In most cases they want the money. The car's value if resold and the borrower's ability to pay any deficit could play a part in their decision. If the borrower can convince the lender they can fulfill the agreement, the lender will more than likely withdraw the filing.
In most cases a lender will file a notace of default after 3 missed payments.
No but if a home owner is behind on payments and needs a loan mod or short sale approval, proof is available at RestReport.com
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
Not confident that I understand your post. IF you autrhorized the lender to debit you bank account to accomplish your monthly payments, then yes. I've not heard of that before. Most auto debts are unsecured. It depends upon how your loan was positoned. You didn't tell us that --- so we're left to guess.
The lender should be reporting payment history for all the names on the account to the credit bureaus, even if only one name is on the account address.
If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.
Having a checking account has no effect on your credit score. Bouncing your checks has a big effect on your credit score.
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
There will be no affect to the house with the current payments. Even if they are with the same lender. But it will hurt your credit badly...at least for 4 years.
Yes, Mortgage Insurance Premiums Payments do have to be es-crowed by the lender.
In most cases a lender will file a notace of default after 3 missed payments.
Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?
No but if a home owner is behind on payments and needs a loan mod or short sale approval, proof is available at RestReport.com
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
If you get the account current. Call the lender and ask. They will be the final answer on the subject.
In most cases, you should continue paying your loan payments to your current lender of record until you have been formally notified as to how and when to pay the new lender. If you skip any payments, you run the risk of incurring additional interest and payment penalties. When in doubt, contact your old and new lenders to confirm the payment switchover.
No, I don't think so. I went through something similar with household bank and my account was closed. But I was never late so they continued to report as current. However, on my credit report it states account was closed at consumer's request. So they may put a note with our account, but they can only report what is true; that you are either current, late or closed account but paid satisfactory. Hope this helps.