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What should you do if someone else has taken out a loan in your name?

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βˆ™ 2007-05-25 00:37:33

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You should call the police and let them know.

2007-05-25 00:37:33
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Q: What should you do if someone else has taken out a loan in your name?
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A personal loan is an asset to the estate. As such it can be willed to someone else if there is proper documentation of the loan.


What is the term for a person who has taken a loan?

The term used to refer to someone who has taken out a loan is, borrower.


How do you get out of a used car loan?

To get out of a used car loan, pay off the loan or find someone else who will do that.


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Yes. A license cannot be 'loaned' to someone else.


Can someone purchase a vehicle then register that vehicle to someone else but continue to pay for the loan?

Yes, you can take out a loan for a vehicle for someone else and make the payments on it, but the only way you can put the vehicle in their name is if you have their permission.


Can you get a loan for someone else?

Yes, but you will be the one responsible for repayment, and it will be your collateral that is seized or forfeited if the loan is not repaid.


Can you send credit from someone to someone else?

No, you can not give credit that you have to someone else. You can loan someone money or your credit card, but you are still responsible for paying the credit card company back.


Can you get a home equity loan on your rental property?

If you are renting the property from someone else and do not own it, no, because a home equity loan is like a mortgage. The lender has a lien on the property if you default on the loan. If you are the owner of a property and rent it out, yes you should be able to get a loan with the property as security.


If the title to a car is in your name but the name for the car loan is in someone elses name who has legal ownership?

If only your name is on the title and the loan is not listed as a lien on that title then you are the legal owner. If someone else obtained a car loan for you then their name should be on the title to the car with yours. The question of ownership should be addressed if someone was kind enough to borrow money for you to have a car. The car should have full insurance coverage in case of an accident.


What if your name is on the loan for someone else and they failed to pay the loan?

Unfortunately, you would be held responsible for that debt and would have to pay it.


What does it mean to loan money to someone?

To loan money to someone means to give your own money to someone else for a period of time. Then, the receiver will eventually pay the lender back the money (usually with interest).


What is a grantor on a loan?

A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.


Can you finance a car for someone else?

Yes, but you are responsible for that loan until paid or transferred.


Can a husband let the wife take over the loan of a house without her having rights to own the house?

If the loan by the Bank than it will be on your name. Do not pay loan if someone else as name to the loan.


Is there any way to know if someone has gotten a loan using your ID?

Yes, check your credit report. All legitimate loan companies will report to the 3 major credit bureaus when they give out loans to consumers. If someone else used your identity to open a loan account, then it should show up on your credit report.


What is a loan pony?

a loan pony is a pony that a loaner or leaser uses as their own but is owned by someone else, and they can have the pony back at any time


If someone cosigned an auto loan can someone else take over as the cosigner a few months later?

From my experience, you would have to re-finance the suto loan with the new co-signer.


Does a bank have to refinance a car to transfer payments to someone else?

Yes. Or the bank can "add" you to the loan and retain the originator too making the loan a "joint" or "co-signed" loan.


Can you get a auto loan but put the car in someone else name?

You can cosign but both names will be on title.


Can someone else insure a car if the loan is in your name?

Depending on the state you must at least cosign.


Where could someone apply for a faxless loan?

There are many choices for places where someone could apply for a faxless loan. These are available from usurers or payday loan providers who advertise on television, in newspapers and on the internet. The terms and conditions should be carefully studied, in particular for the punitive interest rates which are charged, also for the action that would be taken in the event of default.


How would an individual find out about the amount of a loan taken out?

Can be a complicated answer - or simple. If it is YOUR loan, just call the lender and ask. If it is SOMEONE ELSE'S loan - probably not, since it is private transaction between the lender and the borrower. UNLESS, the borrower used property to secure the loan (collateral) that he owns jointly with someone else (i.e. - spouse/family member/business partner) and then the picture changes, and the person who owns intreest in the pledged collateral MAY have access to the information.


How would you use the word loan in a sentence?

It is normallyused when somebody needs money but cant afford it and asks someone else and repay it after use of it


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Most lender's would not allow the act with perhaps the exception of a loan that was related to debt assignment in a divorce decree.


Can someone else take out a loan on a car for you?

This is called a 'straw' purchase. It does happen in the industry, but the banks do not allow it.