Beneficiary | A person entitled to receive money or assets from a trust or an estate. A lender is a beneficiary with a deed of trust or a note as a security for a loan.
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Plano Texas foreclosure
Question: If I file bankruptcy, how will that help me? – Answer: Bankruptcy will stop the foreclosure proceedings and give you time to work out a plan through the courts.
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Bankruptcy foreclosure
Bankruptcy | An action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may halt foreclosure action by filing bankruptcy. Bankruptcies remain on a credit record for seven years and can severely limit a person’s ability to borrow. Chapter 7 – “Debtor Wipeout” The court oversees the liquidation of the debtors’ non-exempt assets, distributing the cash proceeds proportionally amongst their creditors. Chapter 11 – This is a business reorganization proceeding. Chapter 13 – “Debtor Workout” This is the almost-automatic choice of most trustors seeking to use a bankruptcy filing to delay the in- evitable trustee’s sale as long as they can. The purpose of this proceeding is to give a “wage earner” time for rehabilitation . . . a temporary respite free from the collection efforts of creditors.
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Newark New Jersey foreclosure
Question: How will I know when the foreclosure process begins? – Answer: Once foreclosure proceedings are initiated, a Notice of Default will be recorded at the County Recorders Office in the county in which the property is located and you will be notified by regular mail and by certified mail.
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Balloon Payment foreclosure
Balloon Payment | A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized.
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St. Paul Minnesota foreclosure
Question: How much time is given to vacate the property once the foreclosure process is completed? – Remember, once the Trustee’s sale is complete, the title to the property is given to the new owner and your rights to the property are gone and the new owner gets immediate possession. Note: Foreclosure is a serious matter and it is advisable to contact an attorney for legal advice.
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Assumable Mortgage foreclosure
Assumable Mortgage | A mortgage that can be taken over (“assumed”) by the buyer when a home is sold. If interest rates have risen, an assumable mortgage at a low rate may prove a selling point for the property.
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Anchorage Alaska foreclosure
Question: How much time do I have after a Notice of Default is filed? – Answer: Normally, it is ninety days plus twenty to twenty five days for publication. But it would be wise to read all correspondence carefully, and or contact an attorney, to make sure what your rights are and what the time frame is in your situation.
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Assignor foreclosure
Assignor | The person who makes an assignment to another person.
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Corpus Christi Texas foreclosure
Question: How many payments can I miss before my lender puts my property in foreclosure? – Answer: It depends on what type of loan you have. Your mortgage contract should state how many payment you can miss before a Notice of Default is filed and sent to you.