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Most people have loans against their houses. Such loans are called mortgages. Extremely few people can purchase a house without obtaining a mortgage. You sign a contract to sell a particular house. At that point, after the two of you have agreed to the terms and the money, then that gives the buyer the option to examine the property and check for any loans against the property. When and if the sale goes through, then the mortgage your buyer takes out will pay off the loan you owe. This will happen at closing when you hand over the keys. Closings are usually held in a bank or other business.
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What are the dangers of selling house on contract?
If a seller and a buyer have already signed a contract, then you have to sell according to the contract. If you want to sell to someone else not on the contract, then you have to get out of the first contract.
What is meant by the term security when obtaining financing?
Security indicates something of value that is pledged against the loan. Pawn shops take valuables and loan money against them. The item is held as security or collateral for the loan. If the loan is not repaid, the pawn shop will sell the item to get their money back. When buying a car or a house, the vehicle or property usually stands as the security for the loan. If the loan is not paid, the loan company will take the vehicle or foreclose on the property so that they can sell it and get their money back.
If you have secured a loan on your house what happens when you sell it?
All liens against the property must be satisfied and cleared as part of the sale. This can mean all monies due are paid, or the lender agrees to other terms in order to call the loan satisfied.
If two people become joint tenants on a house deed that they inheirit can one borrow against the deed without the other's consent?
No, one can't sell or borrow against the property without the other person signing off on the loan. You can choose to sell the property and split the costs.
What if you sell the car and you have a title loan out on it?
That's illegal. Technically, if you 'borrow' money against your vehicle, the car becomes the property of the loan company until you've repaid the loan. If you sell the car before the loan is repaid, you're likely to land yourself in court !
Can you sell the house to your husband and carry the contract if you are the only one on the loan?
If you want to.
How do you pay off medical bills without selling the house?
Sell other assets to resolve the debt. Or take a loan out against the house.
What are the dangers of selling house on contract?
If a seller and a buyer have already signed a contract, then you have to sell according to the contract. If you want to sell to someone else not on the contract, then you have to get out of the first contract.
Can you sell a car that has a title loan against it?
Yes i can
What is meant by the term security when obtaining financing?
Security indicates something of value that is pledged against the loan. Pawn shops take valuables and loan money against them. The item is held as security or collateral for the loan. If the loan is not repaid, the pawn shop will sell the item to get their money back. When buying a car or a house, the vehicle or property usually stands as the security for the loan. If the loan is not paid, the loan company will take the vehicle or foreclose on the property so that they can sell it and get their money back.
What happens when a person dies while selling their house?
If the decedent has signed a binding contract to sell the house, then his or her estate must abide by it and sell the house according to the terms of the contract. The executor has no power to simply cancel the contract nor is the contract automatically cancelled by the death of the seller.
How do you get a record label?
First define get a record label. If you want to open any business you need a license with the city. Then know what the business is all about BEFORE you invest in establishing a business regarding recordings. If you are an artist that wants to get a contract with a record label understand that the contract is a loan on your earnings. Like a loan to buy a house. They have to be sure you are worth the risk of the loan. Prove that and it will be easier to obtain the contract which again is only a loan against your first year earnings. Maybe a loan even against you lifetime earnings depending on your recording contract. Labels come in all sizes like shoes but make sure it is a good fit before you approach them at all to be one of their artists. Also make sure you can verify their prior accomplishments so that you will get the needed support for your job which as a recording aritst to sell product and pay back your loan. Those who can not pay back have a clause in the contract that they will be released from being represented by the label.
If you have secured a loan on your house what happens when you sell it?
All liens against the property must be satisfied and cleared as part of the sale. This can mean all monies due are paid, or the lender agrees to other terms in order to call the loan satisfied.
Do you have to pay the finance company if the tow people sell your car?
Yes, the loan from your finance company is a legally binding contract between you and them. You are solely responsible for the fulfillment of that loan.
If two people become joint tenants on a house deed that they inheirit can one borrow against the deed without the other's consent?
No, one can't sell or borrow against the property without the other person signing off on the loan. You can choose to sell the property and split the costs.
What if you sell the car and you have a title loan out on it?
That's illegal. Technically, if you 'borrow' money against your vehicle, the car becomes the property of the loan company until you've repaid the loan. If you sell the car before the loan is repaid, you're likely to land yourself in court !
In Michigan can you sell a house on a land contract if their is a very large Mortgage on it?
Absolutely not legal.
