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Is a co-signed loan on my credit report?
The short answer is yes. The long answer is that when you co-sign a loan for another person, you agree to be responsible for that loan should they default so if they fail to pay the loan back, the creditor will expect you to shoulder the responsibility. If you fail to pay the loan back, it goes on your credit report.
To fail to pay a loan or mortgage?
default
What does secure a loan with a mortgage mean?
It means if you fail to keep up the payments of the loan then your home will be sold to clear the loan and you'll be out on the streets.
What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
What is suspensory loan?
A suspension loan is a loan that has a first payment due date in the future. The person can get the loan, and does not have to make payments right away. This is a type of loan that many retailers use, especially furniture stores. A person purchases merchandise, and does not need to make any payments for about 6 months or more. If the furniture is paid in full by the end of the six months, the loan is considered paid and there is no interest attached.
Can a vehicle be impounded or forfeited?
Yes, it can if you fail to pay the legal fees or fail to make your monthly payments on a loan.
Is a co-signed loan on my credit report?
The short answer is yes. The long answer is that when you co-sign a loan for another person, you agree to be responsible for that loan should they default so if they fail to pay the loan back, the creditor will expect you to shoulder the responsibility. If you fail to pay the loan back, it goes on your credit report.
What is meant by a mortgage?
A mortgage is a loan with your real estate as security for the loan. If you fail to make regular repayments of the loan the lender can take possession of the real estate and sell it to repay the loan.
To fail to pay a loan or mortgage?
default
To fail to pay a loan or mortgage when it is due?
Default
WHEN SOME ONE FAIL TO PAY THE LONE OF BANK?
Bank loans are usually secured on the person's property. If the borrower fails to pay the loan back to the bank - the bank simply 'forecloses' on the loan - and seizes ownership of the property.
If I'm getting a co-signer for a car what do I do?
You must make certain the person who has agreed to co-sign your loan understands they will be fully responsible for paying the debt if you default on the loan or if you die while the loan is outstanding. Their name should also be on the title to the car and the insurance so they can be notified if you don't pay the insurance or take the car over if you fail to pay and they must make the payments. Most people don't realize all the financial responsibility that comes from co-signing for another person's car loan. If the co-signer owns any real property it could become vulnerable to your creditor if you default on the loan.
What does secure a loan with a mortgage mean?
It means if you fail to keep up the payments of the loan then your home will be sold to clear the loan and you'll be out on the streets.
When does a repossion occur?
When you fail to pay for something that is security for the loan.
What does it mean when you fail to pay a loan or mortgage when it is due?
default
What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
What is suspensory loan?
A suspension loan is a loan that has a first payment due date in the future. The person can get the loan, and does not have to make payments right away. This is a type of loan that many retailers use, especially furniture stores. A person purchases merchandise, and does not need to make any payments for about 6 months or more. If the furniture is paid in full by the end of the six months, the loan is considered paid and there is no interest attached.
