Sample Business Studies Essays On Reclamation Of property

Homework Question on Reclamation Of property 

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  1. Is there any way Smith could get the property back?
  2. Why did Wells Fargo decline to deduct the money Smith owed from his other accounts when he called them to give them permission?

Homework Answer on Reclamation Of property 

1.Is there any way Smith could get the property back?

Smith can get back the property by only buying back the property from the foreclosure. However, the moment the foreclosure process starts, there is limited time for Smith to catch-up with the loan payments since Wells-Fargo is accelerating the process and will refuse anything less than the loan payment in full. Depending on the position of the recovery, Smith may keep the right of reclamation that permits him to regain the asset once the loan recovery process is complete.

This will only be possible if the process of foreclosure was judicial and that the lender filed the foreclosure in a court. This means that if Wells-Fargo did this in a non-judicial way, it becomes difficult for smith to get back the property. As presented, this was a judicial process as Smith was even issued with a 90-day notice of the sale of the property.

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2.Why did Wells Fargo decline to deduct the money Smith owed from his other accounts when he called them to give them permission?

Though Wells Fargo declined to deduct money from the account, it is possible sometimes as money available in savings or other accounts may be seized to repay an outstanding loan. The reason why it was declined is that it is only possible when Smith with the outstanding loan is sued for non-payment in the court and the court has granted judgment against Smith. Since this loan was not touching on serious matters like tax evasion or child support, there was no need to deduct money from the accounts owned by Smith even with his consent.