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What is a silent second?
A silent second mortgage is a second mortgage placed on an asset (such as a home) for down payment funds that are not disclosed to the original lender on the first mortgage. The second mortgage is called “silent” because the borrower does not disclose its existence to the original mortgage lender.
How do you respond to a summons for debt?
You should respond in one of three ways:
- Admit. Admit the paragraph if you agree with everything in the paragraph.
- Deny. Deny the paragraph if you want to make the debt collector prove that it is true.
- Defendant denies the allegation for lack of knowledge sufficient to know the truth or falsity thereof.
Can creditors find your bank accounts?
A creditor can merely review your past checks or bank drafts to obtain the name of your bank and serve the garnishment order. If a creditor knows where you live, it may also call the banks in your area seeking information about you.
What is a soft second lien?
A “soft second” is a type of second, subordinate mortgage loan that is used to cover down payment and closing costs. The soft second has a deferred payment schedule in which the borrowers do not have to make any payments until/unless they sell their home or refinance their mortgage.
What is a piggyback loan?
A “piggyback” second mortgage is a home equity loan or home equity line of credit (HELOC) that is made at the same time as your main mortgage. Its purpose is to allow borrowers with low down payment savings to borrow additional money in order to qualify for a main mortgage without paying for private mortgage insurance.
Do you ignore legal papers if you have been served?
Never ignore legal papers, even if you believe they were not properly served or that the claims are groundless.
Can a person refuse to serve process papers?
If you are avoiding a process server, a judge may allow the papers to be left at your home or business with any competent person over the age of 18. A judge may also allow the summons to be mailed to your home or business address via certified mail.
What does it mean to have papers served on You?
The papers may be a notice of an urgent hearing seeking immediate relief, a lawsuit against you, or a subpoena requiring you to produce documents or testify. You may have been served individually, or your company may have been served. The papers may be from a federal court or a court of the state.
Why do you have to serve the other side with court papers?
The reason you must serve the other side is obvious: Defendants in a case need to know about any claims against them and must be notified of the day, time, and place that they can show up to defend themselves. Normally, papers must be served in the state where you filed your lawsuit.