Alabama Consumer Law BlogThe second mortgage is the company that is second in line to be paid when you sell your house.
A mortgage ties the note to the property.
Articles Posted in Definitions — Consumer Law
Definition: First Mortgage
When we say “first mortgage,” we’re talking about the first mortgage company that’s in line to be paid back.
A first mortgage is where we receive a loan to buy a house.
Definition: Consent Judgment
A consent judgment is where you agree to have a judgment against you in a collection lawsuit.
A judgment is a document that is from the judge and filed into court. It states that the debt collector can get money from us.
Definition: Compensatory Damages
Compensatory damages fix the harm.
The word “damages” means that you’ve been harmed, and that you need to be repaid for those damages.
What is the difference in my note, my mortgage, and my deed in Alabama?
When we’re dealing with homes, several words get tossed around.
Sometimes it it gets confusing.
What is a Chapter 7 Bankruptcy?
A Chapter 7 Bankruptcy is where we pull all of our debts together to be erased.
This is also known as a straight bankruptcy.
Definition: Request for Admissions
A request for admission is a type of discovery where the plaintiff and defendant can ask each other to confirm or deny different statements in writing.
Discovery is where the plaintiff and defendant exchange information.
What is Loss Mitigation?
A common question that comes up when we’re dealing with foreclosure in Alabama is, “What is loss mitigation?”
Basically, it’s anything that you do with your mortgage company to stop a foreclosure.
Definition: Interrogatories
Interrogatories are written questions that can be served from one party to the other.
Instead of doing face to face deposition, we can write our questions out to the other side for them to answer within a set amount of time.
What’s the difference between arbitration and mediation?
Sometimes we deal with cases that require arbitration, and other times the case requires mediation.
What do these terms mean?