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Generally, the lender will sue you in court and obtain a judgment lien. The lender can use the lien to take possession of any property you own to satisfy the debt. If the line of credit is an equity credit line mortgage, the lender can take possession of your property by foreclosure. Finally, your credit will be ruined.
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What is credit and what is debt?
Credit is having a certain amount of money available on a pre-approved line. Debt is what happens when you use that line of credit and have to repay the money with interest. It is better to save up the money and pay cash or use debit
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
How does the GE Creditline compare to other credit cards?
GE Creditline is just like most other credit cards. The interest can be 29% depending on your credit history. There are several fees if you do not repay the line of credit on time.
Is the energy credit a nonrefundable tax credit?
This is a nonrefundable tax credit and when your income tax liability is -0- ZERO you cannot use any of the nonrefundable tax credit to reduce your income tax in the current year 2009. You can carry it forward to a future year. Form 5695 line 28 Credit carry forward to 2010. If line 27 is less than line 23, subtract line 27 from line 23
Is obtaining either a home equity loan or a home equity line of credit based on your credit score?
I cannot think of any time when borrowing money that credit is not a considerable factor. So, yes, your credit score is a factor when borrowing money for either a home equity loan or a home equity line of credit.
What is credit and what is debt?
Credit is having a certain amount of money available on a pre-approved line. Debt is what happens when you use that line of credit and have to repay the money with interest. It is better to save up the money and pay cash or use debit
What is the best way to repay a home equity line of credit?
As fast as you possibly can.
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
Can a bank take your personal property if you can not repay a line of credit?
Yes if it is charged to the bank. Otherwise through legal proceedings.
How does the GE Creditline compare to other credit cards?
GE Creditline is just like most other credit cards. The interest can be 29% depending on your credit history. There are several fees if you do not repay the line of credit on time.
What happens after you request a free credit report on line?
You get a free credit report online just make sure its trusted
What happens to home equity line of credit at death?
The loan will come due in full immediately if it is not a joint loan. If there is another person at the home, say a wife of a deceased husband who had the line in his name alone, they will have to be approved for a loan of their own. You cannot have a loan on property that was approved with another persons income/credit score.
I took a line of credit out 10000 for my sister who is in debt and she is now paying me the minimum payment per month to pay the debt is there any way to transfer the debt to her?
There really are only 2 ways to transfer this debt to her, and both may be unlikely if she has a poor credit rating:Ask the lender to add her name and remove your name: This rarely occurs, since it absolves you of all liability of repaying the debt. A lender will want to retain the account holder most likely to repay (the one with the higher credit score).She can apply for a separate loan and use the proceeds to repay your loan. It is doubtful she would be approved for a loan with reasonable interest.Usually, obtaining more debt does not improve a situation. You are a good sister to do this, but know that it could catch up with you in the end if something happens and she cannot repay the debt. Next time, you might want to advise that you are not a bank!
What happens when you try to calculate the slope of a vertical line?
You cannot: the slope is not defined.
Is the energy credit a nonrefundable tax credit?
This is a nonrefundable tax credit and when your income tax liability is -0- ZERO you cannot use any of the nonrefundable tax credit to reduce your income tax in the current year 2009. You can carry it forward to a future year. Form 5695 line 28 Credit carry forward to 2010. If line 27 is less than line 23, subtract line 27 from line 23
What happens to unpaid expired credit card?
Only the card expires, not the line of credit it is attached to. So interest will still accrue on the unpaid debt.
Can I Attach Multiple Business Managers To One Line Of Credit?
No, you cannot. If for instance you've got a line of credit for the South America office versus the North America you will have to produce a Manager for every site.
