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If you default on a loan used to purchase a piece of property you usually lose the property through foreclosure.
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∙ 14y ago
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What happens when you Default on a private mortgage?
Unless you can enter into a mutual agreement with the lender they have the right to take your house or what other equity you may have used to guarantee the loan.
Can credit union hold title on car if car used as collateral and loan is default?
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
What is a non purchase money loan?
A purchase money loan is a loan usually used to buy a home. A non purchase money loan is a loan for other reasons where the lender does not know what is being bought.
What is a mortgage loan used for?
A mortgage loan is used to purchase real estate, usually a home.
What does it mean when a debt or a loan is personally secured?
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
Can bank file criminal complaint for business loan default?
If it was a normal default, then they couldn't/wouldn't... but if there are criminal circumstances surrounding the loan, for instance if the bank finds out the loan was given based on lies by the person applying for the loan, or the money was used in a criminal endeavor, then of course they can file a criminal complaint.
What happens if collateral used for loan is sold before the loan is repaid?
You are still responsible for paying the loan as before.
Where can we get a car loan rates quotes for free?
I recommend roadloans.com. The site allows you to get new and used purchase loans, Refinance loans, a loan for a purchase for an individual, and a cash-back refinance loan.
What happens if you default on a bridge loan?
A really good question. First a little about bridge loans. Very simply put, a bridge loan is a short-term loan that a obtains to facilitate the financing of a property. It is a kind of financing that the borrower uses when they are expecting to sell a property quickly or refinancing within the near future. Like other loans, there needs to be some kind of collateral put up for the bridge loan. If you default on the loan, the bank will be able to seize whatever you put up for collateral. Most of the time this means the property that the loan was used for. Learn more at http://www.bridging4u.co.uk/
What is an auto finance?
Auto finance is a loan used to purchase an automobile
What is Auto finance?
Auto finance is a loan used to purchase an automobile
What is mortgage used to purchase?
A mortgage is a loan that is secured by real property.
