Debt Collection

Check out this website. It is the short answer to your question. The KRS is confusing. http://www.foreclosurelaw.org/Kentucky_Foreclosure_Law.htm

The liens are usually in place when the bank or loan company takes possession of the property. The company/bank can pay off all liens and clear the title for resale or it can be put to auction with leins in place. Monies from sale are first used to clear title before new owner can take legal possession. Regulations can be different depending on type of property and state.

State and local laws vary by jurisdiction so it's tough to advise you on this question. As far as I know, they can not put you in jail. However, there is probably a judgment against you now and if they find out where you work then they will probably start wages garnishments. The court date you missed was your opportunity to dispute the validity of the debt and/or arrange payment with the creditor. Since you didn't go, they won and now have bigger guns to shoot at you with.

P.S. Don't apply for any type of credit because they will find you this way.

That depends on the state that your foreclosure is filed in. 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. Try http://www.speedyrealestate.info. Good luck!

average collection period= accounts receivable/daily credit sales %10 of 1.2 million = 120000 = sales for cash 1.2m-120000=1.080000=sales on credit ( divide by 360 to find daily credit sales) ACP=180000/(1080000/360)= 60 days

Yes. If the amount of the debt is greater than the price the car brings at auction, then you will still owe the balance, and if you do not pay it the creditor can sue you in order to recover it. Depending on how much it is and whether they think you have sufficient assets to make it worth the hassle, they may not bother, but legally they're allowed to do so.

In the state of North Carolina it is illegal for any organization to garnish your wages. I'm not sure the state that you filed your Chapter 13 bankruptcy, but my suggestion is contact your bankruptcy attorney and tell him the situation.

Yes, a foreclosure will, however, take priority over secondary and other liens, often everything except tax liens.

Yes, they can. Under the Fair Debt Collection Practices Act, the creditor can call family members or neighbors in an attempt to collect a debt.

Legal or not, this happens every day. Inform the collection agency and the original lender that this was included in the bankruptcy. The collection agency may want to see proof but usually the original lender will call and request that - that particular account be sent back.

Make sure you get something in writing from the original lender--and that the collection agency REMOVES their account off your credit report--check your report 3 to 6 months later, to make sure this has been done. If you don't want to wait--send a copy of the signed letter on the lender's letterhead to all 3 collection agencies and wait for their response. Even though it will take about 30 days--this is the quickest way.

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.

There is no real answer good answer--

1st- if this is on your credit, it won't improve your scores for atleast 3 months as you will be giving an old bad debt a new recent date. This

will hurt your credit for atleast 2 months as long as it is reported paid

right away. The longer they wait, the longer it will take your credit scores

to go up.

2nd - you need to get a letter stating that this is paid off, signed by manager if possible. A receipt or a cancelled check is fine for your records but when trying to clean up your credit, the reporting companies will only

use a copy of a signed letter on the companies letterhead. You need to keep the original as you might need to prove it is paid months or years later.

Good Luck!

Technically, ANY debt should be paid. If you owe it, then you owe it! If you need more time to get a payment to them, you can call and make arrangements. They will normally work with you. Once its with a debt collector, your already in trouble.....it wont get better by ignoring it

The debt usually remains until it is updated by the institution where you have paid it off. Also, you may look into your credit report and go from there if it is listed on it - they should be able to help you remove it also.

The debt, even when paid off, could remain as part of your visible credit history for up to seven years. This is why it so very important to pay all your creditors on time and every time. Just missing one payment can wreak havoc within ones credit history even if someone had never missed a payment for 20 years ... only takes one time ... seems the creditors only look at all the bad points instead of solid performance in one paying on time.

personal injury slip fall in grocery store. proceed thru legal system now at the MSJ against defendant. facts in case: no surveillance cameras to show slip/fall, but have medical expenses/surgeries since slip fall on left and right wrists. medical expenses thru mayo clinic here in phx is over $50,000 plus plastic surgery, date of injury 9/2004. trikle down effect on med expenses: left wrist surgery/case, over use of right hand now dislocated thumb, right hand surgery. left hand surgery doctor license pulled UP conduct, mayo clinic redo reconstructive surgery now for both hands....now med exp over $75,000 including out of pocket plastic surgery for awful visual left hand surgery....def offered $10,....judge superior court now ask plaintiff for reply to def MSJ.....pls give me intrusive def questions to award MSJ to ME plaintiff....awaiting your suggestions....JR

nope. I would think a debt collector would base his actions on more than a first name. ie. lastname, middlename, social security number, address, place of employment, relatives, and so on. Tell them that you dispute the debt. They have 30 days to prove the validity of the debt. If they fail to do so, they must cease their efforts.

When a bank account remains at a negative balance for a significant amount of time (determined by the Financial Institution at which the account is housed) the bank will close the account and "charge off" the negative balance. They will report the negative balance to a collection agency to try an recover the funds from the account holder. Charged off accounts are past due accounts that a creditor such as a bank , lending institution or medical care provider have on their books that are delinquent. What usually happens is that the creditor removes the accounts from their accounts recievable portfolio in an order to change the bottom line on the financial statement. Just because the accounts are charged off does not necessarily mean that they are written off, it merely means that they have removed them from their books. Charged off accounts are usually placed with a third party collection agency for resolution. In some cases the agency will litigate and obtain a judgment for the amount due including the fees that were paid to obtain the judgment. Usually judgments earn interest that is set by a state guideline. Each state is different on the fees and the interest. In some cases and also becoming more prevelant is the sale of a charged off portfolio to a third party that purchases the debt at a reduced rate and then attempts to collect the debt at full face value. In most cases the debt purchaser is granted the same rights as the original creditor including the ability to charge interest and penalties that were part of the original agreement. In any event, if the debt is still in statute and has not been discharged in bankruptsy it is still valid and due wether it is being collected by a collection agency or debt purchaser. If there is a judgment obtained the statute of limitations is increased due to the laws regarding judgments usually a judgment is good for 7 - 10 years and renewable for consecutive terms

Salvatore Mattiaccio

President

The Lakeland Group, Inc.

P.O. Box 20

Sparta NJ 07871

(973) 729-2372

Usually not however it is based upon the laws in your state. Usually you have the right to appear before a judge to explain your reason as to why the garnishment should not happe. You will have to file a motion most likely to have a hearing. At that hearing bring all pertinent info such as a lease, mortgage statement, bills, child care obligtions etc. The garnishment my get reduced to a percentage of your "disposable income" however you most likely will still have your wages garnished. You should also be aware that the creditor can find your bank accounts and do a bank exection in order to recoup the judgment balance. If you have a judgment against you and you were served with a wage execution your best bet is to call the creditor or his attorney and enter into a payment plan to avoid the actual levy against you.

Salvatore Mattiaccio

President

The Lakeland Group, Inc.

P.O. Box 20

Sparta NJ 07871

(973) 729-2372

7

Yes you can get refinanced up the day they forclose If you are the owner of this property, and you are the one responsible for making payments, and you are the one who is on title, and you are really the one that is the real owner of the property, do not try to bring in a straw buyer - it is a federal offense and you will go to jail. If anyone tells you to stop making payments on your home to qualify for a loan modification, or to stop foreclosure, they are wrong. Honesty must be your number one priority. If someone tells you not to send your mortgage payment to qualify for a loan modification, don't do it. Lenders will work with you, they are stakeholders in your investment, they are investors in your property, just like you.

Outstanding balance in your loan account or credit card account that remains unpaid beyond the due date. It's the debtor's obligation to repay such dues to the creditor.

You have to pay the collection agency. The original company has a signed contract with the collection agency and they pay the collection agency a % of what they collect from you. That's how they make their $$. The original company did not want to have the outstanding balance on their books.

NO! it is perfectly legal for a licensed Real Estate agent in the state of California to represent an investor client in their purchase of a property that has A) already gone to the bank i.e. foreclosure but as well B) a short sale i.e. a property that has had notice of default flied against it and is in the process of being foreclosed upon by the note holder