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1099 After Foreclosure | Cancellation of Debt Income
Featured, Real Estate LawAs 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…
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Credit Repair After Foreclosure
Credit Repair, Featured, Real Estate LawHow 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…
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Can Bankruptcy Stop Foreclosure?
Real Estate LawYes, 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,…
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What Is a Deficiency Judgement in a Foreclosure | Debt After Foreclosure
Real Estate Law
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…
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What Is Property?
General Law, Real Estate LawLearnAboutLaw 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…
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Homestead Exemption
Asset Protection, Real Estate LawWhat 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…
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Asset Protection With a Friendly Lien
Asset Protection, Real Estate LawA 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…
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Foreclosure Law | Foreclosure Help | Stop Foreclosure
Real Estate LawWhat 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…
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Deficiency Judgement, Anti-Deficiency Laws, California and Elsewhere
Real Estate LawJuly, 2007
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.…
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California Foreclosure Law | Foreclosure in California
Real Estate LawAs 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,…
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1099 After Foreclosure - Cancellation of Debt & Anti-Deficiency
Real Estate Law, TaxationHere 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,…
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What Happens After Foreclosure
Credit Repair, Real Estate LawForeclosure 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…