Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments

Money Pays The Rent: Debt Colectors Love Foreclosure Deficiency Judgments

Why are companies like Real Time Resolutions and other debt companies holding short sales hostage? find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Say the total debt owed on the first mortgage is $700,000, but the home sells for $650,000 at the foreclosure sale. The deficiency is $50,000. In some states, the lender can seek a personal judgment, which is called a deficiency judgment, against the borrower to recover the deficiency. Generally, once a deficiency judgment has been obtained, the lender may collect this amount – in our example, $50,000 – from the borrower by doing such things as garnishing wages

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Bank account and wages – limiting your risk from debt collectors. If your answer is less than 24 months, settling these credit card bills may be the answer to avoid bankruptcy. Keep in mind that some creditors will accept settlement far lower than 50%. The review post about what major credit card lenders settle for is fairly accurate.

which means they will make more money more quickly by flipping homes as a foreclosure mill than they would to wait while people pay their loans over the decades to follow. They are NOT a lender, they. One thing you should investigate is whether the lender can come after your wife for a "deficiency judgment."

As of December 31, 2000, operating profit did not exceed .9 million. The incentive management fee with respect to each Inn is payable out of 50% of cash flow from operations remaining after payment of ground rent, debt service, partnership administrative expenses and the owner’s priority return, as defined.

When Guillermo Galindo lost his two-family Revere home to foreclosure in 2009, the soft-spoken Colombian thought he had finally freed himself from the flood of threatening collection letters from his.

Texas Collection Agent Laws. When a debt collector tries to collect a debt from a Texas resident, it must comply with both Texas debt collection law and the federal Fair Debt Collection Practices Act. A violation of the Texas law may result in criminal or civil penalties.

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