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Repossession does not necessarily satisfy the loan. If the repossessor sells the asset for an appropriate amount, and if that amount is less than the amount of the loan, and if the repossessor sues the debtor for the balance (plus reasonable fees if applicable) in a timely manner, the debtor may be liable to pay the balance (sometimes called ...
If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt. This protects the creditor if the attempt to stop foreclosure is simply an attempt to escape the debt.
A secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower's default. The terms of the relationship are governed by a contract, or security agreement. [1]
Getting evicted doesn’t necessarily hurt your credit, but if the eviction was due to unpaid rent, the debt will likely show up on your credit report. Fortunately, it’s possible to rebuild your ...
Settling your car loan debt can end high payments, but your credit score will drop.
Does a bankruptcy affect an existing HELOC? When it comes to a home equity line of credit (HELOC) and bankruptcy, two types of filings come into play for individuals. Chapter 7 involves ...
Note that if a mortgage payment is late by a few days past the grace period, it won’t result in a negative mark on your credit report. The reason is that in order to be reported, the payment ...
Credit is what the underwriter uses to review how well a borrower manages his or her current and prior debts. Usually documented by a credit report from each of the three credit bureaus, Equifax, Transunion and Experian, the credit report provides information such as credit scores, the borrower's current and past information about credit cards, loans, collections, repossession and foreclosures ...
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