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Jay Jump

Jay Jump’s Answers

4 total

  • How long after a judgement is filed with the clerk of the court is it valid. I understand that it must be renewed every 7 years.

    What happens if it isn't renewed?

    Jay’s Answer

    In Washington State, a judgment is typically good for ten years and can be renewed one time for another ten years. However, this is only for judgments rendered in WA State or recognized by the WA State Court System. For example, if you had a Judgment in FL and wanted to enforce it in Washington, you would need to register your Judgment in Washington State. Then you could enforce it in Washington.

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  • If I have PMI on my mortgage and end up losing my home to foreclosure

    Does PMI protect me from deficiency? If I have PMI and in the future end up losing my house to foreclosure, can the bank still come sue me for any deficiency? Isn't PMI insurance coverage in the event of a defaulted loan? Please clarify. If they c...

    Jay’s Answer

    Whether the bank can come after you for a deficiency depends on the laws of your State. I would seek the advice of an attorney licensed to practice in your area.

    I can answer the PMI question for you. PMI insurance is not for your benefit. It is for the mortgage companies benefit. Unfortunately, you pay the bill. PMI is designed to make the mortgage company the beneficiary and you the bill payer. PMI cannot prevent deficiency.

    When the loan goes into default, PMI may cover the note holder or named beneficiary of the policy (don't worry, it will never be you, unfortunately!). Whoever, has to pay the benefit of the insurance policy will inherit the right to come after you for the deficiency if a deficiency is allowed in your State.

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  • Is it true that if servicer refused my timely payment (in USPS money orders) debt can be discharged?

    Letter from Chase attorney (Barrett Daffin etc) threatening foreclosure gave dollar figure to bring current. I had never heard of attorney so sent $$ directly to Chase and letter to attorney asking for verification of indebtedness. Meanwhile I sen...

    Jay’s Answer

    The discharge of a debt has nothing to do with the timeliness of payments. Discharge of the debt is based on whether or not you qualify for discharge under the bankruptcy code.

    When a mortgage servicer or note holder decides to push the loan into foreclosure status, they can refuse the payments unless you pay the demanded amount in full. This is commonly known as acceleration. They have accelerated the payments on your loan which they are entitled to do if you have defaulted on your obligation to them. The acceleration can only be cured by tendering the amount demanded on the foreclosure/default notice or by filing a Chapter 13 bankruptcy and proposing a plan of reorganization. You could also request a loan mod through the mortgage servicer, but the outcome of that is usually less than successful in my experience.

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  • How long does a creditor have to send you an explanation letter after denying you credit?

    I applied for instant credit at a local chain store in person. The clerk went away and came back after about 5 minutes and told me I was turned down. It's been a while and I have never received a letter from the credit issuer HSBC. I was wonder...

    Jay’s Answer

    Typically, the lender will send you a notice of denial. This letter should include your rights under the Fair Credit Reporting Act that you are entitled to know why the denial was issued. However, the burden is upon you to make the request which is usually within sixty days of the denial of credit.

    Send a letter to the company that denied you credit and request the reason why. They are duty bound to provide you with the reason for the denial. If they do not, then this is potentially a violation of the FCRA.

    Good luck!

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