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What other ways can the lender collect the money if you are retired and have no income?
Wiki User
∙ 19y ago
After the lender gets a JUDGEMENT for xxx number of dollars, they can attach other property you own, Depending on your state laws.
Wiki User
∙ 19y ago
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If you are the co-signer and the primary defaults what happens if you do not pay the loan back either?
The lender will get a judgment against both of you and collect from whomever has the money.
If a second mortgage is forgiven by the private lender are there tax or income implications?
Yes. And it does not matter that the lender is a private lender. If a debt is forgiven the borrower has in effect received money or something of value without having to pay the money back. Proceeds of a loan are not consider income unless the loan is not paid back. It is like the lender paid you an income or gave you a gift. A loan from a private lender that was secured by a second mortgage and later forgiven can be a sign of mortgage fraud. The 'technique' is sometimes used to obtain a loan from a conventional lender (the 1st mortgage loan) where the 1st loan could not be obtained if the lender's underwriter was told the 2nd was going to be forgiven. Documentation in the public record of a possible fraud. Maybe not that likely to be noticed but no less illegal.
When you owe money to another lender you are a .?
When you owe money to another lender, you are a _____.
Is it possible to get a new mortgage on a mortgage free home without income verification?
That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.
How can you get a car loan when your monthly income is not always the same?
With any loan -- whether it's for a car or a home or whatever -- the lender needs to know what your income is over time. If your income is all over the place, then you'll probably need to show the lender your last year's IRS Form 1040 -- maybe even two or three years' worth of 1040s. The lender simply needs to be able to see that even if your income jumps around, over time you make enough to cover the payments. You'll simply need to assure the lender that you know how to so budget your money that even though it comes in spurts, you will always have enough to make the payments. Simple as that.
Can the lender collect the rest of the money you owe on a car that they repossessed?
In most cases, YES
How much money does the US government collect in income tax?
2.16 trillion
Does a hard money lender require a credit check or income verification?
johni:No.the loan is based on the lendees assets.
How does a lender get a judgment against you for a loan when they repossess a car?
You owed more money than the car was worth and they wish to collect the balance.
What is your business?
When a customer's loan or bill goes into default the company that lent the debtor the money will try to collect the debt. Most debt collectors are from the actual lender or are contractors that have purchased the debt and will try to collect the money from the debtor with interest.
Does Texas collect an income tax?
yes how will they get money for air in the police depatment...there not going to pay it
Local government collect most money by taxing what?
Local government collect most money by taxing products and services. The individual income is also taxed as a way of collecting revenue.
Can rent a home i own and still collect ssi?
You can rent a home and still collect social security money. Social security money is meant to be a subsidy and not your only source of income.
1099-c from a short sale on a home?
Represents the cancellation of debt, which is income you received. The same as if the lender gave you money.
If you are the co-signer and the primary defaults what happens if you do not pay the loan back either?
The lender will get a judgment against both of you and collect from whomever has the money.
What is the farmer and the money-lender were alike?
what is the farmer and money-lender were alike
When you owe money to another lender you are?
When you owe money to another lender, you are a _____.
