Nullis
Moderator
First of all jackass Google (or any search engine) is a good starting place for research and to confirm facts (shit which is real). 2nd of all you're a jackass because if you quote any of what I wrote in reply to you and search it you're not going to find anything... because those are actually original statements that came out of my own head believe it or not. 3rd of all good point about bankruptcy, it doesn't get rid of your student debt meaning the government can still collect on it meaning the government is taking less risk than any other lender as far as that is concerned. As for your personal student debt... they don't garnish your wages just for the hell of it or because you missed a few payments; you obviously haven't gone delinquent enough or your circumstances don't warrant the action.The govt cannot sieze property over school loans. Thats the most asenine thing ive ever heard. If school loans are not paid. The debt is bought by a collection agency. That agency cannot file any liens against you.. I still owe $10,000 on school loans. Never been garnished. They actually beg me fir the money. It can be reported to your trw. But its illegal to hold school debt against you when appllying for any type if loan.
Now if you owed money on the home a lien can be filed. If you owe back taxes a lien can be filed. Or even if you owe your gardner, pool man or and repair money they can file a mechanics lien on your property. Any liens on your property whi ever buys said property at a sherriffs auction (sale after forclosure) would have to pay the liens too.
When it comes to real estate. State law supercedes federal law because real estate law varies so much from state to state. Its not the same in each state. So your point there is invalid.
The statement makes perfect sense. Interest is so high on student loans. Because a good amount never get paid back. Where in home loans they can take your property.. thats the difference. Thats not the first time bernie has made asenine statements like that.
Take some accounting classes and real estate classes. Fyi theres about a 1000 new tax laws every week.
Also filing any type of bankruptacty does not get rid of school loan debt. Those are there for life.
Please stop copy and pasting wikepedia. Captain google
How's this for most asinine (yeah, that's the correct spelling on that one) thing you've ever heard?
And I don't recall that I made any "point" about real estate or state/federal law, nor did I ever mention the effect of student loans on credit... so I apologize that your education has failed you and that your patented "captain Google" and random-straw-men rebuttals are insufficient.The Department of Education can sue to collect on a student loan default. Because a statute of limitations is inapplicable, the agency has no time limitations on collecting the debt.
The Department can collect from assets such as bank accounts, valuable property, and can place a lien on the borrower's real property. As the result of such a lien, the borrower may not sell the property until the lien is removed.
If the borrower does not have enough valuable assets or a lawsuit would exceed the amount recovered from the debtor, the Department will most likely decide against suing the borrower.
- See more at: http://bankruptcy.findlaw.com/debt-relief/consequences-of-a-student-loan-default.html