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Countering Strategic Default

Recently, news outlets across the country reported that government mortgage lenders Fannie Mae (FNMA) and Freddie Mac (FDMC) may soon be taking more aggressive legal steps against debtors who carry out a strategic default on their mortgage loans. Strat…

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Terminology for Creditors: Chapter 13 lien stripping

"best collection attorney"In bankruptcy cases, the law generally provides a higher payment priority to secured creditors.  By removing liens through a procedure known as lien stripping, a Chapter 13 debtor is empowered to turn secured creditors into unsecured ones. Stripping a lien can only be applied to mortgage debt.  If a debtor owns a home and its [...]

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Terminology For Creditors: REO and OREO

Foreclosure Process in ArizonaA property is foreclosed upon by a lender, but the property remains unsold after a foreclosure auction or Trustee’s sale. The lender still retains the property, which is now classified as an REO – “Real Estate Owned.” The original term from which REO is derived is OREO –“Other Real Estate Owned.” This is a term [...]

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Storage Lockers and Liens in Arizona

"best creditor rights law firm"Readers of this blog may be learning about how bankruptcy and creditor actions may impact a debtor’s property.  Now, let’s consider a less-common entity that is also subject to Arizona laws regarding creditors and personal property:  self-storage facilities.  There are occasions when liens may be placed against a debtor’s storage locker and its contents. Suppose [...]

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