Should you default or become delinquent on any credit line/loan, the lender has the right to repossess your assets, regardless of whether it is your first home or fifth home. This can vary from lender to lender, and can only be confirmed in the agreement you signed with your lender. In general, yes, they can; contact your specific lender for confirmation.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
First of all, you signed an agreement with a fixed rate, and just because it was sold does not mean they have the right to change the mortgage agreement. If you signed a new mortgage agreement stating the new agreement then you are liable for that, but you can call your mortgage company and tell them you have a copy of the agreement you signed and, that you didn't agree to an arm. To sum it up, unless you re-signed a mortgage agreement, they DO NOT have the right to change anything just because they have baught your mortgage from your original mortgagor. Please do not let them run you over. Good luck.
That would be at the discretion of the lender(s). If an agreement is made and all terms are lived up to, the lender probably will not report the default to CRA's.
A co-borrower, co-maker, or co-signer make a promise to a lender to repay a note or complete an agreement. The co-borrower, co-maker, or co-signer are generally not the primary recipient of the note or agreement but simply provide additional guarantees to the lender. This is usually done when the borrower, maker, or primary signer does not provide sufficient security or confidence to the lender.
Greg, the lien was put on the car as part of an agreement between you and the LENDER. You cannot change that agreement without the permission of the LENDER. That agreement was dependant on YOUR credit rating and can only be tranfered to someone with equal credit and the lenders acceptance. Call the lender and see if they will let someone assume the loan and remove you from it.
Yes. And read your loan agreement.
An agreement beteen two creditors agreeing in advance how their competing interests in their common borrower will be dealt with.
When a lender finances a coop purchase there is an Aztech Recognition Agreement. The lender agrees to recognize and give the coop corporation the first lien on the unit. Three copies are signed by lender, purchaser, and coop board. In other words the coop gets their maintenance that is in arrears before the lender can foreclose when someone defaults on their loan.
As little as 1. Depends on the lender and the agreement you signed. Read the loan agreement. My advice. Call the lender and talk about this. Work something out! You do not want your car repossed.
Financial hardship in a loan agreement refers to the fact that the person is struggling to repay their loan. They may be struggling to repay to the lender's agreement.
loan
Yes, but it has to be with the agreement of the lender.
You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.
Inter-service
No. A lender can foreclose only if you default on your mortgage payments. There are probably tens of thousands of homeowners who are making their mortgage payments on time even though their property has decreased in value. If there is no default there can be no foreclosure. I respectfully disagree. Okay it must be noted that we do not know the details in the lender's agreement with the signatory. Therefore it is possible for a lender to initiate foreclose based on something within the agreement something in the contract that has been violated. A foreclosure can in theory occur if you are making your payments because often times that is not the sole condition in the lender's agreement.
A personal loan agreement is signed document signed by two parties; the borrower and the lender. The borrower agrees to pay the loan to the lender along with an agreed upon interest rate and the lender agrees to pay the borrower an agreed upon amount of money. Here is a very basic loan agreement, this does not include collateral. This is only for an unsecured personal loan agreement. Secured loan agreements carry more detail do to the sensitive nature and wording that is required in the event that the borrower defaults and the lender needs to settle in court. Any agreement signed by both parties should be notarized by a third party to bare as witness. PERSONAL LOAN AGREEMENT FORM BORROWER _Brian W Conger LENDER _Allen Grundvig DATE LOAN IS MADE _November 08, 2012 PLACE WHERE LOAN IS MADE _752 Main Ave N, Twin Falls, Id 83301 AMOUNT OF LOAN $ 900.00 AMOUNT OF INTEREST $200.00 LOAN REPAYMENT SCHEDULE Payment of $100.00 due on the 10th of the Month AGREEMENT: BORROWER AND LENDER BOTH AGREE TO THE TERMS AS DESCRIBED ABOVE. SIGNATURE OF BORROWER _________________________________ SIGNATURE OF LENDER ____________________________________ THIS AGREEMENT IS NOW IN FORCE!