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The highest bidder at a trustee's sale gets title to the property; if no one bids, the title to the property keeps with the foreclosing mortgage lender. A valid foreclosure requires the following documents to be successful: Record vesting current owner; Encumbrances, liens, and judgments bankruptcy information; Foreclosing mortgage priority
In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the trustee to repay creditors.
Proposition 13 (officially named the People's Initiative to Limit Property Taxation) is an amendment of the Constitution of California enacted during 1978, by means of the initiative process, to cap property taxes and limit property reassessments to when the property changes ownership, and to require a 2/3 majority for tax increases in the ...
In a Chapter 7 Bankruptcy ("Liquidation") the trustee gathers the debtor's non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors. In a Chapter 13 Bankruptcy ("Reorganization") the trustee is responsible for receiving the debtor's monthly payments and ...
The bankruptcy judge dismissed the bankruptcy petition on the grounds that not all necessary branches of the municipal government had authorized the filing of the petition. Denied by courts [68] [69] Stockton, California: City 2012 291,700 Completed [70] San Bernardino, California: City 2012 209,900 $1,000,000,000 Completed [71]
Chapter 7 bankruptcy may allow you to exempt your vehicle if its value is under the exemption limit. The federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by state.
Allowing a tax-exempt homeowner to vote on property tax increases to homeowners over the threshold, by bond or millage requests For the purposes of statutes, a homestead is the one primary residence of a person, and no other exemption can be claimed on any other property anywhere, even outside the boundaries of the jurisdiction in which the ...
When Law filed for Chapter 7 bankruptcy in 2004, his sole asset was a home in Hacienda Heights, California that was said to be worth $363,000. [1] He declared that: there was a first mortgage lien (deed of trust) of $150,000 owing to a bank, and a second for $168,000 owing to "Lin’s Mortgage & Associates"