Why Is My Hoa on my credit report?
However, if a homeowner becomes delinquent, the association may hire a collection agency to gather the money that is owed. Collection agencies hold contracts with credit bureaus, and therefore, the unpaid debt will be recorded on your credit file.
What does the right of redemption allow?
Right of redemption is a legal process that allows a delinquent mortgage borrower to reclaim their home or other property subject to foreclosure if they are able to repay their obligations in time.
What is legal redemption?
Legal redemption is the right to be subrogated, upon the same terms and conditions stipulated in the contract, in the place of one who acquires a thing by purchase or dation in payment, or by any other transaction whereby ownership is transmitted by onerous title.
What is clog on redemption?
Anything which obstructs the right of the mortgagor to redeem his property is void, and such obstruction constitutes a clog on the right to redemption. This is also known as the doctrine of a clog on redemption. This division of the interest gives the right of redemption to the mortgagor when the loan is repaid.
Who can make suit for redemption?
Section 91 of Transfer of Property Act 1882 : “Persons who may sue for redemption” (c) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property.
What is the difference between equity of redemption and statutory redemption?
Equitable redemption is the right of a defaulting mortgagor to reclaim property by paying all past due mortgage payments anytime prior to foreclosure. Statutory redemption, by contrast, begins at the point of foreclosure and requires that the defaulting mortgagor pay the full foreclosure sale price.
Can right of redemption be curtailed?
The right to redeem can stand extinguished either by the act of the parties or by operation of the law in the form of a Decree of the Court under the proviso to Section 60 of the Act.”
Can a person transfer property to himself?
The transfer of property as defined under Section 5, is an act between two living persons. The word “living person” includes corporations and other association of person. A transfer can be made by a person to himself, as for instance when a person vests property in trust and himself becomes the whole trustee.
Which right is Recognised as immovable property?
The following has been judicially recognised as immovable property: (1) Right to collect rent of immovable property. (2) Right to dues from a fair on a piece of land. (3) A right of fisheries.