LearnAboutLaw Staff on Apr 23rd, 2008What 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 state (you want anti-deficiency).
What is Anti-Deficiency in a Foreclosure?
An anti-deficiency law is a law [...]
LearnAboutLaw Staff on Apr 21st, 2008Foreclosure Law | Foreclosure Help | Stop Foreclosure
July, 2007 Introduction
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 is not always a court action. There are two types of foreclosure: judicial foreclosure and trustee’s sale [...]
LearnAboutLaw Staff on Apr 21st, 2008Deficiency Judgement, Anti-Deficiency Laws, California and Elsewhere
July, 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. And, in California Foreclosure Law, we looked more closely at the law [...]
LearnAboutLaw Staff on Apr 21st, 2008California 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, there are two types of foreclosure: judicial foreclosure and trustee’s sale (non-judicial) foreclosure. [...]
LearnAboutLaw Staff on Apr 21st, 20081099 After Foreclosure - Cancellation of Debt & Anti-Deficiency
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, the IRS Code treats that forgiven debt as income to you. Does it make sense? [...]
LearnAboutLaw Staff on Apr 13th, 2008What Happens After 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.
There are two types of foreclosure: judicial foreclosure and trustee’s sale (non-judicial) foreclosure. Some states use one or the other, and [...]
LearnAboutLaw Staff on Apr 13th, 2008Credit Repair After Foreclosure
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 the drop will vary depending on the other items on your credit report. A [...]
LearnAboutLaw Staff on Apr 13th, 20081099 After Foreclosure | Cancellation of Debt Income
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 What Is a Deficiency Judgement in a Foreclosure | Debt After Foreclosure [...]
