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A deed-in-lieu of foreclosure involves turning over your home to a lender to avoid foreclosure proceedings. In some instances, going this route could help you avoid paying the remaining loan ...
While Chapter 7 liquidates non-exempt assets to pay creditors, Chapter 13 sets up a repayment plan for secured debts, enabling you to keep your home. But bankruptcy can complicate your financial ...
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Bankruptcy – All debts discharged under a certain bankruptcy are regarded as non-taxable income. Non-recourse loans – In case of non-recourse loans, lenders repossess the property signed as collateral by the borrower as a remedy to resolve the loan repayment default. However, lenders are barred from pursuing their borrowers for the ...
Key takeaways. A foreclosure occurs when a lender takes control over a property from a borrower for failing to make timely payments. A foreclosure can damage your credit score and result in loss ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
A foreclosure stays on your credit report for up to seven years and will lower your credit score significantly, often by as many as 100 points, according to Equifax. 2. Focus on improving your ...
In addition, the bill amends the Hope for Homeowners Program as well as provide additional provisions to help borrowers avoid foreclosure. On May 20, 2009, President Obama signed the Homeless Emergency Assistance and Rapid Transition to Housing (HEARTH) Act into law (Pub. L. 111–22 (text)), reauthorizing HUD's Homeless Assistance programs. It ...