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Does loan institution have to notify a borrower in writing concerning potential repossesion?
Wiki User
∙ 16y ago
In Australia yes, There are strict requirements before a lender can sell under power of mortgagee. I would assume this would be similar in the US In Australia yes, There are strict requirements before a lender can sell under power of mortgagee. I would assume this would be similar in the US
Wiki User
∙ 16y ago
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Cosigner repo a vehicle?
If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.
What factors do you base on or consider designing a proper credit policy for a financial institution?
The factors that one should consider in designing a proper credit policy for a financial institution are character, capacity, capital, collateral and conditions. The first factor is character, which refers to a borrower's reputation. Capacity measures a borrower's ability to repay a loan by comparing income against recurring debts. The lender will consider any capital the borrower puts toward a potential investment, because a large contribution by the borrower will lessen the chance of default. Collateral, such as property or large assets, helps to secure the loan. Finally, the conditions of the loan, such as the interest rate and amount of principal, will influence the lender's desire to finance the borrower.
The Process of Attaining a Loan?
Many instances will arise during the course of a person’s life when they need or want to purchase an item for which they do not have enough accessible cash to do so. A few examples of such items would include a car, boat, motorcycle, home, or other big ticket item. In order to pay for these purchases and many others, most people will decide to take out a loan. Loans can be obtained from banks, credit unions, and other financial or lending institutions. A loan is a binding contract between a borrower and lender, and is enforceable by law. When a person makes the decision to take out a loan, they agree to pay the lender back in a specified period of time. In addition to repaying the principal, the borrower will also be required to pay interest on the principal amount of the loan. This interest is a fee charged by the lending institution for the use of their money. Depending on the institution, there may or may not be other fees associated with securing a loan. The borrower also agrees to make timely payments at regular intervals, usually one every month. If the borrower misses a payment or is late with a payment, the lending institution is permitted by law to take legal action against the borrower. Although many people would like to take out a loan, not everyone will be approved to do so. Each lending institution will have its own guidelines and regulations as to the requirements that must be met before a person can be approved for a loan. These guidelines typically are concerned with the annual income of the potential borrower, as well as any current debt he or she may have. Lending institutions also use a person’s credit score and credit report as a basis for deciding whether or not to lend to the individual. The loan process can often be a long one, as the potential borrower must submit many different pieces of paperwork to the lending institution for review. However, after the loan application has been accepted by the lending institution, the borrower will usually receive the benefits of the loan in a very timely manner.
Can a cosigner live in a different state than the borrower?
That depends on the lending institution, but most lenders will accept an out of state cosigner as long as the person qualifies.
Does a car dealership need to state in their contracts anything about repossesion?
First, the loan contract is not with the dealership. The dealership only represents the lender in the transaction. Second, if the lender hopes to protect their interest, then the contract will state "something" about repossession. In fact one of the papers the borrower signs will be a Right to Cure, meaning essentially the borrower is giving future permission for the lender or the lender's agents to enter private property to secure the unit.
How can you make someone refinance a loan to take you off as a co borrower?
Generally, you can't make a co borrower refinance. That must be voluntary. You are responsible for the loan until it is paid off.If there is a divorce the parties can negotiate concerning a mutual loan and the divorce decree can contain a provision that the loan be refinanced.Generally, you can't make a co borrower refinance. That must be voluntary. You are responsible for the loan until it is paid off.If there is a divorce the parties can negotiate concerning a mutual loan and the divorce decree can contain a provision that the loan be refinanced.Generally, you can't make a co borrower refinance. That must be voluntary. You are responsible for the loan until it is paid off.If there is a divorce the parties can negotiate concerning a mutual loan and the divorce decree can contain a provision that the loan be refinanced.Generally, you can't make a co borrower refinance. That must be voluntary. You are responsible for the loan until it is paid off.If there is a divorce the parties can negotiate concerning a mutual loan and the divorce decree can contain a provision that the loan be refinanced.
Is it possible to keep your house when a chapter 13 is dismissed if you pay all the arrearages and keep mortgage payments current?
That depends entirely on the lending institution. In most cases the lender will choose to reaffirm the mortgage agreement with the borrower rather than go through the foreclosure process if they are convinced the borrower's financial situation is stable. The best option is for the borrower to contact the lender directly followed up by written correspondence and for the borrower to be completely honest about his or her current financial situation.
What happens if Im late or cant pay on your cash advance payday loan?
Normally, the financial institution from which you receive your loan will charge you for late fee in such cases. If the borrower can no longer pay for the loan at all, the financial institution will forward or 'sell' the loan to a collection agency.
What are the functions of the borrower's certification and authorization?
It certifies such things as: the borrower is the person who completed the loan application, understand the terms, that all information is true and complete, that more information may be required, and that it is a Federal crime, punishable by law to make any false statements concerning the loan application.
Can you return a car if you cannot afford it?
If you have driven it/owned it for any length of time, no dealership will just 'take it back'. You can always sell it (dealership or private party) and perhaps recoup a bulk of your money. Visit kbb.com for the value of your car so you know what you can expect to sell it for. Good luck! * No. Regardless of the reason or the length of time the borrower has had the vehicle, a voluntary relinquishment of a vehicle is still considered a repossession. That being the case, the borrower would be subject to all legal action and penalties pertaining to a repossesion that are allowed under the laws of the state where the borrower resides, or in some cases the state where the vehicle was purchased.
What is the first disbursement date?
The disbursement date is the earliest day a borrower's financial institution and/or the National Student Loans Service Centre is allowed to negotiate (cash) his/her loan document or grant cheque.
What is a mortgage loan originator?
Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.
