A foreclosure proceeding is a proceeding to extinguish all rights, title, and interest of the owner of a property in order to sell the property and satisfy a lien against it. As we all know residential mortgage loan payments are due on the first day of each month, with a grace period thought the 15th […]
What is a repossession? A Repossession (Repo) refers to a financial institution (Bank) taking back an object that was used as collateral in a loan. A repossession is an action in which the party having the right of ownership (Bank) of the property in question (Vehicle), takes the property back from the party which has
What is a late payment? A late payment is a delinquency of 30 days or more on any account (installment or revolving), reported by the creditor to the credit bureaus. How long does a late payment stay on your credit report? A late payments can be reported for 7 years after the date of the
What is a Charge-off? Also known as a Profit and Loss Write-off, a charge-off or chargeoff is the declaration by a creditor that a debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on the debt. Traditionally, creditors will charge-off an account after six months (180 days) without payment. In
What is a Collection Agency? If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you. Under the Fair Debt Collection Practices Act (FDCPA), a debt collector is someone who regularly collects debt owed to others. This includes collection agencies, attorneys
