Lien is the term
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
You cannot use check's are collateral. Either cash or bank deposit receipts or property can be used as collateral. Usually check's have a validity period of 6 months after which they are useless. So banks would not accept them as collateral
Yes. The borrower is responsible for any deficiency between the amount of the loan plus applicable fees and what the vehicle sells for at auction. The lender is legally required to get a sale amount as close to the vehicle's real value as is possible. Therefore, the sale price is used to determine the amount owed by the borrower not the blue book value of the vehicle.
They can refuse if the loan outstanding is much more than the collateral provided. Ex: If you have a loan outstanding of 100,000$ and you have provided a collateral of 50,000$ you cannot expect the bank to release any collateral. Lets say your outstanding is only $30,000 then you can expect the bank to release a certain portion of the collateral atleast $20,000
The bank MAY be pursuaded to consider it if the car has enough value. However, you should be asking yourself why you would place your car at risk for someone who cannot otherwise obtain a loan. Can you afford the risk of losing your car. You would need to sign your car over to the bank. If the borrower defaulted the bank would take your car.
No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.No. A borrower cannot "apply" for foreclosure. A bank commences a foreclosure when the borrower defaults on their mortgage payments.
An unsecured loan would be one where the lender is relying on the borrower's promise that the loan will be paid back. There is no collateral involved and that is risky. Bad debt would be considered consumer debt or one that cannot be recovered.
Personnel loan or by using something else as collateral. You cannot borrow money and use an engine as collateral.
You cannot use check's are collateral. Either cash or bank deposit receipts or property can be used as collateral. Usually check's have a validity period of 6 months after which they are useless. So banks would not accept them as collateral
A co-signer is not an owner of the car. As such, the co-signer cannot take the car away from the borrower without the borrower's permission.
The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.
No. An attorney-in-fact cannot write a will for the principal.No. An attorney-in-fact cannot write a will for the principal.No. An attorney-in-fact cannot write a will for the principal.No. An attorney-in-fact cannot write a will for the principal.
Yes. The borrower is responsible for any deficiency between the amount of the loan plus applicable fees and what the vehicle sells for at auction. The lender is legally required to get a sale amount as close to the vehicle's real value as is possible. Therefore, the sale price is used to determine the amount owed by the borrower not the blue book value of the vehicle.
They can refuse if the loan outstanding is much more than the collateral provided. Ex: If you have a loan outstanding of 100,000$ and you have provided a collateral of 50,000$ you cannot expect the bank to release any collateral. Lets say your outstanding is only $30,000 then you can expect the bank to release a certain portion of the collateral atleast $20,000
"overspeculation: During the 1920s, speculators bought stocks with borrowed money and then pledged those stocks as collateral to buy more stocks. Collateral is an item of value that the borrower agrees to forfeit to the lender if the borrower cannot repay a loan. Brokers' loans went from under $5 billion in mid-1928 to $850 billion in September 1929. The stock market boom was based on borrowed money and optimism instead of real value." source: PRENTICE HALL AMERICA PATWAYS TO THE PRESENT *CAYTON *PERRY *REED *WINKLER
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.
If it cannot get the loan refinanced, then the lender could file a lawsuit and/or (if secured by collateral) take the collateral.