Eduation

FORECLOSURE

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 …

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REPOSSESSION

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 …

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LATE PAYMENTS

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 …

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CHARGE-OFF

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 …

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COLLECTIONS

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 …

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