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This is a difficult situation... ing your question requires cosnideration of additional information such as:

What State did you reside when you obtained the loan?

Is the loan secured by a House, a Car, or Other?

Generally speaking, you have a contractual obligation to repay your loan for the agreed upon terms.

Call your creditor and explain the situation...Ask them directly if they have any options that you can consider.

It depends on the lender. If your dealing with Capital One, forget it. They would rather repo the car and for you to get it back after paying all the payments, interest, tow bill, etc. That way, they make more money. Capital One will not work with you at all, no matter what the situation, and even with a promise to pay everything in a month when your disability check came in. Heartless people. There are over 217,000 web sites complaining about Capital One and their ruthless tactics.

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โˆ™ 2015-07-16 19:22:31
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Q: If you will be unable to keep up with monthly payments for about three months is it likely that a lender will work something out with you?
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Related Questions

How many house payments can one miss before being foreclosed?

If it is not specified in the contract then it is likely at the descretion of the lender.


Is it better to finance an auto purchase with a small down payment and high monthly payments or high down payment and small monthly payments?

It is better to finance an auto purchase with a high down-payment and a low monthly payment, because it is less likely for you to fall behind on your payments and acquire debt.


What bankruptcy can you file to keep your home if you are behind in payments?

If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.


Where can one get an unsecured loan with low monthly payments?

There are many places one might go to obtain an unsecured loan with low monthly payments. The best resource for many individuals would most likely be with one's financial institution.


How long takes to affect your credit the late payments on your house?

The lender is likely to report this to the credit reference agencies within a week of the default


Lower Your Payments?

Most banks and car dealer websites have an auto refinancing calculator that customers can use to recalculate their monthly payments. If you have been making more than the required monthly payment, you can most likely get your monthly payment lowered. The interest may be the same or a bit lower if you have been on time with your payments. Be sure to enter all of the information into the calculator correctly so that you have the most accurate payment information.


Can a primary signer get off the loan when the cosigner wants to take over payments?

Not likely, the lender will probably require you to refinance the loan in only the co-signers name.


Are you covered by insurance if you own a home but not making payments on it?

Probably if you have a mortgage on the property. The the bank is probably making the insurance payments for you and just tacking it onto what you already owe them. Many times, your monthly mortgage payment includes amounts that are put into escrow to cover mortgage insurance, property/casualty insurance, and your property taxes. The remainder of your payment is used to pay the debt service (the loan). That said, if something were to happen (for example a fire), the lender would likely take any insurance proceeds, so you wouldn't get anything.


If you have reaffirmed your house in bankruptcy but then got behind again after being discharged what happens?

The borrower should contact the lender as soon as possible and try to find an equitable arrangement to catch up on missed payments. If the lender is not agreeable to such, foreclosure proceedings will likely be implemented.


Can a co-signer call for payment in full if the loan is not being paid?

The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.


What are sale proceeds?

If you are not behind on your mortgage payments, most likely we will not be able to begin the Short Sale process. We never advise a homeowner to stop making payments. If you are current on your mortgage but are unable to make your payments anymore, contact your lender. This would be a good time to proceed with a Loan Modification. If you do, however, become behind on your mortgage payments, we can assist www. disappearingmortgage . com you at that time.


If you have a car that has never run properly do you continue to make payments or let the lender take the vehicle?

Thats a personal decision for YOU to make. You likely will have to pay for any defiencey balance if you give it up.


When you are making your monthly budget what should you do with your yearly car insurance premium that comes due each September?

Your annual statement that you receive is most likely just your renewal notice letting you know what your premium will be for the next year and if there is any change. If you make monthly payments then the notice is not asking for the premium to be paid all at once in addition to your monthly payments. If you have questions about your policy, payments, coverages, etc. you should go in an speak with your agent. I would recommend that you go in to review your coverages every couple of years anyway.


Can a cosigner repossess a car if the primary borrower stops making payments?

No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.


Why do you need a cosigner if you dont have credit?

If you have a bad credit record, that indicates to a lender that you are likely not to repay your loan. If you have no credit record, a lender cannot determine whether you are likely to repay your loan.In either of the above cases, the lender may want you to find someone who has a good credit record that indicates he or she is likely to repay the loan to act as your co-signer. A co-signer becomes equally responsible for repaying the loan with you. If you fail to repay some or all of the loan, the lender can require the co-signer to repay it as if the co-signer had taken out the loan him or herself. (The co-signer can then take action to try to recover the payments from you, but that does not concern the lender.)The co-signer is a person with good credit (or at least better credit than you) to whom the lender can turn for repayment if you fail to repay. Having a co-signer makes the lender more confident that they can get repaid.


Can you get a loan if you are out of work?

If you can prove the ability to make the monthly payments or have collateral then yes. It is most likely that you would have to either own a large amount of paid for property that you could sell if you werent able to make the payments, or you would need a cosigner who would be willing to accept responsibility for the debt.


A lender filed at court to repo your car but since the account has been made current with 20 payments left will they withdraw the motion do they want the car or the money?

In most cases they want the money. The car's value if resold and the borrower's ability to pay any deficit could play a part in their decision. If the borrower can convince the lender they can fulfill the agreement, the lender will more than likely withdraw the filing.


Is it likely that the original lender will accept a settlement offer on a charged off repossession if repo and charge off happened one year ago and you have been making payments?

They wont if you dont ASK or make the offer. Call 'em...


What if I returned my car after purchasing it one year ago because I can no longer afford the payments?

It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.


Can you get a loan without a job but half the money down?

Not likely but only a lender can answer this question. My question is why in the world would you want to take out a loan when you do not have a job earning money. How are you going to make payments on a loan when you have no income. This sounds very foolish to me.


Can you get a mortgage without your lender selling your mortgage?

You have no control over a lender selling your mortgage. However, it is less likely if you do business with a local bank.


If someone has to have a car voluntarily repossessed would the car payment be the same or can it be reduced?

That needs to be discussed with the LENDER before you let it get repoed. Better yet, discuss while you are current on the payments. If you're in a temp shortage, they might work with you on getting around it. If its NOT temp, they will likely want all the money due at one time. TALK to the LENDER about it. Good Luck


Can a lender on an auto loan require a co-borrower or guarantor to go on the title?

The lender can require just about anything, but it is more likely that they will want every name on the title to be on the loan, not the other way around. If anyone should insist the cosigner's name be on the title, it would be the cosigner himself. That will give him a right to take possession of the vehicle if he is stuck with the payments.


How long befor westlake financial repo?

They can for the most part legally repossess the car when you miss 1 payment. This is all spelled out in the contract you signed. In reality they will, more than likely, not start repossession proceedings if you miss 1 payment. Miss 2 payments and they for sure will. If you are having problems making the payments do not just ignore this. Contact the lender and work something out. The last thing you want to happen is get the car repossessed and ruin your credit for 7 years.


about three fourths of my monthly income goes to my mortgage payment how can i get it down to 31%?

To reduce your mortgage payments you need to seek out a mortgage restructuring or loan modification plan with your lender. As it turns out now is a good time to do this as there are federal government incentives to help you reach your goal of 31%. The program is known as the Home Affordable Modification Program (HAMP). First, you need to meet the qualifications for program. You can find these on several internet sites or through your lender. If you qualify, which seems likely in your case, you and the lender will work together to develop a plan that can include some or all of the following: lowering the mortgage rate, reducing the principle owed and restructuring your loan. You will then go through a three month trial period on the new terms. If you keep up you payments through this time the modification becomes permanent and the new loan rate is locked in for five years.