Debt Collection

Did you record a Homestead on either house?

The account would be 30 days past due if no payment is received by the next due date. So, for example, if you missed a payment for this month's due date, at the next due date you will be 30 days past due and owe two payments.

This depends on what state the property is located in. Generally, after the loans and all other costs associated with liquidating the property are paid for by the home auction, if there is any money left, it does go to the owner. But you need to check the laws for your specific state.

You should be able to, just have to try and find a place that will give a loan, some may or may not but im not 100% how this goes

Answer

If you leave the US and have credit card debts there, or any other type of debts, not to worry, they won't chase after you into another country, but don't go back to the States thinking that after a few months they will have written you off, nope, not likely. They will hunt you down like a dog and possibly take you to court, not only for what you owed when you left, but any interest that may have accumalated. If I were you I'd contact them from where ever you are now, and try to make arrangements to pay them. Tell them that you are willing to pay the capitol, but and only if they drop the Interest charges. You might be surprised at how willing they will be to please you, but it really depends on how much money you owe them.

It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.

A "clean foreclosure" is simply a phrase used by Realtors when they list foreclosure properties. The term relates very little to the condition of any other property that is listed and is mainly used to differentiate between the standard foreclosed home and the so-called clean one. But due to the nature of these properties and the legal process that takes a home away once the mortgage is in default, designating a property in this manner causes it to stand out just a little bit.

Some homeowners, if they are unable to stop foreclosure and will soon be forced to leave their home, may cause various damage to the property. This may be in an attempt to get back at an uncooperative bank for taking the house and to take their frustrations out against the county legal system, which may allow the foreclosure to go through regardless of predatory lending practices or mortgage lender misconduct. But the fact the many foreclosed homes may have such willful damage means that repairs may need to be done by new buyers.

Also, depending on how long a property sits on the open market, it may fall into disrepair. After a year of having no heat or cooling, even houses in great condition will start showing the effects of the weather. And it may take only one severe storm for the roof to start leaking or the basement to flood. Even if the former owners did no damage when they left, a property which sits empty for a long period of time may become a target of random vandalism, squatters, or thieves.

Obviously, homes in this condition will need extra work before they are completely livable again, and the selling price for damaged foreclosure homes can be far less than a typical house for sale. Clean foreclosures, though, are properties that, although the owners went into default and had their home auctioned off, are not exhibiting any extraordinary signs of damage or depreciation yet. The sales price may be lower than the average price for such a home, but it will not need as many repairs as the typical foreclosure home, either.

In effect, by designating a property as a "clean foreclosure," Realtors are pointing out that purchasing this house may represent a great deal for buyers. As banks are often the owners of foreclosed homes, they can be more willing to work out an arrangement beneficial to purchasers, since they would just like to make up the loss on the legal process and unload the property. With steep declines in housing prices across the country and an unabated foreclosure crisis putting many homes on the market, finding such a property in a clean state for a reasonable price can entice more buyers back into the housing market.

Disclaimer: This answer is NOT intended to constitute legal advice; it is for general educational purposes only. The questioner should consult a qualified local attorney.

The answer probably depends on what jurisdiction you're in, as rules and procedures vary from jurisdiction to jurisdiction. In my state, a default judgment may be entered in a civil case when a defendant doesn't appear in the case (e.g., doesn't answer a complaint within the required time after being served); other criteria may need to be met as well. A trial de novo is a review of a prior trial, in an appeal process. In most appeals, an appellate court reviews the record from the trial, and doesn't retry the case (i.e., no evidence is presented). In my state, however, an appeal of a small claims case is heard de novo by a trial court, instead of an appellate court, and that appeal is heard do novo--which means from scratch, as though it had never been heard previously--with presentation of evidence occurring over again. So, at least theoretically, a default judgment could be entered in a small claims case (where the defendant doesn't show up for trial--in my state, an answer isn't required in a small claims case, so a default judgment would not be entered for failure to provide an answer, only for failure to appear at trial), and the defendant could appeal that ruling and get a new hearing "de novo," or "from scratch" as it were, in district court (a trial court). I believe there are instances when an appellate court -- which usually only reviews the record and determines whether or not the trial court made a legal error requiring some change to the trial court's order or proceedings--will review a matter de novo, but in that instance, the case is not retried (i.e., no evidence presented again), the record is reviewed and the appellate court decides the matter based on that. Again, this may or may not apply to the questioner's specific concerns, depending on the jurisdiction.

Credit memo basically is raised to discount off the original invoice, so the original invoice amount gets reduced and the customer needs to pay only the reduced amount.

You should not be sent to collections if you are making monthly payments. Some companies have their own "polocies" on how much your payment needs to be in order to keep from collections but the law says that you can pay what ever you want as long as you don't sign a payment contract.

That depends on your starting credit score. 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.

That depends on your state. The laws for foreclosure are set by state. 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.

no

Well, a good one is ReadyDebit (readydebit.com) it's only $5/month and has no overdraft fees.

Ultimately the impact of a foreclosure to your credit rating and ability to borrow in the future is reason to choose the short sale over the foreclosure. Lenders will look more favorably upon a potential borrower that tried to work with the bank (via short sale) opposed to one who just walked away.

The short sale process, when handled properly, can even result in a favorable narrative on your credit report, which will minimize the impact to your score. When looking for a short sale specialist, I suggest you make sure that agent has a trained mitigator that will negotiate with the bank on your behalf. Also, the agent you choose should have experience in the short sale market.

Hope this helps! If you need more information or have other questions, just ask.

The lenders for the two credit cards want to get paid, obviously. So, you will have to give them a copy of the death certificate... they may require a certified copy. Whether this will be enough for them to take the loss depends on the lender. They may want to seek payment thru the estate. The lien on the

house was placed...(my opinion only) in order to get paid when the estate

was resolved. Now, my question, you state that your name is not on the credit cards.... but if you are a user of the card, then you can be held responsible.

I would consult the attorney that is helping with the estate, if you don't

have one, find one that can help.

Good Luck

No, Wisconsin will not garnish a spouses wages to satisfy a credit card debt. Credit cards do not generally seek garnishments unless the amount is very large.

Each credit reporting agency can have different rules. When I did it, I bumped up somewhere between 5-10 points, but it took a month or so for it to register.

Well, check your states statute of limitations. If the SOL is up then tell the company to stop contacting you are you will sue them for harassment based on the fact that they have no claim under your state's SOL. The collection agency will try to say you still "owe" and I guess you do if it is your debt but you no longer have any legal obligation to pay.

Yes

Certified Mail is just that. There are no "alternate" types of this according to the US Postal Service. The other type of service offered is called "Registered Mail" ... used when mailing legal documents or objects. Registered mail must be signed for each time it passes hands.

Under the statuate of limitations, if there is NO contact between a debtor and a lender for 6 years, then the debt becomes statuate barred.

The debt still stands, however the lender can no longer take you to court to get the money back. This severely limits their options, and effectively means that if you refuse to pay then there is nothing they can do to get their money back. They can still continue to call you or send you letters, but cannot take you to court and get a judge to order you to pay.

After 6 years, the debt also drops off your credit file.

The Federal Government owes 790 billion to the Federal Reserve Bank. The Federal Reserve Bank is Privately owned. See the question See the YouTube Link below. Federal means government--so the debt will be paid to them. It will just depend on which area of the government--student loans, IRS etc.

One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage.

Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early.

This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.

In Florida it can take up to 6 months.