It is very risky and difficult for one to get a bank loan after going bankrupt.But you can actually go for a loan considering what kind of business or project thefund is to be invested on. Besides before this loan can be granted to you, theyhave to be collaterals and security measures put in place outside the otherbusiness collaterals that led to your bankruptcy in order to prevent reoccurrence or loss.
Unused loan loss reserves represent an overestimation of the bad loans on the books. Ultimately, the unused loan loss reserves would be taken into income
loan loss reserve: loans are going to default so banks use part of provision to book reserve. loan loss provisions: percertage of gross loans that all banks have to keep in their balance sheet as regulated
On the high side 15 bips of the loan amount should be set aside for loan loss reserves. example a $100,000. loan amount $150.00 should be set aside for the llr.
Profit and Loss.
You are certainly responsible for the actions of primary to the extent of the loan. No. In no way could a person be held legally responsible for an accident on grounds that they were the cosigner of the loan that procured the vehicle. You are neither responsible, and the other side of the issue, nor at any particular risk of loss. Even if the owner is entirely liable, and unresponsible to the degree of not having insurance or other assets to pay for damages they caused, any judgment against them would probably try to get other $ first, and could only try and get to the equity, that is the amount of value above the amount of the secured loan on the car, if any, AFTER paying off the secured creditor - which is the loan you co-signed, releaving you of any responsibility. But, it would make just as much sense, and maybe more, for someone to sue the bank that made the loan as to try and get you, a co-signer of the loan, involved.
GAP insurance helps cover the difference if your car is deemed a total loss and is worth less than what you owe on the loan. GAP insurance only runs out when you pay down your loan enough that you have equity in the vehicle.
the safe bet is to call them about it. I would assume no though because that's how it works with federal loans and such. there is probably some legal work that needs to be done with sallie Mae for sure so contact them. im sorry for anyone's loss.
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The fact it was charged off means nothing to you...it is simply an accounting entry by the lender so his financial reports record the loss on the loan. You still owe it and they have the right to collect it.
The person or business may not pay the loan back and the bank has to take the loss
Circuit City declared bankruptcy because of poor timing and bad management which resulted in constant profit loss.
Time to break out the policy and have a look. Most the time they will not give you enough to pay off your current loan. Even though your car is no longer salvageable, you still are responsible to pay for the remainder of your loan.
After a total loss if the loan is not completely paid off by the settlement then the one who has been responsible for the payments will be responsible for any remaining balance with interest. There are so many different insurance and finance companies and they all have different rules you should make appropriate contacts to get the actual answers.
The duration of Total Loss is 1.58 hours.
That depends on the state you live in and the loan company. Talk to your lawyer about this. The bank can always agree to rewrite the loan, which is essentially what has to happen for it to be given a new interest rate. Why they would provide a bankrupt a loan, especially one at a lower rate, I don't know. Maybe they don't want the security back, and feel they would have a greater loss by doing so and in order to prevent a loss by your BK they would rather get less on the existing one. So while you may be able to reaffirm (or get someone to give or maintain your creditability)...you cannot just decide to change the terms to what you want and reaffirm.
my mortgage balance is less than the total loss insurance claim check, how do i get the money difference to rebuild? I would like to keep the loan in place and have the money to replace the home that burned, the check is made out to both of us, mortgage company and us. Will they refund the money or pay off the loan? I need the balance to make improvements on the home that we are replacing. Which would be valued more.
Amount of money that a bank might lose because of its loan not being fully repaid.
If your vehicle it considered a total loss, your Total Settlement Value will include Taxes, Transfer Fees, Deductible and your Loan/Lien. *This is with State Farm Insurance, I am not sure about other companies.
Total Loss was created on 2000-02-10.
profit or loss
No, most lenders will be looking at your credit before they accept you as a cosigner. They are looking for someone responsible since you are in essence saying that you will be paying the loan if the primary signer can't for any reason--sickness, death, layoff, loss of job etc. It will be your job as a cosigner to follow up and making sure the primary person is making payments...if they are not you will need to. This will affect your credit if you let it go...and it will not be good. It could also last for years affecting both of your credit reports..
How can you have GAP insurance on an uninsured car? You have to have a basic policy to add this. actually the terms of my GAP insurance stipulate coverage of a total loss even without primary coverage. that surprised me, but it states "if there is no primary insurance at the time of loss, actual cash value shall mean the retail value of the vehicle...". this raises some interesting issues about not carrying collision, but as GAP only covers the difference between book value and loan balance under the condition of a total, and in NJ at least, to have a car loan you must carry collision, the point seems rather moot. maybe other states don't require collision with a car loan [but I doubt it]...in any event, GAP wouldn't cover anything less than a total loss. A little twist to your question. What is the answer to the following question. Does GAP Insurance cover insured vehicles (comprehensive) in a total wreck, when the claim is denied?
YOU PAY DIF BETWEEN 'BOOK VALUE'-usually Trade In Value/Wholesale-AND WHAT YOU OWE...did you think you'd 'slide' on rest? didn't know 'rest' existed?