Like so many mortgage questions, the answer is "it depends". The basic guideline answer is that FHA financing is allowable after a minimum of 2 from the time a Chapter 7 bankruptcy is discharged and for Chapter 13, at least one year of the payment plan arranged under the filing have been made and all payments have been made on time and the Trustee says it okay in writing, then FHA financing may work.
Thereal question that an Underwriter is going to ask is "What led to the bankruptcies?" Typically, they are looking for one time events (severe illness, major job loss etc) that can be considered one time occurrences and that bankruptcy filing is not a pattern. That may be the tough part but the only way to find out is to ask. Best advise if you decide to move forward is find a mortgage lender who has FHA underwriters on staff and not a broker who has to pass the file on to another company to make a loan decision. Brokers are great but your circumstance probably requires a direct lender with a good deal of FHA experience. Ask around (real estate agents, etc) and you'll find a direct lender I'm sure. Best of luck!
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
To let lenders take back property they financed if you don't repay your loan
If you want to refinance a loan, discuss it over with the company/people who you had a loan with in the beginning. Whoever you financed a loan with first, refinance with them again.
Generally, the closing costs associated with a VA loan average between 2% and 5% of the amount to be financed.
Depends on your insurance company.
What is the average amount financed in an auto loan
Legally, NO !!! can you, sure!! LOL
Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.
To let lenders take back property they financed if you don't repay your loan
If you want to refinance a loan, discuss it over with the company/people who you had a loan with in the beginning. Whoever you financed a loan with first, refinance with them again.
It is not illegal to use a financed vehicle as collateral for another loan, but it's important to check your financing agreement to ensure there are no restrictions. Additionally, defaulting on the new loan could put your vehicle at risk of repossession by the lender.
Generally, the closing costs associated with a VA loan average between 2% and 5% of the amount to be financed.
amount financed = cash price - down payment
Yes when you pay off your auto loan the payment should be made to the lender. In fact all auto loan payments should be made to the lender who financed the loan.
Yes. It is difficult for an 18 yr old to get a loan. 18 is the earliest age that anyone can enter into a loan contract.
That depends upon the terms of your loan; typically additional insurance called "credit life" needs to be purchased on the value of the loan.
Not if it is 100% financed or on a lease. A judgment creditor can force you to sell it for its market value, pay the lender what is due on the loan and take the rest.