0
What else can I help you with?
Can you sell a car that you used a collateral?
No. If you use a vehicle as collateral on a loan or something of that nature, the car actually becomes property of the lien holder (person to which is holding it as collateral), and cannot be sold unless the loan is cleared up.
Can credit union hold title on car if car used as collateral and loan is default?
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
What happens if a secured loan is not repaid and the collateral is seized by the lender?
If a secured loan is not repaid and the collateral is seized by the lender, the lender can sell the collateral to recover the amount owed on the loan. If the sale of the collateral does not cover the full amount of the loan, the borrower may still be responsible for paying the remaining balance. Additionally, the borrower's credit score may be negatively impacted, making it harder to borrow money in the future.
What does secured loan?
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
What happens when your home is collater for a loan and you sell your home?
Th eloan is repaid with the proceedes of sale prior to you being paid what is left. If the loan is not repaid, you could be in violation of the law for not disclosing the lien.You can not accept money that is collateral against another loan.
What companies sell a fixed home equity loan?
A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.
What does secure loans mean?
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
Can you sell your paid for home if the loans you co-signed for are not paid the loans are being deferred and your home was the collateral?
Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.Your home is not paid for if it was used as collateral for loans. A loan that has real property as collateral is called a mortgage and a mortgage is a lien against your property. You cannot sell your home until the mortgages have been paid off or in the case of a sale arrangements are made to pay the loans from the proceeds of a sale.
Can you be on a car title without being on the loan in nc?
Yes. You will usually have to sign as (owner of collateral other than a borrower). This will protect the financer in case the loan goes into default.It simply saysyou understand the car is being held as collateral for the loan& if the person on the loandoes notpay, you are giving up your right in the car & they can pick it up& sell it.I do not know if all finance companys allow this but all credit unions I know of do.
Term describes the right of a lender to sell collateral to get back the principal if the borrower cannot repay the loan?
Lien is the term
What services are offered by a pawnbroker?
They basically offer high interest loans in exchange for holding collateral which they sell if the loan isn't repaid.
How can you be approved for a sba small business loan?
You would have to first find a product to sell. Then you have to have investors, your own money, or collateral to put up for the loan. Contact a bank to make an appt.
