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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
A lost job or an unexpected major medical bill can leave you facing a homeowner’s worst nightmare: foreclosure. State rules differ on how long you’ll have before a foreclosure sale takes place ...
Issuing the trustee sale guarantee is the start of a foreclosure process. It helps the lender and/or their private investment by providing information needed to ensure they follow federal law. The lender/private investor (the trustees ) use a title company to issue the TSG, which give notice of the pending foreclosure.
If you’re in danger of losing your home to foreclosure or your car to repossession, bankruptcy might help you save these assets. Chapter 13 bankruptcy is designed to help individuals catch up on ...
The process of foreclosure can be rapid or lengthy and varies from state to state. Other options such as refinancing , a short sale, alternate financing, temporary arrangements with the lender, or even bankruptcy may present homeowners with ways to avoid foreclosure.
A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. [1] The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law ...
Depending on laws in your state, you might have the ability to exercise the right of redemption (meaning you can reclaim your home) up until the foreclosure sale, or even after. Step 5: Eviction
Americans are increasingly filing for bankruptcy in order to avoid foreclosure. Katherine Porter, a bankruptcy expert at Harvard Law School, estimates that 75 percent of Chapter 13 filings fall ...