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.
If it is not specified in the contract then it is likely at the descretion of the lender.
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.
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.
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.
The lender is likely to report this to the credit reference agencies within a week of the default
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.
Not likely, the lender will probably require you to refinance the loan in only the co-signers name.
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.
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.
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.
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.
Thats a personal decision for YOU to make. You likely will have to pay for any defiencey balance if you give it up.
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.
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.
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.
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.
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.
They wont if you dont ASK or make the offer. Call 'em...
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.
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.
You have no control over a lender selling your mortgage. However, it is less likely if you do business with a local bank.
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
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.
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.
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.