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Because the right of redemption is an equitable right, foreclosure is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt.
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
Note that if a mortgage payment is late by a few days past the grace period, it won’t result in a negative mark on your credit report. The reason is that in order to be reported, the payment ...
Neither of these creditors has a security agreement – their only method of recovering their money in the event that the debtor defaults on the loan is through the judicial system, whereas the secured creditor can simply repossess the car at his option (This is called self-help repossession and is completely legal provided the secured creditor ...
If you're the kind of person who hates to clean for company, perhaps you might see a subplot in the actions of an Ohio man who bulldozed his $350,000 house rather than surrender it to a ...
Civil recovery is the method in some legal systems employed to recover the proceeds of crime, instead of, or in addition to, criminal court proceedings. [1]Many retailers, or agents acting on their behalf, utilize civil recovery to recover the value of property (including intellectual property) obtained through unlawful conduct (i.e. theft, burglary, larceny, fraud etc.).
“The further back the bankruptcy discharge is on the calendar, the more the individual’s credit will recover,” Barna said. You’ve Explored Your Bankruptcy Types
The series has been broadcast Channel 5 since 24 February 2014. Their brief of the series says: "With exclusive access to some of the most experienced HCEAs and Repossession Teams in the country, this series is an eye-opening insight into cash-strapped Britain from the perspectives of debtors, creditors and debt collectors.