Negative information, such as judgments, can remain on credit reports for a specific period. Generally, this information can be reported for seven years, or until the statute of limitations runs out, whichever is longer (Consumer Financial Protection Bureau, 2023). However, …
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What is the purpose of TILA respa rule?
TILA-RESPA Integrated Disclosure Rule (TRID) The TILA-RESPA Integrated Disclosure Rule (TRID) is a federal regulation that integrates the mortgage loan disclosure requirements of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into a single …
Leia maisIs the Supreme Court an appellate court?
The Supreme Court: An Appellate Court with Jurisdiction and Composition The Supreme Court of the United States serves as the highest court in the federal judiciary system. It plays a crucial role in interpreting the Constitution and ensuring the uniformity …
Leia maisCollateral Contracts: Definition and Elements
A collateral contract is a contract where the parties to one contract enter into or promise to enter into another contract. It is connected to the main contract but may be enforced separately. Key Facts Definition: A collateral contract is …
Leia maisWhat are collateral contracts?
Collateral Contracts: A Comprehensive Overview Definition and Elements A collateral contract is a separate agreement that coexists with a primary contract, establishing additional terms pertaining to the same subject matter. To be considered valid, a collateral contract must meet specific …
Leia maisHow to Set Up and Collect Garnishments in QuickBooks
A garnishment is a court order that requires an employer to withhold a portion of an employee’s wages and send the funds to a specified agency or creditor. This article provides a comprehensive guide on how to set up and …
Leia maisThe Demise of Kmart in Michigan: A Chronicle of Closures
The Last Stand: Marshall’s Kmart Closes Its Doors The final Kmart store in Michigan, located in Marshall, ceased operations in late November 2021, marking the end of an era for the iconic discount retailer in the state (Detroit Free Press, …
Leia maisLoan Modification and Subsequent Mortgage Eligibility
Loan modifications offer a viable solution for homeowners facing financial hardship, allowing them to adjust their mortgage terms and avoid foreclosure. However, obtaining a new mortgage after a loan modification requires careful consideration of the specific modifications made and the …
Leia maisNotarization of Living Trusts: A Legal Imperative
A living trust is a crucial legal document that safeguards assets during an individual’s lifetime and ensures their distribution to designated beneficiaries upon their demise. To ensure the validity and enforceability of living trusts, notarization often plays a pivotal role. …
Leia maisCan a security agreement be oral?
Can a Security Agreement Be Oral? According to the Uniform Commercial Code (UCC), a security agreement is a crucial element in establishing and enforcing a security interest in collateral. A security interest refers to a creditor’s legal right in a …
Leia maisInvalid Checks: Reasons and Consequences
Invalid checks are checks that cannot be processed by banks due to errors or intentional actions that render them invalid. Several reasons can lead to a check becoming invalid, including: Key Facts Invalid check reasons: Stopping payment: The maker of …
Leia maisWhen is a Subordination Agreement Appropriate?
A subordination agreement is a legal contract that establishes the order of repayment for various debts or loans in the event of foreclosure or bankruptcy. It is commonly used in situations where a borrower has multiple loans secured by the …
Leia maisImmaterial Contract Breaches: A Comprehensive Overview
An immaterial contract breach, also known as a minor breach, is a contractual violation that is considered insignificant and does not materially affect the overall purpose or objectives of the agreement (Steve Harvey Law, 2023). Immaterial breaches often involve minor …
Leia maisCan you go to jail for not paying a lawsuit?
Can You Go to Jail for Not Paying a Lawsuit? No, you cannot go to jail simply for owing a debt. However, there are certain circumstances where you may face jail time in connection with a debt lawsuit case. Contempt …
Leia maisHow many missed payments before foreclosure in PA?
Pennsylvania Foreclosure Process: A Comprehensive Guide Preforeclosure Stage Key Facts Preforeclosure Stage: The period after you fall behind in payments, but before a foreclosure officially starts, is generally called the “preforeclosure” stage. During this time, the servicer can charge various …
Leia maisCan utility companies put a lien on my property?
Can Utility Companies Place a Lien on My Property? A lien is a legal tool used by a certain party, such as a utility company, to ensure payment. It is placed on a property to secure the debt owed by …
Leia maisThe Home Affordable Modification Program (HAMP)
Purpose of HAMP The Home Affordable Modification Program (HAMP) was a federal government initiative launched in 2009 to mitigate the impact of the 2008 subprime mortgage crisis. Its primary objective was to assist homeowners who were struggling to make their …
Leia maisThe Truth in Lending Act: A Comprehensive Overview
The Truth in Lending Act (TILA), enacted in 1968, is a federal law designed to protect consumers in their financial dealings with lenders and creditors (Federal Trade Commission, n.d.). TILA has been implemented through a series of regulations, primarily Regulation …
Leia maisHow long does a mortgage modification last?
Duration of Mortgage Modification The duration of a mortgage modification can vary depending on the specific program and lender. Conventional Loan Modification Programs Conventional loan modification programs, such as the Flex Modification program offered by Fannie Mae and Freddie Mac, …
Leia maisCan you open an estate account with a small estate affidavit?
Small Estate Affidavits and Estate Accounts A small estate affidavit is a legal document that enables the transfer of personal property from a deceased person’s estate to lawful heirs without the need for probate (Justia, 2023). The eligibility to use …
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