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Sometimes, debts that are sold to collections remain on your credit report longer than they should. The seven-year clock begins with the original creditor, not the collection agency.
Just as a creditor sold the debt to a debt collector to begin with, one debt collector may have sold the debt on to another. Along the way, errors could be made.
Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. [1] A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets.
A pledge is a bailment that conveys title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties. [1] [2] The term is also used to denote the property which constitutes the security. [3] The pledge is a type of security interest.
Debt settlement (also called debt reduction, debt negotiation or debt resolution) is a settlement negotiated with a debtor's unsecured creditor. Commonly, creditors agree to forgive a large part of the debt: perhaps around half, though results can vary widely.
Home equity theft happens when governments auction off seized houses and keep the profits—even once the tax bill is paid. Local Governments Are Seizing and Selling Homes Over Small Tax Debts ...
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