces, kitchen sinks, ovens, and so on. But not all of these can be taken in not all circumstances, and to prevent lawsuits for damage to the property, homeowners should be aware of what they can and can not take.

The most general rule on what may be taken after a sale or foreclosure of a property involves the distinction between fixtures and personal property. In many cases, aspects of these types of items can overlap, making it somewhat difficult for homeowners to decide on if an item belongs to one or the other category. Especially for items with sentimental value that are affixed to the house, determining whether they can be moved or must remain is not a simple process.

However, if removing an item from the house would cause damage to the property or make it unlivable, then the item is most likely a fixture. Laundry machines are often just hooked up to a few vents and power outlets, making them personal items, for instance. They can safely be removed from the house. On the other hand, furnaces, ovens, air conditioners, and the like would make the house unlivable or cause damage to the property, and they are often considered as fixtures.

The size of items or the work put into them do not automatically determine whether an item is a fixture, either. Just because an item is small or natural does not mean it can always be taken. The keys to the house, for example, as always considered fixtures, and trees or bushes can not be easily removed from a property without causing damage to the ground. Both are integrally related to the functioning or current use of the property and will most often count as fixtures.

A second issue in determining what can be taken after foreclosure is the original intent of an item: was it installed to be a permanent part of the house or not? Items installed as permanently attached to the property are most often considered fixtures, such as the furnace, copper pipes, faucets, doorknobs, and so on. A house without these items would not be livable without expenditures to repair or replace these items.

Related to both of these previous issues is if an item is attached to the property in some way. Items that are attached are often considered fixtures, whereas items not attached may be considered personal property. A bookcase built into the walls of the house, for instance, will most likely be considered an attached, permanent fixture; but a bookcase the owners purchase and put together themselves that is not attached or built in can easily be moved and counts as personal property. Similarly, pipes and faucets and some appliances will also count as fixtures, since they are attached to gas lines, water pipes, or other items that make the house livable.

Items that the homeowners deem to be fixtures must be left in the house, but these items can be replaced with ones of a similar or lesser value. If antique doorknobs were installed on the outside doors, these would count as fixtures, but the owners could replace these with cheaper (although working) knobs and take the ones they previously installed. If they put in a new oven but still have the old one, they can take the new one if they reattach the original. This gives homeowners some leeway in deciding what they would like to take, especially for items with sentimental value. The heirloom fan or chandelier may be taken if the damage to the property is repaired and other items are substituted.

Simply, as soon as someone will agree to give it to you.

With todays heightened credit requirements, a recent foreclosure is a major turnoff.

That it normally occurs along with additional and continuing credit payment problems, makes it worse.

You would likely need a substantial downpayment at least, and expect to pay a high interest rate. And of course, the more verifyable and steady income you have, the better.

But how long and how much the previous foreclosure will effect you is each lenders decision. Some, will never grant you a loan again.

The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.

Certified mail requires you to sign for the mail. To know who sent the certified mail, you usually need to sign for it but the sender's name is typically listed on the green card attached to the mail. You can ask to look at the card before signing and if you miss the delivery, you can look at the slip the mail carrier leaves for you that lets you know you had a certified letter or package.

Until your state's statute of limitations runs out on that debt.

They creditor is filing to ask the court to issue an attachment against your bank account. This is done by court order. You have the right to be notified and be heard. There are legal steps that can be taken to prevent this action.

Buying a foreclosure means that you can save a lot of money, but it can come with some problems too. For example, there could be vagrants living at the property, there could be some damage to the home, roof repairs could be needed--basically any number of things could need repair. You may find yourself in a bind for extensive repairs if the mortgage company will not loan on a house that does not meet HUD rules and the foreclosure agency will not allow you to touch the house until it is yours - or fix it prior to sale. These sales do take time, so you should be patient.