Debt Collection

The answer is that the cosigner would be left responsible for taking over the payments.

If the cosigner wants to maintain his or her credit rating (which is probably damaged due to your filing bankruptcy),

If the consignor does not want the auto loan people to sue for any remaining balance, then he or she will need to keep making the payments.

If the auto loan company sues for any remaining balance and gets a judgment, then the auto loan company will go after the assets of the consignor and or garish their earnings. attempt o seize their assets or garnish their earnings.

No, you will not be able to stay in the home if one lender successfully forecloses on the home. It only takes one lien holder to take away the house. Chances are, if you have been able to keep up with your first mortgage, you can convince your lender to combine the two and just have one mortgage payment. Depending on how long you've had the loan and how much equity you have, you may even be able to negotiate a lower monthly payment. When you are facing foreclosure, it's important to stay in contact with your lender and explain what's going on and how you plan to recover from your hardship and begin making your payments again.

During the foreclosure process, there will not be adverse effects to a homeowners' credit cards if all are paid on time. If they fall behind, of course, they will have even more damage to their credit scores, and may face severely negative consequences from creditors. However, simply being in foreclosure itself will not cause homeowners to lose their credit cards or have interest rates increase or extra charges added.

Many credit card companies issue contracts that state that the company may be able to raise interest rates on the card even if the borrowers never miss a payment on *that* line of credit. If they miss a payment on any *other* credit card, said company may raise rates.

Even if a credit card is with the same bank as the mortgage, there is little that a mortgage company can do if a borrower's credit cards have not gone into default.

However, after a foreclosure has ended, and despite the fact that some owners may have been able to stop foreclosure, there will be severe damage to their credit reports from the late mortgage payments and/or foreclosure.

Such homeowners should be careful not to close out any credit lines that they may plan on using in the future. Because of the damage to their credit rating that late mortgage payments or a foreclosure will cause, it will be difficult, if not impossible, to qualify for new loans or credit lines with competitive interest rates for years after facing foreclosure.

Unless the homeowners voluntarily close their accounts or fall behind on the payments, the credit card companies will not do very much at all before, during, or after the home foreclosure process. The companies have no reason to take any negative actions against the borrowers just because they are facing foreclosure on a property they own. In fact, as long as the homeowners can keep on top of their credit card payments, they may try and request a higher credit line during foreclosure to be able to use some of that money to get back on top of the mortgage, although >>this is not a very sustainable solution<<.

On a somewhat unrelated note, just as homeowners who have Home Equity Lines of Credit on their properties and have had access cut off, credit card customers may also see companies start to decrease the total available to borrowers. Banks are beginning to realize that there may be a larger risk of default in consumer lending and are taking defensive actions to limit access to credit for debtors in the greatest danger of falling behind. So, before facing foreclosure, homeowners may want to consider cutting up their current credit cards and getting used to a life without borrowing money, since their lenders may cut off their access soon anyway.

Foreclosure is a process whereby a party (usually a bank) enforces a security interest (such as a mortgage or a lien) over the debtor's property.

The most common type of foreclosure is where a bank forecloses on the family home because the family fails to keep up payments on the mortgage.

The exact legal meaning varies between countries: in the US, it usually means any kind of enforcement, including selling the property. In the UK, it means a very specific type of enforcement whereby the bank takes title in exchange for releasing the debt. Foreclosure is often used loosely in commercial terms to types of enforcement which are not strictly speaking legal foreclosure at all - for example, where a financier terminates a hire purchase contract.

The is YES they can, but!

They are not supposed to.

Unless you effectively complain and point out to the Credit Bureaus what the debt collector is doing, they will get away with it.

Additionally, the same debt "cannot" legitimately be reported with an "outstanding" balance more than once on your credit report.

For example, lets say that a debt has been bought and sold three different times.

The debt cannot be listed as due and owing by the original creditor and the three subsequent debt buyers.

You must remain ever vigilant in keeping your Credit Reports clean.

It is illegal for debt collectors to change the date of last activity in order to keep negative records on your credit report longer. The original debt that was charged off as well as all related collection records must be removed exactly 7 years after the date of last activity. The date of last activity is the charge-off date, which is the date that the debt became 6 months delinquent.

No matter how far homeowners fall behind on their mortgage, leaving the house before they are given an eviction notice can be a mistake. There are a number of different strategies that homeowners can use while facing foreclosure but before moving out to put themselves into a better financial position to deal with the aftereffects of a foreclosure situation.

Once a borrower begins missing mortgage payments, the first step the bank will take is to begin the initial foreclosure lawsuit. This typically takes anywhere from 3-6 months after the first missed payment, and merely signals the bank beginning the process of taking back the house. Just because the homeowners know that they are behind, this does not mean that the courts will automatically grant the foreclosure -- the bank still has to go through the correct legal channels and prove their case.

Thus, it would not be a good idea at this point for the owners to move out, because there is simply nothing that the courts have done yet to grant possession of the house to the lender. But even as the next step in the foreclosure process approaches, the owners may still have time to remain in the property. This next step is the sheriff sale of the house, also known as a foreclosure auction or trustee sale, depending on the terms used by the state and county.

Once a house is sold at the public auction, the homeowners usually no longer have any ownership interest in the property, or at least the purchaser has some claim to the title. In some states, however, it is even premature to move out soon after the sheriff sale, due to redemption period laws. States with a redemption period allow homeowners to keep living in their foreclosed house and have a chance to pay off the amount due to retain ownership. During the redemption, they can not be evicted and do not have to move out.

All of these periods, after the initial missed payments, the time from the lawsuit to the sheriff sale, and the period after the sheriff sale, can be used by homeowners to begin repairing their financial positions. Even if they know they can not save the house, the state laws grant them certain amounts of time that they can use to begin putting money away, paying off other debt, or otherwise begin planning for the future.

Moving out of a house after a few missed payments or at any time before the eviction order is given may be premature and negatively impact the owners' ability to sustain themselves after the loss of the house. In some cases, just having the extra time may even allow families to find a solution that will allow them to sell or pay off the amount they owe to the bank; moving out too soon would not allow them this small chance to save the house.

Thus, homeowners who have fallen behind on their mortgage should do everything they can to work with the bank and within the court system to get as much time as possible. Simply assuming they will be kicked out of their property after a few missed payments only makes sure that they will lose the home and face a more uncertain future after foreclosure. But using the protections of state law and the time given to them, they can often begin repairing their credit and finances, which is an opportunity they would otherwise lose by moving out.

Generally not. These are normally structured so it essentially the lender buying the property for for the amount of the outstanding loan. The difference in the value, is paid by your facilitating the transaction if you will. There is no forgiveness of debt.

Depending on the timing of the various required notices, it usually takes a minimum of 120 days to effectuate an uncontestednon-judicial foreclosure. 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.

The answer is: Legally no...but!

If you do note take specific steps to inform the collection agency that the debt was discharged in bankruptcy, they will move forward as if the debt is valid and can actually obtain a court judgment against you entitling them to collect.

For example, if the collection agency sends you a letter saying you owe such and such and you choose to ignore them. Then they can rightfully assuming that their assertions are correct and proceed to sue you in court to obtain a money judgment.

If you are faced with this situation, you should send a certified letter (return receipt requested) to the collection agency along with a copy of the information indicating that the debt has been dealt with in bankruptcy. Also send a certified letter to yourself with the same information.

Keep both receipts, but do not open your letter when it comes back to you in the mail. Should the collection agency continue to pursue this debt with a lawsuit you can bring a counter suit against them fror fraud and you will most definitely be able to prove to the court that the collection agency does not have a valid claim.

Typically, credit, debit, and gift cards are referred to as plastic currency. They are cards made of plastic, or plastic-like materials which can be used in place of bills and coins.

Depends upon the State of your mother's residence, and the beneficiary of her insurance policy. If the beneficiary was her estate, they might be able to recover the debt; if an individual was the beneficiary, unless that person was a cosignor of the debt, it is not likely they have any recourse. Have you checked to see if your mother's account had debt cancellation coverage? Best of luck. Rjbeeg

Usually a foreclosure will lower a person's credit score by 250 points, and sometimes by as many as 280 points. The foreclosure stays on a person's credit report for seven years.

You could say that you have increased collections by a certain percentage. You could also say you have come up with new systems to motivate and encourage stronger collections and more credit.

That depends on what you mean by "can't find or locate a creditor".

If you get a copy of each of your credit reports, they will list the contact information for each of the creditors that are reporting any type of information about you on your credit report.

if you cannot get a response from the creditor after locating their contact information on your credit report, then you may want to "dispute" the information with the credit bureau that is reporting the information.

Simply write a letter to the credit bureau stating that the information being reported on XYZ account is not accurate. Please remove this information from my credit file.

The bureau will contact the reporting creditor...if the creditor does not respond within a timely fashion, the information will be removed from your credit file.

You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.

For as long as the foreclosure process is going on, the original owners of the property will still have legal possession. This makes them responsible for maintaining the property, paying the real estate taxes, and keeping insurance paid up to date in case of damage or destruction. Since they still own the house, they must keep on top of all of the responsibilities of maintaining the property in good condition.

Of course, it is especially important for homeowners to keep up on the maintenance if they are eventually successful in finding a solution to stop foreclosure. Letting a home fall into disrepair and then saving the home but having to clean up afterwards is not a good start to financial recovery. Even if it is just a second home or investment property, homes in foreclosure should be kept in as good of condition as possible.

For homeowners who are unable to avoid losing the property, though, they will no longer be responsible for maintaining it when ownership is transferred through the foreclosure legal process. This typically happens once the sheriff sale has been conducted and the winning bid confirmed by the local court system. At this point, the foreclosure victims will no longer have title to the home, and it will be up to the new owner (usually the bank) to make sure the property is kept up.

Technically seven to ten years. When a credit card goes into default it gets written off on the creditors taxes as a loss and gets sold to a collection agency for 10 to 20 percent of the original loss. Down the line it gets sold from collection agency to collection agency.

Generally, the person that signed up for the credit card is responsible. If any users were added to the account, they are also responsible. This include joint accounts. You cannot inherit credit card debt. So, do not believe a collection agency when they tell you that. See the FDCPA for your rights in debt collection.

IF HOME IS PART OR UNDER BISINESS OR USED FOR . THARE FOR IS .PART OF AND CAN BE TAKEN. TO COVER LOAN FROM BANK. AND ALSO DEPENDS ON HOW IT WAS WRITTEN. AND OR HOW MUCH MONEY YOU HAVE FOR LAWYER. ALOHA AND GOOD LUCK GOD BLESS

A housing foreclosures usually means the owner of a home has defaulted on their mortgage or has gotten seriously behind and are unable to negotiate or workout a solution with the financiers (bank or lender). In this case the bank or lender may take legal action to repossess the home and sell it. All of this takes a lot of time (6 months to a year) and must be done through the local courts. If the owner cannot work something out with lender they will be required to surrender the property and move out or face eviction. It's a painful and humiliating process. Hope this helps.

Essentially President Coolidge meant that the focus of America is Capitalism. A free market society is what drives our success as a Nation. It provides wealth to its' citizens, revenue to the Government, and prosperity to the Nation.

Not really. Cash advances can and will be scrutinized by the bankruptcy Trustee for up to ONE YEAR prior to your bankruptcy filing date. If you take a cash advance and then file bankruptcy, that portion of your debt may not be discharged, on top of having to account for why you took it and what you spent the money on.

Technically they could, but it's rare. Most creditors won't bother to sue until after the account has been charged off (written off as a bad debt) after 6 months of non-payment. Some creditors will sue right after charge-off, others will go thru numerous collection agencies or just sell off the debt to a junk debt buyer, who might sue you at some point.

In-house collections are notorious for threatening to sue if you're late on payments, but it's unlikely they will do so, it's a scare tactic.