Yes, but the more loans they are on the more risk they are taking on and there by, lowering their own borrowing ability.
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You can co-sign on as many transactions as you feel like..Remember..Every time you co-sign on a loan, it will appear on your credit report..AND..If the person you co-signed for does not pay, you are responsible..Under normal circumstances, creditors asking for a co-signer know that the odds are close to 75% that you will end up making some of the payments.
If a person is upside down on a loan, it means that they owe more on the loan than the value of the thing that is collateral for the loan.Another word for being upside down is being "underwater."If you are upside down on your loan, you have "negative equity" on the collateral.When a borrower is upside down, the loan is "undersecured," meaning that the security interest (the value of the collateral) is smaller than the loan.
An example of a joint obligation is a loan agreement with more than one party on it. An example of a solidary obligation is when there is more than one debtor and more than one creditor on a loan. Any one of the debtors may be obligated to pay the entire loan and any one creditor may collect on the entire loan.
An equity release loan is a means of borrowing money which will allow a person to release equity that has been storing up in their home, meaning that if a person buys a mortgage and the house earns/becomes worth more than what is said in the mortgage, the loan shall release this amount thus deducting from the mortgage.
Loan modifications allow the bank to make loan payments more affordable for borrowers. They may change interest rates, loan terms, loan balances, or other parts of the loan agreement. Loan Modifications are changes to your loan agreement. Your payments get more affordable, and you don't have to default on your loan. Banks choose to offer loan modification programs because it is easier and cheaper to work with you than to go after you.
A payment on a 40 year loan, if it is a fixed-rate loan, will be smaller, provided all other factors like loan balance and interest rate are the same. If you are talking about an adjustable rate loan, well, your payment will vary on your interest rate more than how long the loan term is. A 40 year loan will pay-down your loan slower, meaning at 10 years, you'll owe more on a 40 year loan than a 30 year loan. You may also pay more towards interest on a 40 year loan.
You can if a lender is willing to loan you the money and the existing loan is not more than 50% of the value of the car. Just make sure the lender is aware of an existing loan against the vehicle. This is a very bad idea IMO. Using a car as collateral for a loan other than to buy the vehicle is a very bad idea. Cars depreciate very quickly so are not good collateral. More than likely no lender will loan you the money on this vehicle.
More than likely if your credit is good you can still refinance a home that is valued at less than you owe. You would have to roll the difference in what it's worth and what you owe into the new loan. This would only be beneficial if the new loan had a much lower interest rate than your current loan. You can consult a mortgage professional for further details on your options regarding the situation.
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