1099 After Foreclosure | Cancellation of Debt Income

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As we noted in Foreclosure Law, foreclosure is the process by which a bank or lender takes possession of collateral used to secure a loan. Put another way, foreclosure happens to a homeowner when he or she doesn't pay their mortgage. And in…

Credit Repair After Foreclosure

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How Does Foreclosure Affect My Credit? Foreclosure devastates credit--the only greater "derogatory" on a credit report is a bankruptcy. If you follow your FICO scores, you would tend to see a drop in the 120 to 150 point range. The amount of…

Can Bankruptcy Stop Foreclosure?

Yes, bankruptcy can stop foreclosure--but not without careful planning, and not without consequences. Read on to learn how to make this important decision. Bankruptcy Stops All Legal Proceedings Bankruptcy stops all civil legal proceedings,…

What Is a Deficiency Judgement in a Foreclosure | Debt After Foreclosure

Will I Owe a Debt After Foreclosure? Well, let's begin with a different question: will I be sued after a foreclosure? Whether you can be sued after a foreclosure depends on whether your state is a deficiency state or an anti-deficiency…

What Is Property?

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LearnAboutLaw Staff July 2007 Property is any thing that is commonly recognized as being the possession of a thing or group. Important types of property include real property (land), personal property (physical possessions), and intellectual…

Homestead Exemption

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What is a Homestead Exemption? A Homestead is, quite simply, a legal device that protects a person's residence (or a portion of it) from creditors. A judgment creditor cannot levy on the homestead portion of a person's residence. The amount…

Asset Protection With a Friendly Lien

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A friendly lien is simply a lien against property that you own that is held by a party or parties that is friendly to you. Some other terms used to describe this device are "friendly mortgage", and "friendly loan." The classic example of a…

Foreclosure Law | Foreclosure Help | Stop Foreclosure

What Is Foreclosure?  Foreclosure is the process by which a bank or lender takes possession of collateral used to secure a loan. Put another way, foreclosure happens to a homeowner when he or she doesn't pay their mortgage.Foreclosure…

Deficiency Judgement, Anti-Deficiency Laws, California and Elsewhere

July, 2007As we noted in Foreclosure Law, foreclosure is the process by which a bank or lender takes possession of collateral used to secure a loan. Put another way, foreclosure happens to a homeowner when he or she doesn't pay their mortgage.…

California Foreclosure Law | Foreclosure in California

As we noted in Foreclosure Law, foreclosure is the process by which a bank or lender takes possession of collateral used to secure a loan. Put another way, foreclosure happens to a homeowner when he or she doesn't pay their mortgage.In California,…

1099 After Foreclosure - Cancellation of Debt & Anti-Deficiency

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Here we take a closer look at the phenomenon of 1099 Cancellation of Debt income following a foreclosure. Why Foreclosed Homeowners Receive 1099s for Cancelled Debt First, the basics: if you owe a debt to someone else, and that debt is forgiven,…

What Happens After Foreclosure

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Foreclosure is the process by which a bank or lender takes possession of collateral used to secure a loan. Put another way, foreclosure happens to a homeowner when he or she doesn't pay their mortgage. Two Types of Foreclosure There are two…