Defining Residential Foreclosure:
Foreclosure is a legal proceeding commenced by the bank or mortgagee. It is for the purpose of enforcing the terms of the note. A bank institutes a foreclosure action to recoup money owed as a result of the outstanding mortgage loan. The end result of a successful foreclosure action is the sale of the home. The proceeds from the sale go to the bank.
A residential foreclosure involves two separate documents: (1) The Note and (2) The Mortgage.
(1) The Note:
The Note is the contractual agreement between the bank and borrower. This is the borrower's promise to repay the loan. It contains all ...
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New York: Long Island and Queens County Bankruptcy Overview
What is Bankruptcy?
Simply stated, it is a legal proceeding brought in the federal bankruptcy court for the purpose of eliminating one's debt. The specifics of bankruptcy depend on the chapter filed. There are two chapters primarily pursued by individuals: Chapter 7 and Chapter 13.
What is a Chapter 7?
A Chapter 7 bankruptcy seeks to discharge all unsecured debts.
A possible alternative when everyday living expenses coupled with monthly credit card payments, medical bills, etc. are significantly greater than your monthly income.
Chapter 7 allows for certain exemptions. Often one can file Chapter 7 without giving up their assets. ...
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