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Answered 2015-07-15 19:50:44

You could go to jail for selling a car that you owe money on. Felonies are different in different states. Call a local attorney and ask for a free consultation. If it is a felony in your state, you're gonna NEED an attorney.

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Can you sell a car that you used a collateral?

No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.


Can you sell your car if it is being used in a cross collateral loan?

No, it has a lien on it. You cannot sell it without permission from the lender.


Can credit union hold title on car if car used as collateral and loan is default?

Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.


What companies sell a fixed home equity loan?

A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.


What does secure loans mean?

A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.


Term describes the right of a lender to sell collateral to get back the principal if the borrower cannot repay the loan?

Lien is the term


What services are offered by a pawnbroker?

They basically offer high interest loans in exchange for holding collateral which they sell if the loan isn't repaid.


How can you be approved for a sba small business loan?

You would have to first find a product to sell. Then you have to have investors, your own money, or collateral to put up for the loan. Contact a bank to make an appt.


Who holds the collateral in a loan with collateral?

Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.


Can you sell your car if they sent you the title by accident and continue your payments?

Not a wise idea because your contract with the finance company probable holds the vehicle as collateral. If you no longer have the collateral they can demand payment in full to satisfy the loan.


If you pay 13000 of a 15000 loan is that taken into consideration when you stop paying?

All payments are considered when you stop paying on a loan. However, when you default on the contract, it is the contract on which you are paying. The collateral only secures the loan, and if there is collateral, it may be secured (repossessed) to be sold to be applied to the balance. If you only owe $2000 on a $15,000 loan, the collateral could be worth a substantial amount. The lender may choose to sell the property for only the owed amount and fees. If so, you are out the remaining value of the property. If the lender wishes, they may choose to sell it for its fair market value, and anything in addition to what is owed should be returned to you.


Can you sell your paid for home if the loans you co-signed for are not paid the loans are being deferred and your home was the collateral?

Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.


What happens when your home is collater for a loan and you sell your home?

Th eloan is repaid with the proceedes of sale prior to you being paid what is left. If the loan is not repaid, you could be in violation of the law for not disclosing the lien.You can not accept money that is collateral against another loan.


If your car is repossessed and sold for less than the amount owed do you have to pay the difference?

Yes. The borrower is responsible for the entire loan amount. The car is considered collateral for the loan. This does not imply that the loan value cannot exceed the collateral value. In fact this happens on almost every car loan, especially with new cars. The lender can repossess the car and sell it. They are required to apply the proceeds from the sale to the loan principal, but any remaining balance is the borrower's responsibility.


Can you sell your home after you use it as collateral?

No, you cannot. The moment you declare your home as collateral, the bank would take control of the home documents. Until you finish repaying the loan fully, the bank would not release the documents. During this period, trying to sell your home is a criminal offense and the bank can have you jailed for this


What is meant by the term security when obtaining financing?

Security indicates something of value that is pledged against the loan. Pawn shops take valuables and loan money against them. The item is held as security or collateral for the loan. If the loan is not repaid, the pawn shop will sell the item to get their money back. When buying a car or a house, the vehicle or property usually stands as the security for the loan. If the loan is not paid, the loan company will take the vehicle or foreclose on the property so that they can sell it and get their money back.


If you can't afford your auto loan but owe more than you can sell the car for is there any way to get out of it without having it reposessed?

Yes. Talk to the lender and tell them you want to sell the car, give them the proceeds from the sale, and take out another loan for the balance due. It can be a personnel loan or use something else as collateral. Do whatever you can to avoid having the car repossessed.


Can you add someone to the title but not the loan?

No. A lender needs to have a "security interest" with anyone who has rights to the vehicle. If an owner is listed on the title they have the right to sell a vehicle. A lender does not want to be in a position where a non-borrower has rights over property used as collateral on a loan.


Can you be on a car title without being on the loan in nc?

Yes. You will usually have to sign as (owner of collateral other than a borrower). This will protect the financer in case the loan goes into default.It simply saysyou understand the car is being held as collateral for the loan& if the person on the loandoes notpay, you are giving up your right in the car & they can pick it up& sell it.I do not know if all finance companys allow this but all credit unions I know of do.


What happens if you default on a bridge loan?

A really good question. First a little about bridge loans. Very simply put, a bridge loan is a short-term loan that a obtains to facilitate the financing of a property. It is a kind of financing that the borrower uses when they are expecting to sell a property quickly or refinancing within the near future. Like other loans, there needs to be some kind of collateral put up for the bridge loan. If you default on the loan, the bank will be able to seize whatever you put up for collateral. Most of the time this means the property that the loan was used for. Learn more at http://www.bridging4u.co.uk/


Your car was used a collateral on a personal loan and you want to sell it to pay off the loan how do you go about this either to an individual or a business that buys used cars?

Talk to the lender who holds the lien on the vehicle and tell them you plans. They will help you do this. You will need their permission and a lien release.


Can deed of trust be used as collateral for a Mississippi home equity loan?

No. A deed of trust demonstrates that a bank (or other lending institution) owns the property, however, the bank may not sell or pledge the property unless the borrower had not met loan conditions. Even if you are the lender (and, therefore, have been given a deed of trust), unless the people that you have made the loan to fail to meet obligations, you may not use the piece of paper or the underlying property as collateral.


Can you get a loan to pay gift tax on property and use the same property as collateral?

If you have gifted the property, which obligates you to pay the gift tax, then you no longer HAVE it as collateral for any purpose, at least to the extent you have reduced its value through your gift. For instance, if you gift your child $15,000 worth of your house, the value of the remaining ownership is practically worthless as collateral since it would be impossible to sell it without permission of the other parties on the deed.


What are secure claims in chapter 13?

Secured claims are those debts that have been secured by collateral. Because of this, the creditor can take the collateral and sell it, if the debt isnâ??t paid. Some examples are home mortgages and car loans. With Chapter 13, the loan would have to be paid for these claims if the owner wishes to keep the property.


What happens if you sell a gun illegally to a minor and its is used in a murder?

If it is illegal, you will be prosecuted.