Archive for Debts
Mar
05
Does anyone know repossession laws or rules?
Posted by: | Comments
Someone recently told me that if you at least attempt to make payment on loans or debts that the items can’t be repossessed is this true? Like if you make partial payments on a house or auto loan can they take the property?
I’m not sure if this person is correct and I am not having luck with research. It’s just informational more than anything to see if this person is telling the truth.
Real Estate Professionals
Jan
23
I need to reestablish my credit, how can i do this quick?
Posted by: | Comments
Some family friends need to sell their house quick and its a great deal, pretty much a steal and i want it bad… the only problem is, I have no credit with a few collectors all for medical and one for a phone bill, so i have been denied for a home loan, ive tried country wide and a regular bank. I only need $100,000. My fiancee has same credit problem as me….what can i do to have be approved for a home loan a month from now… at least 2-3 months tops…. My car is on a 5 year note in my dads name, we are going to refinance it into my name this week with any luck, we will have to see what the bank says….. will that help me, the loan officer said we each need 3 open lines of credit.. ow do we do this? I hasve already been denied for department store cards, due to unpaid past bills…… any good secured credit cards I can try? I am desperate and hopeless…please help, I could really use something good happening to me and my fiancee, we have both had it prett bad!!!!
will my car loan help me or hurt me? is it okay if i dont pay off al my debts right now…he also has back child support, i think he owes 10, 000….. he is current on his new but hasnt paid the arears yet!!! ANY ADVICE IS APPRECIATED!!!
Jan
22
Do you lose or keep your primary residence if you file bankruptcy?
Posted by: | Comments
I’ve been looking at an informational site and couldn’t find anything that would answer this question plain and simple. For Chapter 7 it said you could keep clothes and furnishings and something else but it wasn’t house. It said everything of value had to be liquidated to pay the debts. For Chapter 13 it said something about mortgage, but it made it sound like it had to be paid off in 5 years, which I know for what my sister owes on her house, she’d only come close if they weren’t charging any interest during that time. If worse comes to worse for my sister and she ends up with her cars going into repossession and house into foreclosure, and she files bankruptcy, can she keep her house and one car, or would she have to sell them and start from rock bottom all over again?
Sell House Quick
Sep
04
How Repossession Works
Posted by: | Comments
Repossession is the action of regaining a possession, usually a financial institution taking back on object that was either used as collateral, rented or leased, for which payment remains due. If you are facing repossession of your home or car, you may want to consider declaring bankruptcy to save them.
Filing for bankruptcy will temporarily stop any repossession process, which you may be facing. Even if your items have already been taken from you, your bankruptcy filing may be able to get them back if you act quickly.
If you file a chapter 13 bankruptcy you most likely will be able to keep both your car and home. If you file a chapter 7 bankruptcy you can probably keep both for a little while, but in the end you will likely have to end up liquidating them. This all comes down to what state you live in and what the laws say about liquidating assests for bankruptcy.
The chapter 7 bankruptcy is a short term solutions, for saving your property. Most likely you will have to give it up, but with a bankruptcy discharge, you can start over again and start getting your financial life in order. With a discharge you won’t have to worry about having any creditors calling you or people harassing you, you will have to use cash though to purchase items for the first few years, you won’t be approved for credit. It you do get approved for any credit, make sure that you can afford the payments, most of them come with a high interest rate.
If you are advised to file for a chapter 13 bankruptcy you can stop the repossession and foreclosure and hopefully it will save you from losing your home at all. With chapter 13 you do make arrangements and come up with a financial plan that you submit to your creditors, on how you will pay back the debts you owe them. During the time frame that you are paying your debt back, creditors are not legally allowed to continue collection efforts or start any new ones.
The main benefit from choosing a chapter 13 over a chapter 7 is to save your home and car(s) from repossession. Consulting a bankruptcy lawyer in your home state is very advisable here. They can assist you in figuring out if you would be more qualified for chapter 7 or chapter 13. They can also help you save your car and home, if the law allows it.
Bankruptcy isn’t always the best solution though, if you have other options for paying your bills and getting your repossessed items back. If you are in a financial crisis though it may be your only means, for saving your home and car. If you do declare bankruptcy, you must be able to get your finances back in order so your property doesn’t get repossessed again. This is because you can only declare bankruptcy every 8 years, so if your facing repossession again, you won’t be able to declare it again, very soon.
Quick House Sale
Aug
02
What do they mean by “Will the UK’s debts drag the economy into recession?”?
Posted by: | Comments
Before you ask, I already searched it in google but the definition had no dept and deeper understanding.
In a nutshell what is recession?
Passive Income
Jul
07
The Facts About Repossession And How It Works
Posted by: | Comments
When you face repossession of your home or your car, you may need to declare bankruptcy to save them. If creditors have a valid lien or mortgage on either your vehicle or you real estate filing bankruptcy will temporarily stop any repossession process.
If you have already had your car or home repossessed (foreclosed on, in the case of your house) you may still be able to get either or both back if you act right away.
If you file a chapter 13 bankruptcy you should be able to keep your home and your car. If you file a chapter 7 bankruptcy you will keep both for awhile but you might ultimately be faced with repossession for liquidation.
Depending on which U.S. state you live in, and what the state laws say about the matter, the trustee of that bankruptcy may be charged with liquidating both your car and home to pay your debts.
Declaring bankruptcy, while it can halt or at least slow down the repossession process should not be looked at as the preferable cure for your financial problems.
While it is one course of action – and if it gets to the point of repossession drastic action would be required to save your home and vehicle – its always best to try to salvage the situation through debt consolidation, loans or negotiation with your creditors.
Bankruptcy will give you somewhat of a fresh financial start but it can have consequences almost as grave as repossession.
The fact that you had a bankruptcy will be on your credit record for ten years, and that is a matter of public record, unlike your other credit history. If you should run into similar financial crises and subsequently repossession possibilities you wont be able to again declare bankruptcy for another eight year.
There are two types of bankruptcy, as we mentioned before, that will help you keep your home safe from foreclosure and your vehicle from repossession. A Chapter 7 bankruptcy is a short term band aid whose help depends on your homes equity and that states laws on homesteading and personal bankruptcy.
If you file for a Chapter 13 bankruptcy, however, not only will it stop that repossession and foreclosure but it will more than likely save you from losing your home at all. With a Chapter 13 bankruptcy you will make arrangements to pay some of your debt and generally all of your debt on any secured loans.
Chapter 13 is sometimes called a wage earner bankruptcy because it lets debtors who have their own consistent income create a financial plan to repay at least a portion of their debts.
With a typical Chapter 13 the debtor ask the creditors to accept installment payment for three to pay years. During this time frame these creditors are legally restricted from continuing collection efforts or starting any new ones.
The debtors level of income and the type of bankruptcy determine the time allowed for repayment. The primary benefit to choosing a Chapter 13 over a Chapter 7 is to save a home and car from repossession.
This is in sharp contrast to a Chapter 7 bankruptcy in which a trustee takes repossession of all or most of the debtors property and liquidates it to settle debts.
Once the possessions are sold and the money paid to creditors, all debts are erased whether there was enough money to pay them off or not. There are some exceptions, of course. Bankruptcy will not protect a U.S. citizen from the IRS.
Sell and Rent Back
Jun
28
can you help me edit this paragraph please! check grammar too?
Posted by: | Comments
Bankruptcy is a legal proceeding in which people who cannot pay their bills can get a fresh financial start. Federal Law provides the right to file for bankruptcy and all the bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law. There are many effects on you once you filed the bankruptcy. Such as, eliminating the legal obligations to pay all of your debts, it stops foreclosure on your house, prevent repossession of a car, and restore or prevent termination of utility service. There are different types of bankruptcy that one can file; Chapter 7 (Straight Bankruptcy), Chapter 11 (reorganization), Chapter 12 (reserved for family farmers) and Chapter 13 (Adjustment of Debts). The most common bankruptcy case is filed under chapter 7.
Real Estate Professionals
Jun
23
Cashing in on Repossession Property
Posted by: | Comments
With the number of repossession properties on the rise there are a large number of companies and individuals who have begun invest in properties owned by people in financial distress.
In fact, the sheer volume of home owners looking to stop repossession of their properties due to financial problems has spawned a national trend. Home owners who are heavily in debt and have not been able to keep up with the monthly repayments due on their loans have increasingly been offering their properties up for sale at heavily discounted prices.
The catch is that the buyer must be in a position to take the property off the current owner’s hands in a short space of time. The overall objective is that the seller will receive enough funds from the buyer to clear their loan balances and arrears and stop the repossession process, even if that requires selling the property at a hefty discount.
Savvy property investors have latched on to the notion of being able to secure properties at bargain prices and currently there are more people than ever before offering financially troubled home owners the chance to clear their debts and avoid repossession and eviction.
For many investors, this seems like the perfect way to build up a healthy property portfolio, but what are the risks?
The first and probably biggest risk to consider is that properties offered up for sale by people who have no money are usually in a poor state of repair. This means that although the buyer may receive a large discount on their purchase, they may be required to fork out some money as soon as the purchase is completed to bring the property up to scratch.
It makes perfect sense that a home owner who cannot meet their monthly mortgage payment for at least several months can also not afford to keep their home in a good state of repair.
Another risk factor to consider is that many of the sellers wish to remain in their homes as rent paying tenants. Buyers will need to keep in mind the fact that their tenant may not have any savings at all, and possibly an irregular income, and therefore may not always pay rent on time or in full.
If the tenant does turn out to be less-than-perfect the landlord will be forced to evict them. It is probable that the tenant will not be pleased with this considering the property was once their own home and, despite the fact they may not be paying their rent on time, they may not go quietly.
A final risk factor to consider is that the cost of borrowing has increased in recent years and may continue to do so. Therefore, if the investor is going to finance their purchase with a mortgage, they will need to factor in potential future interest rate rises.
Rent Back Fast
Jun
03
Sell House Fast and Relieve your Debt-laden Burden
Posted by: | Comments
Sometimes debt-ridden situations can plague you no end. You are in dire straits. You need cash fast. Which way do you go? Which direction do you plan to turn? Turning homeward can be the quick solution to your problem. If you are able to sell house fast, it means freedom from debts in quick time because of quick conversion of fixed assets into cash. Quick sale is the financial scheme that helps you accomplish this, as much as to get rid of the debt-disease that threatens to snatch your sleep away.
These days, traditional house selling work no more Who has time to wait for months for such a simple procedure as selling a house, and that when the needs and situations are dynamic. When you need cash at short lease, it better be so. And especially when your cash needs are high induced by the heavy burden of debts, your house should come to your rescue fast. This is what you can expect as a privilege of being a house owner.
And this privilege is ensured to you by the quick house sale agencies whose expert professionals specialise in bringing about a quick sale of your house and even so in record time, which can be as short as a week, much contrary rather to the dragging of months in traditional house selling methods. These professionals give you your best chance to sell house fast So no more do you have to stretch on your house sale period for too long.
The best thing about these quick sale agencies, as they set about to ensure that you sell house fast is that they deal directly with you. They do not involve third parties as which could entangle you in a long sale chain. It all becomes a quick smooth affair thence, much to your convenience.
Rent Back
Jun
01
Rent And Buy Back To Avoid Mortgage Repossession
Posted by: | Comments
Sell and rent back is the best solution for people who are under debts. You can sell and then rent it back as long as you wish too. If you don’t want to relocate, you can stay in the same house as tenant. People generally sell and rent back due to job loss, migration etc. Many owners are not able to pay mortgage payments which may lead to repossession. Lenders may take possession of your house and churn out all their dues through auction.
With sell and rent back options you can stay in the same house as long as you want. These schemes bring a huge relief for hopeless property owners. Relocating is not as easy as it seems. It may be difficult for you to leave the house as you are emotionally attached to it. Just a thought about it, may be nerve-racking. And why not, you have really worked hard to buy this house.
But now you can be happy as many real estate dealers are helping those under debts. Now you can sell your house within a month and get cash quickly. Sell and rent back option releases cash quickly and allow you to stay in the same house till you desire. Such companies offer personalized short term and long term schemes to suit individual needs.
Internet has made things simpler. Many reputed companies have their own websites to help those who are in need. They offer sell and rent back, cash property sale etc on acceptable terms and conditions. Some companies also offer buy back schemes wherein they allow you to buy back the house when you are financially stable.
Sell and rent back can raise capital or avoid repossession and also allow staying in your house. You have to unlock your capital from your home to clear any debts you may have or to fund a better retirement. Sell and rent back schemes can also be a way of funding your retirement without having to sell your home.
Sell and rent back solutions can bring you mental peace and financial stability. Your deal ends in a couple of weeks without exhausting your mind in legal rigmaroles. Such companies also cut down their valuation fees and repay all judicial expenses incurred on the deal. They purchase your house at 70%-80% of the market assessment and then rent it back on an affordable amount. Thus, if you are facing any credit crunch, you don’t have to worry as you can sell and rent back your house. The clouds of debts lift little by little once you regain your financial strength. So, remove all your worries as sell and rent back solutions will allow you to stay in your own adobe.
Repossession
