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What might happen if a lender gives you more credit than you are able to repay?
Wiki User
∙ 6y ago
i don’t know
Anonymous
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What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
What problems might one face trying to get a mortgage with bad credit?
If someone has got a bad credit record then they will have difficulty getting a mortgage. This is because the lender would want to be sure the money will come back to him and a bad credit record suggests it might not. Therefore not many lenders will lend and if they do the rates of interest will be higher.
Will a mortgage lender know about a past foreclosure if it is no longer on your credit report?
A lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a title report can show any and all bankrupcies and/or judgments against a person. If any money is outstanding from the foreclosure,it may be found inthe judgments.
How does one refinance their loans if they have bad credit?
If one has bad credit, refinancing a loan might be difficult. One should first find out his/her credit score, and then research and shop around to different lenders. Then one should pick the lender that offers the lowest rate.
How do you get a lender to remove late payments from your credit report?
You can contact the lender and ask to have the late payment removed. They might remove it if you have had a good payment history in the past with them. You could also negotiate to pay off the balance to have it removed.You can send dispute letters to the credit bureaus asking for verification on the account. If the account is not verified with in 30 to 45 days it must be removed.
Is it possible to remove a secondary cosigner from a car loan?
Co-signing is all about CREDIT. If the buyers credit has improved enough or the buyer has paid enough on the loan to have EQUITY, the lender might remove the co-signor. Its up to the LENDER.
What if the lender can not find any information on repossession that is on your credit report?
It might not have been turned in. If not, consider yourself fortunate.
How might consumer credit laws contribute to the empowerment of individuals?
Seller and lender abuses are reduced under consumer credit laws, which could empower individuals.
If your auto loan hasn't been updated on your credit score since Oct 2006 and you have made six payments that have yet to show up does this affect your credit if all payments are made on time?
if your payments are made on time, and your lender reports to credit bureau, your credit score might decrease, because your lender didn't report your auto loan. however, once report is made by your lender, following month your credit score will jump a little.
What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
What problems might one face trying to get a mortgage with bad credit?
If someone has got a bad credit record then they will have difficulty getting a mortgage. This is because the lender would want to be sure the money will come back to him and a bad credit record suggests it might not. Therefore not many lenders will lend and if they do the rates of interest will be higher.
who will refinance my car when im unemployed?
Check with the lender that financed your car in the first place. If your credit and payment record are solid, you might be eligible for refinancing of the current loan. Your ability to refinance will depend primarily on your credit history.
Will a mortgage lender know about a past foreclosure if it is no longer on your credit report?
A lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a title report can show any and all bankrupcies and/or judgments against a person. If any money is outstanding from the foreclosure,it may be found inthe judgments.
How does one refinance their loans if they have bad credit?
If one has bad credit, refinancing a loan might be difficult. One should first find out his/her credit score, and then research and shop around to different lenders. Then one should pick the lender that offers the lowest rate.
Dad dies and leave his home to his son. Son wants to keep the house but his credit is not the best although he can make the payments. What can he do?
If your credit score above 500 , and have been employed for at least 1 to 2 years, you might be able to get a loan through your bank or credit union to buy out the mortgage from the current lender. If you have not ask the current lender how you can assume the loan, try asking them and explained them about your situation and see what you can do.
What is the difference in a charge-off showing on your credit verses a repossession?
In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.
How can one buy a house with bad credit?
If one has bad credit then one can only buy a house if one can convince the mortgage lender that one is able to pay for it. This might need proof that one is paying off any debt and clearing the bad credit record efficiently.
