However, there might be a case wherein the actual vehicle sale is
lower than the amount you owe the lender — in which case, you will still have to settle the difference.
If the property has been already used as collateral, it's value may be
higher than the amount owed so you'll be able to borrow the difference.
The income - driven repayment plans are based on your income
rather than the amount you owe, thereby lowering payment requirements for low - income borrowers.
If your car is worth
less than the amount you owe on the loan and you don't need to retain the car, it may make sense to surrender it to the lender.
Of course where your home sells for
more than the amount owed to the lender, you or your estate will receive the extra funds.
The average amount of credit card debt remains fairly consistent across Generation X, though the older Gen Xers do have a notable spike of nearly 25 percent more debt
than the amount owed by their younger generational contemporaries.
Many creditors are willing to settle for less
than the amount owed because they realize they will get more of what they are owed this way than if they had to hire a collection agency or take you to court.
If you only put 5 % down on a $ 450,000 home and prices dropped by 20 %, your home would be worth
less than the amount you owed on the bank — and this could spell trouble when it came time to renew your mortgage.
You can lower your mortgage payment or you can obtain a «cash out» refinance which replaces your mortgage with a new home loan that is
greater than the amount you owe on the house.
Therefore, if you get the $ 8 thousand and / or $ 1,500.00 tax credit it will be considered as if you have already paid this amount to the federal government as taxes so you will get the amount back as a refund even if it is
more than the amount you owe for taxes.
And say your foreclosed home is now worth less
than the amount you owed on your mortgage.
Debt settlement is essentially negotiating with your creditors or having a company negotiate on your behalf to have your creditors accept less
than the amount you owe.
Some commonly accepted reasons include the miscalculation of amounts sent as payment, or refusal of an «offer in compromise,» which is a petition to the IRS to accept less
than the amount you owe to settle your tax arrears.
If you are in a position where you have to sell your house for less
than the amount you owe on it or have to restructure your mortgage with the lender in order to avoid foreclosure proceedings, you may face tax implications on the transaction.
If the car sells for less
than the amount you owed, you may be liable to make up the difference.
Lenders can take legal action to recoup money from the homeowner if a foreclosed home is sold for less
than the amount owing on the mortgage.»
When you don't have good credit, National Debt Relief can negotiate with your creditors to accept a single lump - sum payment that is substantially less
than the amount you owe.
If your car is stolen or totaled, the insurance company pays the market value of your car, which may be less
than the amount you owe.
The main difference between gap insurance and CRA is that CRA will pay 20 % more than the ACV of your car, whether this exceeds or is less
than the amount you owe on a vehicle.
A short sale is accomplished when an offer is placed on your property that the lienholder (lender) agrees to accept, but is an amount less
than the amount owed on the loan.
A short sale occurs when your lender agrees to let you sell your home for less
than the amount you owe on your mortgage.
If the amount obtained is less
than the amount owed the creditor, the difference is called a deficiency.
Even if she doesn't file for bankruptcy, she may be able to use it as a threat to persuade the company that they should reduce her interest rate to the previously agreed level or to settle for less
than the amount owed.
We will help you prepare a debt repayment schedule for your creditors that is less
than the amount owed but is within your ability to pay.
One of the services that debt consolidation companies tend to offer is credit settlement, which is simply an agreement between creditor and debtor to settle for less
than the amount owed.
Between the missed payments and the mark on your credit report that the account was settled for less
than the amount owed, your credit score is likely to take a serious beating if you go this route.
Figure out the payments: The CRA charges 2 % more on amounts you owe
them than amounts they owe you.
Where the current fair market value of your property is less
than the amount you owe on your loan, the lender may agree to a short sale allowing your property to be sold for less than the amount of the loan balance.
Usually they will state \ «settled for less
than amount owed \», but I didn \» t let that affect my settling.
If the redemption amount is less
than the amount owed, the unpaid balance of the loan is discharged.
As a result of depreciation during the first few years that you own your: vehicle, motorcycle, boat, or RV, the value may be lower
than the amount owed on the loan.
Other than a consolidation program or loan, there are Pennsylvania debt settlement programs that allow you to get rid of debt by paying much less
than the amount you owe.
If the fair market value of a property is less
than the amount owed on a first - priority mortgage, a Chapter 13 debtor may be able to remove additional mortgage liens through a process known as «lien stripping.»
Or, the collector may accept a lump sum payment that is far less
than the amount owed.
Debt settlement companies represent that they can substantially reduce consumer debt by negotiating directly with creditors, on behalf of their customers, to pay off outstanding balances at less
than the amounts owed.
If a credit balance results on your account (for example, because you pay more
than the amount you owe, or you return a purchase and the purchase price is credited to your account), the creditor must make a refund to you.
«Many current homeowners are effectively trapped in homes that are worth less
than the amount owed on their mortgages,» the report determined.
We have years of negotiating experience, which enables us to often times get creditors to accept significantly less
than the amount owed, which means we can get bigger savings for our clients.
Once the balance of your account grows to a certain amount, the debt settlement company will begin contacting your creditors to negotiate settlements for less
than the amounts you owe.
If your car is sold for less
than the amount you owe, you may still be responsible for paying the difference.
Negotiating specialists: Accredited Debt Relief's team is trained to negotiate your settlements with your creditors for less
than the amount you owe.
This means your assets and income are less
than the amount you owe.