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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?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 8y ago
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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.
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.
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.
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.
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.
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.
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.
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.
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.
