Hungary Steps Up Swiss Franc Debtor Bailout Wall Street Journal (blog)
The government offers households close to defaulting on their mortgages the choice of paying monthly installments to service the loans at a fixed exchange rate; an important step in Budapest’s campaign to help troubled Hungarian homeowners.
Many Hungarians took out foreign currency mortgage loans years ago when this type of lending was introduced. Swiss-franc loans were the most popular, because they came with low interest rates and the Hungarian forint was stable against the franc before the financial markets crisis hit in 2008.
Since then, the franc has risen relentlessly against most currencies, as investors were looking for safe-haven for their assets at a time of economic turmoil. In many cases, this has doubled monthly payments for Hungarian homeowners.
Most of these loans were taken when a Swiss franc bought you 160 forints. Since then, the franc has risen 53% to HUF250 today. It briefly traded as high as HUF270.
The program is only open to debtors who have arrears less than 90 days overdue. About 140,000 Hungarian households with debts more than 90 days overdue, may get aid from a soon-to-be-established asset management company, state secretary of the Economy Ministry Roland Natran said.
DEBTORS REVOLT BEGINS NOW!
Message to Bank of America: I've decided to it's time to take a stand against the banksters' usury and greed! If our founding fathers ...
Can a judgment debtor ask courts to hold pending settlement of cases against a judgment debt?
A judgment debtor is not satisfied with the judgment creditor's over estimation. Judgment Debtor also has many cases pending settlement in courts from various other sources. In this case, can the judgment debtor ask courts to 'put on hold' these monies in favour of the judgment creditor until his counterlclaim gets underway?
You can ask for a continuance, but you will need to site a valid legal justification and provide a reasonable new date.
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What happens to a real mortgage when a debtor files for bankruptcy?
I'm a creditor whose debt is secured by a real mortgage. I've received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.
Thank you. :)
You have the best kind of security. You have about the strongest position you can get in bankruptcy as a creditor. The way I understand it there will be no need to foreclose. Just file your interest as a creditor as per the instructions on the paperwork.
Hopefully, they'll order the sale of the asset and you will be first in line for the funds from it, provided you are the primary mortgage holder and not subordinate to anyone.
Regardless, be sure to speak with a bankructy attorney. You may get a free consultation or may have to pay a drop, but it will be well worth it for the guidance.
You will need to review the facts with your attorney to see if it is worthwhile to seek relief from the automatic stay, which would allow you to proceed with a foreclosure action.
Here's how it works. If the debtor has little or no equity in the property - i.e., if outstanding balance on the mortgage is close to or exceeds the value of the property, then if the property is sold at foreclosure, there would be nothing left for creditors of the debtor's estate. In that case, you have a good basis to make a motion to get relief from the automatic stay.
Another basis is if the property is in danger of being destroyed or has been neglected for a long time. Then you can base your motion on the fact that your security (i.e., the property) is in danger of being squandered and you need relief to protect your secured interest.
On the other hand, if the bankruptcy trustee who has effectively taken control of the debtor's assets sees that the value of the property exceeds the balance on the mortgage, he will fight the motion, seeking to have the property sold at a bankruptcy sale so he can keep and distribute the surplus monies to other creditors.
It's generally better for you to get relief from the stay and control the foreclosure sale in state court.
Many debtors will try to "re-affirm" their debts with their mortgagees however, so consult a bankruptcy attorney. They can get online using the PACER system and see what the debtor's intentions are. You may also wish to attend the Meeting of Creditors or 341(a) hearing to keep tabs on what is going on.
Note that many debtors in bankruptcy file Chapter 7 to stall or delay foreclosure hoping they will be able to get back on their feet, then withdraw their bankruptcy case after adjourning the meeting of creditors once or twice.
Now, if the property is sold at a foreclosure sale, and you don't recoup what is owed, you have a problem, because the deficiency balance is just money that is not secured by anything anymore, and then you fall in with the general class of unsecured creditors who are generally looking at pennies on the dollar.
US is becoming a debtor nation: What R the possible consequences of that fact?Can anything good come from it?
US is becoming a debtor nation: What R the possible consequences of that fact?Can anything good come from it?
Pls, I want economic and socio-economic consequences if you can argue them. Mere assertions don't help to understand fully what is happening to the US. Skip the Q if you have nothing substantial to contribute to understanding what it means!
"foreign investors would be less likely to buy our bonds" and finance our lifestyles . Doecn't lack of independent productivty and good-paying creative and manufacturing jobs spell big trouble.
The USA has been a debtor nation for a while now. Historically, no debtor nation has ever been able to hold on to power but there has also never been a world-wide economy based on the economy of one single nation as there is now. IMO, the USA will find itself in a weaker position but other countries, unable to afford the consequences of an American economic breakdown and the overall stability that the USA military provides the world, will not allow that to happen. The result would be a new dark age (the very reason the Islamo-fascists is so anti USA).
Over the last year or so, the dollar has seen deflation, which has made the rest of the world nervous and brought accusations from Japan and China (the two largest foreign holders of our bonds) that we were deflating the dollar intentionally in order to help wipe out some of our debt. Russia, Iran, and other oil and gas-producing nations have announced they'll get rid of some of their dollar reserves and use Euros instead. Some OPEC nations have openly called for oil to be priced in Euros instead of dollars, which even further compounds the issue.
If, oil would no longer be priced in dollars and if the dollar loses out to the Euro as the choice reserve hard currency in the world, then our money supply would be in great peril. Our debt would become untenable and few foreign banks (and many American banks too) would refuse to buy our bonds. Our currency could fluctuate wildly and we'd be subject to much higher inflation and/or deflation than we've seen at least since the late 1970's.
If our government suddenly had a bad credit rating, we'd be in serious financial trouble here at home since our government insures many investments and loans. Our budget would become a mess (it would need to be balanced, at the very least) and the fact that we have a massive trade deficit that shows no signs of reversing would make matters worse. A nation that has a great deal of debt, but produces a great deal (in terms of manufacturing) can make that up through their immense trade surplus (which is how the United States became wealthy in the first place, we had debt, but huge trade surpluses in manufactured goods and agriculture).
There's other effects that we must consider, for the "World Bank Effect" or "IMF Effect" could take hold. Since so much debt is held by foreign nations, they could take it upon themselves to dictate monetary and economic policies to the United States. If the United States refuses, they could flood the market with our bonds, which would become essentially worthless, sending our credit rating plummeting, meaning the government could only raise money through domestic bond sales (which no one would buy) and direct taxation. This is one of the reasons why some people strongly feel that our massive debt and our huge annual budget deficits and our immense trade deficit are conspiring to do us in economically. Others feel it's no big deal and as long as Americans consume more than they can really afford (the average American family has $8,000 in credit card debt) then the American economic engine will run smoothly. But, the recent deflation of the dollar and the mortgage crisis has gotten many in the U.S. and throughout the world worried that the American economy could in fact, be built upon a house of cards (with almost no industrial, manufacturing base left to even things out) and be ready to collapse. I hope that helps, but of course, all of this is debatable and many will disagree.
how to start your own debtor education course for banqruptcy online?
hi im doing this project for school and out of the drawing i got personal financail managment, i have to do a big presentaion
i have an idea of what i want my presentaion to be.i want it to be the credit counsling and debtor education course certificates online.
how do i get started, is there a website ? or someone i cant talk too?
Credit counseling is a huge program and you have to pass certain requirements. As for a bankruptcy class course on line their are about 2 that i can think of and they have to be approved,, you can't just start one you have to meet certain guidelines ...... Good luck with your project
Kourtnie D
Prosperity Financial
I'm not sure, but I think you'd have to have credentials as a bankruptcy trustee to be doing this sort of thing.
The authorities might not look too kindly on a novice dispensing this kind of advice.
Can a collection agency have a levy placed on real estate property and personal property owned by the debtor?
Can a collection agency have a levy or jugdement place on real estate property and personal property owned by the debtor? The propery foreclosed on the 1st lien but the 2nd is still outstanding (currently in collections). The property is located in SC but the debtor works and live in NC? Also if the debtor is 50% owner of his personal home and the other 50% belongs to the wife, can jugdement still be placed on the personal home?
you both are responsible and whether the property is real estate or not if you own it or your spouse in some states a lien can be placed against it
Did the original debtor lose his home in a foreclosure sale or not?
I am licensed in both SC and NC and you have no legal protection in either state if your foreclosure sale did not generate enough money to pay off both loans.
Whoever got "shorted" can sue for the balance.
NC does not recognize a "split" between married couples..each spouse owns 100% of the property collectively...it is an undivided interest.
All you can do is file for a judgment if there is no property to attach it to.
If the wife's name was never on the loan, therefore, the wife is not responsible.
What area a creditors rights when a Debtor leaves the country?
What rights of collection does a Student Loan Creditor have to go after a US Citizen Debtor who moves to Europe? The loans are almost always non-dischargeable in the US but that doesn't guarantee collection even in the US.
Interesting question.
Seems to me if the debtor left the country, the complications and cost of trying to collect overseas (if it can even be done legally) would likely outweight the balance they were trying to collect.
What will happen to the outstanding, if a debtor (single, not married) pass away ?
Any banker or lawyer help.
Should a single or not married debtor pass away before full settlement, what will happen to the outstandings ??
In the U.S. his/her estate is responsible for satisfying the debt. If the estate is liquidated and not enough exists to satisfy the debts, they are discharged.
Where can a consumer find a letter to mail to a debtor to initate a negotiation for a lower debt settlement ?
Such as a letter to settle with a debtor for a lower amount to get out of debt thanks
Couldn't find one on dogpile.
Go to http://www.creditboards.com/forums/
Towards the bottom there is a section for sample letters.
Can assets be returned to debtor from bankrupt trustee after discharge, if creditors don't file claim to coll?
I need to find out if a bankruptcy trustee can return funds (assets) to the debtor that were collected to pay creditors who were listed in a bankruptcy claim. I already received a discharge, and a filing of final accounts notice. I'm just trying to figure out exactly what it means if creditors did not file a claim wirhin a time limit to retrieve assets that my bankruptcy trustee collected from me.
ask the lawyer who did your bankruptcy
Does the UK or other countries in Europe have debtor prisons?
Does the UK or other countries in Europe have debtor prisons? IE do you g to jail if you can't pay your bills
A debtors' prison is a prison for those who are unable to pay a debt.
Not in the UK, nor in any other Western European country. I can't speak as to whether any of the former Communist countries do, but I doubt it.
The law eliminated debtors prisons in England in 1869. "Most" US States did so at around the same time - the Federal debtors prisons being abolished in 1833 - although the last laws allowing for debtors prisons in the US were not repealed until 1910.
"Debtors prison" reappeared in the US in the 1990's when several States began allowing for imprisonment for being in arrears on child support.
Richard
the debtor - News
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