It would depend on the contract you had
To open an equity line of credit you need to discuss your needs with a lender. The lender will then obtain your information and run a credit check. If you pass the credit check, the lender will then make sure your property is free and clear of any judgments and/or liens. After the property is found to be free and clear, the lender will allow you to take out an equity line of credit loan against the property.
VERY MUCH affected. You AND Pop will be expected to pay the balance due after the lender sells the truck. Try to sell it yourself.
A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.
A lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a title report can show any and all bankrupcies and/or judgments against a person. If any money is outstanding from the foreclosure,it may be found inthe judgments.
YES! A repo is a repo. If you turn the vehicle in to the lender and stop making payments this is called a voluntary repossession. The lender will sell the car and you will be responsible for the difference in what the car sells for and the balance on the loan. It will be reported to all 3 credit bureaus as a default on a loan, and your credit will be ruined for 7 years. You would however save to repo fees such as towing. Do not do this. Call the lender and work something out if possible.
Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.
== == I know they can't garnish your wages but not sure about liens.
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.
A lender can use a credit card in various different ways. They lender can issue the credit card and make money from the interest. The lender can also take credit card payments from the borrower.
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
A repo is a repo, voluntary or not. Do not do a voluntary repo or any other repo. Terrible idea!!! Call the lender and work something out. See if you can find someone to take over the payments or possible sell the car to another part and pay off the loan. If you are upside down on the loan, then sell the car and borrow the balance to pay it off. Having your car reposed is a very bad idea. Your credit will be ruined for 7 years. You will also have the pay the difference in what the lender sells your car for and the balance on the note, plus repo fees. Do whatever it takes to prevent this from happening. I can assure you the lender does not want to repo your car. Call them!!!!
Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!
It helps your pocket but NOT your CR. The repo is still there unless you negotiate with the lender to remove it also.
will this hurt my credit?": only if the is a balance due after the lender sells it(likely) and you co-signed the loan.
Yes! It will still be listed on your credit report as a voluntary return and you will still be responsible for the cost
The only way that one can change an annual percentage rate on a loan or credit card is to renegotiate the terms of the loan or credit balance with the lender. Another way would be to simply refinance the balance.
A balance transfer is when you payoff what you own on one credit card, with another credit card or loan.A "balance" is what you owe.Usually balance transfers are done when another credit card company offers you a lower interest rate.Before you do a balance transfer, make sure there are NO FEES associated with it.Answer:Most of the companies offer balance transfer from old card to new that they offer to attract the customer to their product. they even provide the grace period to pay back the balance to the lender.
That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.
Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that the balance is at zero and when it was paid off.
In California, yes. In some states, no (i.e., Texas). There is no legal difference for deficiency balance between voluntary and involuntary repossession (it should cost less to just pick your car up than it does to have an involuntary repo, which would save you some money if you are going to pay off the deficiency balance). However, you might be able to come to an agreement with the lender to make reduced payments and keep your account current and your credit good. This is all assuming the lender is not able to sell your car for as much as you owe them. If they sell it for more (including costs of repossession and sale) then by law they must refund the difference to you. If you think about what that would cause IF it was true, you would knnow the answer. Did you read your contract??? If you were a LENDER, would you loan money in a state that didnt allow you to collect the balance owed if the debtor did a Voluntary repo???? That would only serve to drive up the costs to those debtors would DIDNT do a voluntary repo. ??YES.
Voluntary forclosure is when you call your lender and tell them you are voluntarily forclosing. This way the lender knows to sell the home before the bank "forcloses". I heard when the bank sells the home for a lower amount than the payoff, they can come after you to pay back the difference. By volunteering, you have open communication with the lender where the house can be put on the market asap rather than after the fact. You are off the hook but its stamped on your credit for a very long time.
Voluntary alienation is when the owner voluntarily gives up their rights to the property such as in granting a mortgage to a lender.
the same as an invol. Depends on your state laws. If the lender has gotten a judgement, it could be a long while.