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Bank doesn't re-affirm...the debtor does. If bank does not foreclose, the debt still exists, and grows. They just may some other time.
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∙ 15y ago
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When your home forecloses and your RV is repossessed can the loan company garnish your bank account for debt still owed on them?
Yes, if they receive a court judgment in most states it can be used as a wage garnishment.
Should you file Bankruptcy when the bank forecloses on your house?
It would seem the time to act is before they foreclose. And BK may delay, but won't prevent the foreclosure...you would still have to pay the debt.
If I don't reaffirm a car loan can the lender take the car back at any time even if I have paid equity into the car after a period of time?
If you don't reaffirm the debt, then the creditor has the right to repossess the car and sell it at auction to recover the debt owed to them, irregardless of what equity that you've paid. If you wished to keep the car, then you should have demanded that your attorney reaffirm the debt with that particular creditor.
Can your wages be garnished if you foreclose on a house?
depending on the state you live in yes. If the bank forecloses and they get a default judgment against you, they can garnish your wages. Not in Texas though. There are other states that don't allow wage garnishment, except on federal debt
What happens when a bank writes off a debt?
The debt is simply deducted from the bank's assets. The bank sets its own interest rates for lenders, and any debts they write off is balanced by an increase in the interest rate.
What happens if the second mortgage lender hasn't contacted you on a reaffirmation of a loan after a chapter 7?
Nothing happens, the lien still exists- and the 2nd lender can still foreclose if you stoip making payments. The bigger worry is why you would WANT to reaffirm a mortgage debt!
If a debt collector puts a lien on your house does that mean your mortgage co forecloses your house?
It does not follow. The lien of the debt collector comes after the mortgage loan. Which means that the debt collector still may not be able to collect any money.
If you file chapter 7 can you keep your secured debt?
You may be able to keep some or even all of your secured debt. Simply reaffirm at the time you file, or it can be done as an addendum later. Your attorney will be familiar with the process. Keep in mind that the additional debt you keep may make it difficult or impossible to continue with the bankruptcy. Consider this as you decide what to reaffirm and what to surrender.
How do you make a debt on doodle god?
Bank + Money = Debt Money+ House = Bank Gold + Paper= Money
Do you continue to make car payments after filing chapter 7?
No. You may "reaffirm" the debt through your attorney, but not until recommended to do so. If you wish to keep the car, then you need to let your attorney know.
If you own several properties and the lender forecloses on one of them can the bank take any of the other properties?
State laws vary so the following is general information. You need to check the laws in your particular jurisdiction. If you own three properties, A, B and C, each covered by a separate mortgage, and the bank forecloses the mortgage on property A. It cannot touch properties B and C in that foreclosure proceeding. However, if you still owe the bank money after that foreclosure and the bank sues you for that debt in civil court and wins, it may be able to obtain a judgment lien that can be recorded in the land records that would affect your other properties. Some states have passed laws that prevent deficiency judgments.
Are bank deposits subordinated debt?
Subordinated debt is a debt that ranks lower than bank deposits. From this point of view subordinated debt can't be deposits
