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property

Property and Debt

A common myth exists that each asset and each debt is divided in half.  In actuality, when property and debts are divided the marital estate as a whole is examined first, rather than dividing each individual piece of property and each debt.

Property and Debt

This is like filling out a Financial Statement for a bank loan. You list everything you own and how much it is worth and then you list all of your debts and how much is owed. The difference between these two numbers is the net marital estate.  Then each piece of property and each debt is assigned to one of the parties to try to make sure each gets approximately the same amount of the net marital estate.

For example:

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What documents are needed to start a foreclosure action?

To initiate the foreclosure process, we would need for the lender to provide the following documents:

  • Promissory Note – Original or Copy
  • Deed of Trust – Original or Copy
  • Name and address of the note debtor
  • Account status information with the date of default and current payoff information
  • Written authorization to proceed with foreclosure

Foreclosure

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