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What is the term used for a simple endorsement using signature only?
A signature loan or a personal loan. It has this name because there is no collateral for the loan. The only thing that is guaranteeing repayment is your signature.
Can the original debtor make profit on an assumption loan?
Yes, depending on the following: (1) The assumption terms of the loan (usually an assumption loan has a higher interest rate, fees for assumption, etc.) (2) The contract between the original debtor and the party assuming the loan (the original debtor may charge the assuming party for the right to assume the loan) Generally, the entity that makes the MOST profit out of an assumption loan is the lender who services that loan at the time of transfer.
What is benevolent loan?
This is a loan extended on a goodwill basis, and the debtor is only required to repay the amount borrowed. However, the debtor may, at his or her discretion, pay an extra amount beyond the principal amount of the loan (without promising it) as a token of appreciation to the creditor. In the case that the debtor does not pay an extra amount to the creditor, this transaction is a true interest-free loan.
How do I get payment on a defaulted personal loan?
foreclose the debtor assets...
What can a creditor do with a final judgment in Florida?
The judgment can be executed as a bank account levy or wage garnisment or liens against real property solely owned by the judgment debtor or to seize and liquidate any unexempt property that is owned by the judgment debtor.
If you are the co-buyer on the car is the loan in your name also?
IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.
Can a lien for an unsecured loan be filed against a law suit?
A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.
What chapter proceeding the debtor surrenders his nonexempt property for division among his creditors?
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
What type of insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is repaid is called?
The type of insurance designed to pay off a loan if the debtor dies before it is repaid is called "credit life insurance." This insurance provides financial protection to borrowers' beneficiaries by covering the outstanding loan balance upon the borrower's death, ensuring that loved ones are not burdened with the debt.
What is an unsecured signature loan and how does it differ from other types of loans?
An unsecured signature loan is a type of loan that is not backed by collateral. Instead, the borrower's signature serves as a promise to repay the loan. This type of loan differs from secured loans, which require collateral, and from other types of loans like mortgages or car loans that are tied to specific assets.
Need a sample of a letter of instruction requesting liquidation of account?
simple request letter to liquidate loan
