Liens may give creditors the legal right to take your property and sell it if you dont repay your debt. Bad debt provision is reserve made to show the estimated percentage of the total bad and doubtful debts that needed to be written off in the next year and it is simply a loss because it is charged to profit loss account of the company in the name of provision.
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Borrowers dont have to pay principal for a period usually three to 10 years lowering their monthly payments below the cost of comparable principal-and-interest mortgages.
What is bad debt meaning. Interest-only mortgages can be structured in assorted ways but they share a common premise. As a result it will be difficult or impossible to sell the property until the lien is cleared up. What is an Interest-Only Mortgage.
As public records liens tell other potential creditors that there are existing claims to the propertyNew lenders wont be first in line when it comes time to get repaid. That could change if Biden and Congress reach some sort of compromise on how much to cancel and qualifying requirements. Cancelling student loan debt is a popular subject in todays climate but its been a popular topic for more than 20 years and 45 million people still owe 17 trillion.
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