You can rent. money chasing bad debts, but it’s also possible that the bank could try to sell the deficiency debt left after a short sale to a debt collector. That debt collector might go after you.
Low Loan Rates Two Each point is equal to 1% of the value of the loan, and paying a point typically lowers your ongoing interest rate by 0.125%. For instance, paying a point on a $250,000 loan would cost an extra $2,500, but it would reduce your interest rate by 0.125% over the life of the loan. Image source: Getty Images.
Auditor’s Report. State law allows the lender to pursue the deficiency either by filing a motion in the foreclosure case or by filing a separate lawsuit. The state also permits deficiency judgments after a short sale, in which the homeowner sells the property for less than the mortgage amount.
As a result of Banyan’s guarantee of Wood Energy’s outstanding secured debt, at the time of its bankruptcy filing. of $0.18 a share is fair to the Company. The proceeds of the money received were.
Having power of attorney allows you to access your parents’ financial records so you can act on their behalf, see account statements, pay bills, deposit and withdraw money, and more. You’ll need it to research account balances, transfer funds, pay bills, write.
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Q: We recently completed a short sale and yesterday a collection. released from the deficiency, you may owe the money. There is a difference between owing the money and having to pay. At this point.
The credit card company or collection agency says I’m liable for the debt. Is this true? The fact is that payment oft-times comes from individuals who have no legal obligation for the decedent’s debts. Relatives and friends often pay their loved one’s debts from a sense of duty or pride or responsibility or dignity and sometimes guilt.
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Texas Collection Agent Laws. When a debt collector tries to collect a debt from a Texas resident, it must comply with both Texas debt collection law and the federal Fair Debt Collection Practices Act. A violation of the Texas law may result in criminal or civil penalties.
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If the vehicle was repossessed and the lender was not able to recoup what you owed on it, they may ask for, and be granted, a deficiency judgment. If you owed $10,000 and they were only able to sell your car at auction for $5,000, you may be stuck with a deficiency judgment of $5,000 against you.