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Can an out of state lender charge interest over another state's usury cap?
Wiki User
∙ 14y ago
Yes, but it may be collectable only in the state of origin. Say, you signed a contract that was legally binding in Alabama, but you moved to Mississippi and Mississippi did not permit the 25% APR that the Alabama bank is charging, and caps permissible interest at 20%; then, the Alabama bank in an attempt to collect the debt may only be able to legally collect what Mississippi permits.
However, keep in mind that if you signed a contract you signed a contract and are legally bound by that. The contract takes precedence.
Wiki User
∙ 14y ago
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What is a share charge?
A share charge is a type of security interest or lien placed on shares of stock owned by a borrower. It gives the lender the right to sell or otherwise dispose of the shares if the borrower defaults on their loan. This serves as collateral for the loan and provides additional protection for the lender.
Is a mortgage and deed the same thing?
No. The deed is the legal instrument that evidences ownership of land. A mortgage is an instrument signed by a borrower that grants the lender a security interest in the property under which the lender can take possession of the property if the mortgage note isn't paid.In title theory states a mortgage is sometimes referred to as a mortgage deed because the borrower actually transfers title to the lender. However, the lender's title is conditional. If the note is paid then the lender's interest in the property is released and the lander must record a discharge.
Do Jews believe interest is a sin?
No, however there is a Jewish law that states interest cannot be charged to a fellow Jew. Jews may charge interest to non-Jews, and non-Jews have no restrictions regarding interest (under Jewish law).
If something has been sent to collection can the collection agency charge you interest?
If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.
Can one joint tenant with right of survivorship get a mortgage on the property?
Yes. If the lender agrees. Only a half interest could be included in the mortgage.However, an experienced lender would want all the owners to sign the mortgage in case there is a default. If only one owner signed the mortgage, the lender could only foreclose on that person's half interest. It would become a tenant in common with the co-owner. That half interest would be difficult to sell. In some states, if the mortgagor died their interest in the property would disappear and the surviving joint tenant would own the property free of the bank's mortgage.
What is loan?
Loan is an amount of money advanced to a borrower, to be repaid at a later date, usually with interest. legally, a loan is a contrat between a buyer (the borrower) and a seller (the lender), enforceable under the Uniform Commercial Code in most states. The terms and conditions for repayment of a loan, including the finance charge or interest rate, are specified in a loan agreement. a loan may be payable on demand (a Demand Loan), in equal monthly installments (an installments loan) It is also define as when a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the borrowed money, along with interest, at a predetermined date in the furture.
What amount of time must a dealer give you before they repossess your vehicle because you heard it was 90 days?
There is no set time when a lender may instigate repossession action. If the contract is defaulted on for even a day, in most states the lender can seize the vehicle, although it is not usually in their best interest to do so.
Is Sand PT Loan a company?
Sandpoint is an online lender. Their contact info is Fax 817-335-1100 Ph: 800-708-4342. They are located in the West Indes and they are not licensed in most states that require lenders to be licensed. If you must borrow money from a lender be careful and make sure you can pay it back quickly. Their interest rates are very high. My last client was paying them 749% interest.
In a repo after the 7 years is up can they still to collect even though they have not tried in 6 of those 7 years?
If the institution who financed your vehicle has wrote that note off as a charge off then another company can come in and purchase that debt and pursue to collect on that debt ==Answer == The 7 years in which a negative entry remains on the credit report has nothing to do with the ability of the lender to repossess a vehicle. A vehicle is a secured debt and therefore the lender may initiate action whenever they choose. In the majority of states the SOL for debt does not apply to this type of financial transaction. It would seem the lender is not interested in repossession and would rather recover the full amount of the loan, plus penalties, interest, legal costs and court fees by pursuing litigation at some future time.
Can someone be put back on a deed if both parties agree?
Yes, the owner of property can convey an interest to another person if that party agrees. An interest in real property cannot be conveyed to a party who is unaware of the transfer. One of the components of a legal conveyance is that there must proof of delivery to the grantee.Your question states "put back on the deed". If the property is subject to a mortgage (and another owner's name was taken off the title in order to qualify) you should be aware that mortgages contain a Due on Transfer clause. That means the lender can demand full payment upon any transfer of the property. In that case, check with your lender before executing any deed. The consequences could be severe.
It costs a bank how much money to process each foreclosure?
There is a rule of thumb that says lenders can face losses from the loan default and subsequent foreclosure that equal up to 40% of the loan amount. The actual costs will vary based on the type of home, the state where it is located, the process the lender uses and other factors. Hence the costs can vary a lot from one lender to another and from one property to another. In some states the lender can come after the borrower for any losses (deficiency judgment) while in other states the lender more or less is blocked from doing so. It is mostly decided at the point the loan is taken out as the loan documents will state what a lender can and cannot do unless there was fraud when the loan was applied for. That is why a borrower really should read the loan documents.
Who was in charge of America?
The person that is in charge of the United States of America is the President of the United States.
