The price for a property in a fair and competitive market
The sale price of your home is a true value if it is freely available on the open market. This means that all potential buyers know that a home is up for sale and have an equal opportunity to bid for it. Even if you sell your home for less than you would have liked, this price is still fair and square.
The price of a home sold in court actions, such as a foreclosure or bankruptcy is not the fair market value.
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label Bankruptcy. Show all posts
Showing posts with label Bankruptcy. Show all posts
Tuesday, April 18, 2006
Friday, April 14, 2006
Bankruptcy
When you hand over your assets to a federal court because you can' t pay your debts, and are no longer held responsible for paying off your creditors
You can either enter bankruptcy voluntarily, or you can be forced to petition for bankruptcy after your creditors bring you to court to try and collect on their money. In general, the three main types of bankruptcies are:
(1) Chapter 7, which wipes out most of your debt -- taxes, alimony and student loans are often exceptions - and protects you from your creditors
(2) Chapter 13, which lets you keep your assets if the court approves your plan to repay your creditors
(3) Chapter 11, typically for a company, which needs court approval on its plan to reorganize its finances and repay creditors.
Bankruptcies stay on your credit report for 10 years and are automatically erased after this time.
Stop my foreclosure
A loan with a fixed interest rate
You can either enter bankruptcy voluntarily, or you can be forced to petition for bankruptcy after your creditors bring you to court to try and collect on their money. In general, the three main types of bankruptcies are:
(1) Chapter 7, which wipes out most of your debt -- taxes, alimony and student loans are often exceptions - and protects you from your creditors
(2) Chapter 13, which lets you keep your assets if the court approves your plan to repay your creditors
(3) Chapter 11, typically for a company, which needs court approval on its plan to reorganize its finances and repay creditors.
Bankruptcies stay on your credit report for 10 years and are automatically erased after this time.
Stop my foreclosure
A loan with a fixed interest rate
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