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Can you get a loan to pay gift tax on property and use the same property as collateral?
Wiki User
∙ 11y ago
If you have gifted the property, which obligates you to pay the gift tax, then you no longer HAVE it as collateral for any purpose, at least to the extent you have reduced its value through your gift.
For instance, if you gift your child $15,000 worth of your house, the value of the remaining ownership is practically worthless as collateral since it would be impossible to sell it without permission of the other parties on the deed.
Wiki User
∙ 11y ago
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Can you get an additional loan on property already collateralized?
If it is with the same bank/financier then - Yes (Depending on how much loan you already have and how much collateral you have provided) Ex: Lets say you have a bank CD of $100,000/- as a collateral for a loan of $50,000 then the bank may give you extra loan against that CD. But if you already have a loan of $150,000 then the bank may not give you any further loans on the same collateral If with a different bank/financier then - No. If you provide something as collateral you need to submit the original docs to the bank. So any other bank may not grant you loans on that collateral.
What happens if a loan is in default and the co-signer who put up the collateral is deceased?
The person who was "cosigned for" is still liable and the collateral is still collateral, it's just owned by the estate now. Same laws still apply
What is a gift card loan?
A gift card loan is not a standard financial product or widely recognized term. However, it's possible that you might be referring to a situation where someone uses a gift card as collateral for a loan. In some cases, individuals may attempt to use various assets, including gift cards, as collateral for loans. This is often seen in informal lending arrangements or in situations where traditional lending criteria, such as credit checks, may not be applied. It's important to note that using gift cards or other non-traditional collateral for loans can be risky. The terms and conditions of such arrangements can vary widely, and there may be potential for scams or predatory lending practices. It's advisable to approach any financial transaction with caution and ensure that the terms are clear and fair. If you want to sell gift cards, you can visit orientcard.net, orientcard provides you with beautiful prices, extremely fast payments, an absolutely safe transaction environment, supports multiple currency payments and 7* 24-hour exclusive online customer service!
Where can you get a same day loan from?
Many loan companies offer same day loans though at a higher interest rate than normal. Most same day loans are in the form of a cash advance with a paycheck as collateral.
Why might one want to remortgage your loan?
Remortgaging enables one to pay off the existing loan by taking out a loan against the same collateral, perhaps at a lower rate, to clear older debts.
Can a paid off car be seized for debt?
In some cases yes. If the vehicle was purchased using the same lender against whom you have defaulted with a different loan, and there is a remaining balance after the repossession of that property, then the court can order a Conversion of Collateral, and the paid off vehicle can be repossessed by that lender. Additionally, if the court chooses, real property can be ordered liquidated to pay a bad debt.
What would be the charge of a bank on the property if on the same property multi financing had been done?
If there is "multi-financing" on the property already the new lender would only loan more money if there is enough equity in the property to justify the loan. You would need to consult with a lender to determine what the fees would be in your area.
What is the difference between a primary security and a collateral security?
Primary security is the security someone offered to a bank to cover any risk the bank faces by granting a credit facility to a borrower. However, sometimes a single security may not be sufficient to cover the risk.Example: X bank grants a credit facility of $100 to a borrower called 'B,' and the borrower offers a bare land of $60 to the bank as the security. As you can see, the is bank facing a risk of $40.To cover up the balance of the credit risk, the borrower needs to offer another security. This new security is known as a collateral security.In that case, any security other than the primary security is a collateral security.It is very common that collateral securities are used to cover more than a single credit facility risk. Collateral securities are generally used to cover the balance of the risk, which is unable to cover by primary. However, the actual value of the collateral security is much higher than that. (Example: The borrower 'B' offers a commercial property of $60 as the collateral security of above loan. Now he can apply for another loan by offering the balance of $20 of the same property.)
Is the applicant and co signer the same thing on a bank loan?
No, they are not the same. The Applicant is the person applying for the loan. In the case of a Business Partner or being married in Community-Of-Property, the other person involved will be the co-signer
Is a loan the same thing as rent?
Of course not. A loan is not a payment, but rather an entrusting of another person with your property (or money), expecting it to be returned. Rent is simply a payment in exchange for possession of something for some defined period, and it will not be returned. Similarly, a security deposit for renting property is not a loan and is not rent: it remains the property of the tenant, but is held by the landlord until the tenancy is discharged.
Can a HOA's judgment be filed as lien against the property and at the same time seize assets such as a financed vehicle?
The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.The law varies in different jurisdictions. Generally, a judgement lien followed by a levy on execution can be used to seize any property owned by the debtor that can be sold to pay the lien. The debtor should pay the lien as soon as possible in order to remove the lien from their property.The property would be held by the creditor subject to any prior liens against the property such as a car loan or mortgage. The property cannot be mortgaged, used as collateral or sold until the lien is paid.
How do you obtain financing for a rental property?
The same way you get the loan for any property. You go to the bank and apply. They may have requirements to include incorporation, rental history for the property and other items you don't need for a home loan. You can also check with the Small Business Administration to see if any of their programs can help.
