Who Pays a Mortgage When Someone Dies?

When someone dies, you may be worried about who pays the mortgage while the estate is being settled. The answer depends on whose name is on the loan and who owns the home. The executor of the estate will be responsible for paying the bills from the estate until the estate is officially settled. The money should come out of the estate. Other Signers on the Mortgage If there is more than one signer on the mortgage, when one signer dies, the other signers become legally responsible for paying off the loan. For example, if you and your spouse...

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Advantages & Disadvantages of Owning a Credit Card

Owning a credit card can come with many benefits. Unfortunately, it has drawbacks as well. Understanding the advantages and disadvantages of owning a credit card can help you make an informed decision about whether or not to have one. If you do choose to own a credit card, managing your finances so you can pay off your card balances in full each month allows you to enjoy the advantages of owning a credit card without suffering any of the disadvantages. Features Credit cards come with liability protection against unauthorized charges, and...

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Can Collections Take Your Bank Account?

If you have an account in collections, it typically means you are seriously delinquent in terms of making payments. By the time you are in collections, you may be getting threatening phone calls and letters constantly, imploring you to pay and threatening drastic financial actions against you. While the good news is that most creditors cannot physically take your money without winning a lawsuit first, the bad news is that some of them can. Court Action For most creditors, the path to your bank account begins with a lawsuit. If you legitimately...

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Do it Yourself Credit Card Debt Elimination Using Contract Law

Consumers who are overwhelmed by credit card debt turn to a variety of methods to eliminate that liability. Some have found relief by negotiating directly with credit card providers to change their agreements. The common term used in contract law regarding debt elimination is "novation," which involves substituting an old contract with a new one, effectively canceling the original debt. Novation Novation can work only if each of the parties involved agree to changes in the original contract. Contact your creditors and see if they will discuss...

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What Does HC Mean on a Credit Report?

It is important to monitor your credit reports regularly to ensure that they are accurate. However, you might notice abbreviations on your credit reports, such as "HC," that you do not recognize. Facts HC stands for "high credit" on a credit report and refers to the spending limit you have on each of your credit accounts. Features Your high credit limit is used to determine your debt-to-limit ratio, which is how much debt you are carrying...

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Can SSI Be Garnished for Back Child Support in Texas?

Trying to collect child support can be a challenge. Some parents try to evade their obligations, but federal law makes it hard for them to do so. Child support enforcement laws provide practical ways for a child support recipient to make the other parent pay. Unfortunately, the laws don't cover every situation, and support can be harder to collect in some circumstances than others. Income Withholding The Family Support Act of 1988 requires states to withhold child support from the payer's wages and send it to the payee. A judge may elect...

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How to Enforce a Promissory Note in Wisconsin

Promissory notes are binding legal agreements between two parties, where one party (the promisor) agrees to pay a debt to the other party (the promisee). Since promissory notes are binding, if the promisor defaults on the debt, the promisee can turn to the courts to collect the balance. In Wisconsin, promissory notes can be enforced through the civil courts. The amount of the debt determines which court the case should be filed with. Instructions...

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Smart Debt Information

If you're losing sleep over debt, you're not alone. The Federal Trade Commission notes that at some point in their lives, many people experience financial difficulties that lead to collection notices and fears of losing a home or car. The good news is that you have options. With good planning and discipline, you can get smart about your debt and look forward to a prosperous future. Budget The first step toward managing debt is to create a realistic budget to track income and spending. Begin by totaling your monthly income from all sources,...

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Federal Assistance for Credit Card Debt

Federal assistance is readily available for handling credit card debt through government-sponsored counseling and debt-elimination programs. The U.S. Trustee Program, a division of the U.S. Department of Justice, maintains a list of government-approved credit counseling agencies offering a variety of options for handling credit card debt. Initial consultations with counselors are free. No Bailouts As of 2011 the federal government does not provide direct payments, tax breaks or grants for credit card debt. People with credit card debt are...

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How to Keep Your Credit Card Balances Low

Although credit cards are a convenient way to pay for online and offline purchases and can provide funds for financial emergencies, maintaining high credit card balances can negatively impact your finances. Interest paid on credit card balances takes away from your financial ability to save for retirement, education and other expenses. Simple strategies can help you keep your credit card balances low and avoid spending a significant portion of your...

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Tips on How to Get Rid of Credit Card Debt

Credit card debt looks harmless at first, but can quickly add up and turn into a seemingly bottomless pit. Using credit cards correctly takes wisdom and getting rid of debt takes perseverance and serious commitment. The task of getting rid of credit card debt looks intimidating, but you can do it once you get the ball rolling and stay in control. Know How Much You Owe List the total amounts you owe on each card, the monthly minimum payments...

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Can Debt Collectors & Creditors Garnish My Wages?

Debt collection agencies, such as those collecting for medical bills and personal loans, and creditors, such as credit card companies and banks, typically send you notices via mail when attempting to collect a debt you owe. If you ignore the notices, they may resort to more stringent tactics, such as a wage garnishment. Determination Each state has its own regulations regarding which properties debt collectors and creditors can seize and which properties are protected from garnishment. Consequently, debt collectors and creditors can garnish...

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I Need Help Paying Off My Credit Cards

Getting ourselves into debt is such an easy thing to do that we assume that we can get ourselves out of debt just as easily. However, this is just not the case. Getting out of debt requires a complete overhaul of your financial life. It's OK if you decide you need help paying off your credit cards. Look at Your Statement Examine your credit card statements each month. Avoiding them is not going to make them disappear. Statements show how long it will take you to pay off your debt if you only make the minimum payment. Seeing this might be...

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Questions & Answers on Credit Cards

Credit cards are convenient method of payment that can be used for just about any purpose. Despite the fact that most people have one, there is still much that is misunderstood about credit cards and how they affect your total financial picture. Understanding some of the more frequently asked questions -- and the corresponding answers -- about credit cards can set the course for more responsible use of them. How Do I Choose the Right Card? There are several key factors to consider when choosing a credit card. When you choose a card, find...

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Alternative Bankruptcy Concepts

When people experience severe financial problems, they might wonder if bankruptcy is their only option. What many people do not realize that several options to alleviate financial strain exist to aid them. These bankruptcy alternatives increase in intensity, starting with simple do-it-yourself budgeting to working with professional agencies to act as the middleman between you and your creditors to get you out of debt. Consumer Options Two different types of bankruptcy alternatives exist: self-led options and the professionally managed route....

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How to Analyze Renter Credit Worthiness

When you are renting out your property, whether it's a small apartment, a three-bedroom home or large commercial space, chances are you are concerned about renting to responsible tenants. Not only do you want someone who is going to care for the property, but you want to feel secure that you're going to get your rent payments on time and in full each month. One way to predict whether a tenant will be financially responsible is to analyze her credit report. While credit reports are not 100 percent accurate, a report will give you a good idea of...

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How to Get Proof From a Collection Agency of Proof of Payment

Proof of payment is your only method of defense if a negative remark on your credit report stops you from getting approved for a loan. You can present this proof of payment to the loan processor and request they reassess your standings as a creditworthy individual. Mortgage lenders often require that all collection accounts be settled before they will approve you for a mortgage loan. Instructions 1 Educate yourself about your rights before...

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How to Refinance My Home With Bad Credit & a Low Income

In tough financial times, many people are faced with making decisions about their homes and other personal debts. Unemployment and underemployment can lead them to refinance their mortgages to reduce monthly payments, but months of job-seeking or juggling debts might have hurt their credit ratings. Many banks have now new, stricter requirements for refinancing mortgage loans. But some initiatives through the Department of Veterans Affairs and the...

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How to Finance Notebook Computers for Bad Credit

Having bad credit will make it harder to finance a notebook computer. However, it is not impossible to purchase the computer of your choice even if you do not have enough cash to pay for it. Consumers who are concerned about their sub-par credit have the opportunity to buy without their actual credit being pulled to complete the transaction. If you locate companies who specialize in these types of situations, you can check your e-mail, surf the Internet, and create documents using your new notebook computer. Instructions 1 Buy a notebook...

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Does a Closed Account Negatively Affect a FICO Score?

Some credit card users mistakenly believe that the less credit they hold, the better their credit scores will be. This thinking moves some to cancel their credit cards in an attempt to better their FICO credit scores. Regrettably, closing an account can have the opposite effect and may actually reduce a FICO credit score. Length of Credit History If aiming to improve your credit score, understand the relationship between the length of your credit history and your credit score. According to Myfico.com, the length of your credit history influences...

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How to Build Your Credit for High School Kids

Building credit is the foundation to establishing a secure financial future, for all teens and young adults. Starting early is not only wise, but also essential, if you want to to have a good, solid credit history, ensuring that you'll get the lowest interest rates, which will save you thousands of dollars in the long run when you're ready to make those large investments, such as buying a home or getting a business loan. There's no greater time than...

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Prepaid Debit Card Information

A prepaid debit card is identical to a regular debit card in terms of how it works. The spending limit, however, is restricted to the amount of funds in the card owner's account. When funds fall below a certain limit, the card owner must deposit more funds into the account. The debit card is useful for students, people on fixed incomes and even businesses attempting to better control travel and entertainment expenses. Card Benefits It is...

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The Statute of Limitations on Debt in Kentucky & Bill Collectors

Bill collectors are companies and individuals who have special skills in the collection of unpaid debts. A bill collector may attempt to collect an unpaid bill or a debt stemming from another kind of transaction through a variety of means. However, most debt collection methods are only available to a debt collector after he has filed a lawsuit against you. In Kentucky, this lawsuit must be filed before the statute of limitations expires. Debt Collection Technically, once a debt has been incurred, the debt is legally owed to the creditor...

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Difference Between Debt Negotiation & Debt Counseling

At first glance, debt negotiation and debt counseling seem similar, at least in name. Both are promoted as a way to help people deep in debt work their way out of financial difficulties, but they do it using different methods. Whichever method you use, you should research the process and company or counselor you are considering. Working Out a Budget Debt counselors work with you to help establish a budget that will allow you to meet your expenses and pay your bills. This requires them to interview you about your financial situation. A debt...

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How to Avoid Medical Liens

It can happen to anyone -- an unexpected medical emergency can deplete insurance and life savings, leaving patients and their families with mounting bills and no foreseeable way to pay. If you ignore medical bills, the provider may pursue reimbursement through legal channels, obtaining a judgment or "lien" in court against you or your property for a forced payment. While it can be tempting to stick your head in the sand and ignore bills and calls,...

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The Best Credit Card & Debt Consolidation

Debt consolidation is only effective in 22 percent of all cases; the remaining 78 percent of the time, the borrower ends up having more debt, according to Dave Ramsey, a financial counselor. The problem, according to Ramsey, is that debt consolidation only treats the symptom, not the problem, of overspending. However, if you are ready to change your spending (and saving) habits, consolidating your debt can be a good way to reduce your monthly payments....

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How to File Bankruptcy and Not Include My Wife

Federal bankruptcy laws give a husband and wife the option of filing for bankruptcy jointly or individually. It is possible for just the husband to file while not including the wife. A husband filing as an individual protects the wife from the embarrassment of bankruptcy, including severe damage to her credit report. The bankruptcy will show on the husband's credit report for a minimum of ten years but will not show on the wife's credit report. Instructions 1 Schedule consultations with bankruptcy attorneys and include your wife in the discussions....

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Outstanding Debt Help

It can take a lot of planning and effort to pay off high outstanding debt. Debt is common if financing a home or automobile. However, high balances on a credit card or unnecessary installment loans can increase your debt load and lower your credit rating. Fortunately, help is available to help eradicate high balances. Debt Calculator Using a debt calculator to calculate how many months it will take to pay off outstanding balances helps with debt elimination. To begin, calculate your total debt by adding up the balances of each statement....

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The Reasons People Get Into Debt

Debt can be a cancerous presence in your life. It can eat up your resources, cause mental stress and strain your relationships. In 2007, the average American household possessed $9,480 in credit card debt. There are multiple factors that lead people to go into debt. Understanding these reasons for debt can help you to avoid getting yourself in a negative financial situation. Major Life Changes Situations that drastically alter people's situations...

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How do I Work Out a Deal With Credit Card Companies to Get Out of Debt?

When you realize your credit card debt has gotten out of control, it is important to know that you can negotiate with credit card companies to have your interest rate reduced. According to The New York Times, it may even be possible to negotiate a reduction of the principal amount you owe on your credit cards. Be aware that for this option to work, your credit history should show that any current delinquency is a one-time occurrence with a reasonable...

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The Best Way to Consolidate Bills

Whether you have a spending problem or financial hardships, it's easy to fall into debt. Unfortunately, getting out of debt isn't as simple, and you may spend a lot of nights lying in bed wondering how to pay off your creditors. Yet, there are ways to eliminate debt. Debt consolidation has helped millions pay off their debts and boost a low credit score. Instructions 1 Refinance your mortgage loan. If you own a home and you have substantial equity in your home, consider a mortgage refinance. A refinance lets you apply for a new home loan....

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How Does HAMP Affect Your Credit Score?

Accepting a mortgage loan modification under the Home Affordable Modification Program can have unexpected side effects. A HAMP modification can lower your credit score and affect your ability to obtain a loan or a new job. Your credit rating before enrolling in the program determines how a HAMP modification will affect your credit score. Payment History According to the Connecticut Department of Banking, the main reason for the credit score dip is the fact that you pay less than your full mortgage payments during the HAMP trial period,...

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When Is It Worth It to Refinance?

The terms of a mortgage have a profound impact on the overall cost of home ownership. Refinancing is a process where a borrower is able to alter the terms of a loan by allowing a lender to pay off his current loan in exchange for a new one. Whether it is worth it to refinance will depend on your specific financial situation, but there are several scenarios where refinancing can be advantageous. Low Interest Rates One of the primary reasons people refinance mortgages is to save money by taking advantage of low interest rates. If interest...

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Credit Card Summons & Consumers' Rights

A credit card summons is the notification of a lawsuit, usually delivered to your home or place of employment by a courier. You are "served" with the lawsuit when the courier gives it to you. The lawsuit itself, called a complaint, accompanies the summons. The official serving of the summons and complaint allows the case to go forward. In some states, the summons and complaint may come to you by certified mail or taken to your last known address. You have legal rights throughout the process. Court Date Laws vary by the state, but the summons...

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How to Consolidate Credit Card Loans

Consolidating credit card balances in a single loan could save you money. Interest rates on bill consolidation loans are usually considerably lower than credit card interest rates. The result of consolidation could be a lower overall monthly payment, providing you with flexibility to manage other financial obligations. Instructions 1 Gather all credit card statements. Decide how much money you need to pay them all off by adding up the amounts....

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Consumer Credit Act, CCA

Established in 1974, the Consumer Credit Act, CCA, requires lenders or those who offer products or services on credit in the United Kingdom to have an Office of Fair Trading, OFT, license. Those who perform lending practices without a license can face imprisonment or a fine. The CCA also protects the rights of consumers and regulates lender business practices. Right to Cancel Consumers who signed a credit agreement at a location other than a creditor's place of business, such as a home, with a broker or made an agreement over the telephone...

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