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Yes, depending on the following:
(1) The assumption terms of the loan (usually an assumption loan has a higher interest rate, fees for assumption, etc.)
(2) The contract between the original debtor and the party assuming the loan (the original debtor may charge the assuming party for the right to assume the loan)
Generally, the entity that makes the MOST profit out of an assumption loan is the lender who services that loan at the time of transfer.
What else can I help you with?
Do I have to surrender my home to bankruptcy?
Yes. The debtor can take either action voluntarily, but that will not relieve the debtor of the original contract agreements. In the case of a vehicle the borrower/debtor would still be responsible for any deficiency between the price the vehicle was sold for and the loan amount. A voluntary foreclosed or the submission of the deed in lieu of foreclosure is a complicated matter and the extent of the debtor's financial responsibility would be stated in the terms of the loan agreement.
How does a debtor liquidate a signature loan?
By paying it off.
What is benevolent loan?
This is a loan extended on a goodwill basis, and the debtor is only required to repay the amount borrowed. However, the debtor may, at his or her discretion, pay an extra amount beyond the principal amount of the loan (without promising it) as a token of appreciation to the creditor. In the case that the debtor does not pay an extra amount to the creditor, this transaction is a true interest-free loan.
Does a consigner of a note agrees to pay the loan balance if the original debtor defaults on the payments considered as insurance?
No, a consigner of a note does not agree to pay the loan balance if the original debtor defaults; instead, a consigner is a party who guarantees the loan by agreeing to take on the obligation if the primary borrower fails to repay. This arrangement is not considered insurance but rather a contractual obligation. Insurance typically involves a third party providing protection against loss for a premium, whereas consignment involves direct liability for the debt.
How do I get payment on a defaulted personal loan?
foreclose the debtor assets...
If you are the co-buyer on the car is the loan in your name also?
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.
Can a lien for an unsecured loan be filed against a law suit?
A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.
Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
What type of insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is repaid is called?
The type of insurance designed to pay off a loan if the debtor dies before it is repaid is called "credit life insurance." This insurance provides financial protection to borrowers' beneficiaries by covering the outstanding loan balance upon the borrower's death, ensuring that loved ones are not burdened with the debt.
Is interest on partners loan a part of appropriation of profit?
Interest on loan to a business is a finance cost. Irrespective who the loan is coming from, the cost of sericing the loan, that is, the interest, is to be charged in the Income Statement. In theory it is not an appropriation (division) of profit.
What happens if an ATV is repossessed and it is not worth the same amount you originally paid?
The bank the ATV was financed through will sell the ATV at auction. Normally auctions will bring in half of what the item is worth. Whatever money was made at the auction will be paid toward the loan on the ATV. The debtor will be responsible for paying the remaining balance on the loan. If the debtor cannot pay the remainder of the loan, then the bank can file a legal judgment to garnish the debtor's wages. There's no getting out of it unless the debtor files bankruptcy.
Can criminal charges be pressed on defaulting on car title loan?
No, there is no such a thing as a debtor's prison.
