0
A personal item is returned to the borrower
Wiki User
∙ 6y ago
Autumn Byrd
Add your answer:
Earn +20 pts
How is a primary borrower's credit affected if he or she defaults on a loan but the cosigner pays the loan?
The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.
Who pays loan on joint account when only one signed for the loan then dies?
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
What happens when you default on your loan and the insurance company pays out on your loan?
In most places the money goes to the BANK! Their name is on the title of the vehicle until you make all your payments and they sign a "release of lein".
What do you call it when someone pays back a loan quickly?
A sudden debt pay off is when someone pays back a loan quickly.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
When a borrower pays the delinquent amount on a loan and resumes making regular payments the loan is considered?
current, in good standing, etc.
How is a primary borrower's credit affected if he or she defaults on a loan but the cosigner pays the loan?
The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.
Who pays loan on joint account when only one signed for the loan then dies?
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
When a borrower pays back a loan both the principal and the interest must be repaid What is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?
13,807.50
What does it mean to hold paper on a house?
To "hold paper" on a house means to hold a mortgage or loan on the property. Essentially, it refers to the legal ownership of the property by the lender until the borrower pays off the loan.
What is the meaning of property loan?
A property loan in which property is used as security purpose, Where the borrowers enters into an contract with the loan company where in borrower receives cash upfront of then makes payment in a time period until he pays back the lender in full
What happens when you default on your loan and the insurance company pays out on your loan?
In most places the money goes to the BANK! Their name is on the title of the vehicle until you make all your payments and they sign a "release of lein".
What do you call it when someone pays back a loan quickly?
A sudden debt pay off is when someone pays back a loan quickly.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
What happens to the joint mortgage holder of a take over mortgage if the original mortgage holder pays the loan?
The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.
Refinance Your Mortgage For Less?
A mortgage is a contract between a homeowner and a lender. The lender finances the purchase of the home, and in return, the borrower must repay them over a period of time. In banking parlance, the lender amortizes the loan, usually over fifteen or thirty years. Part of the amortization process is determining what the interest rate on the loan will be. The interest rate applied to the amortized loan balance tells the borrower what their monthly payment will be. If the borrower gets into financial difficulty and cannot make the payments under their current interest rate, they can refinance their loan. Refinancing simply means that their loan is replaced by a loan with a lower interest rate. This can extend the life of the loan. Generally speaking, the homeowner pays off the interest first and the principal second. If they refinance their loan, this will reset all the interest payments they have already made, and they will have to start over from scratch. Even with this downside, they may still save money with the lower interest rate.
