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No, the person applying for the loan definitely needs a verifiable source of adequate income.

The above is correct. On the loan application, it will ask for the "primaries" (that would be you, the one getting the loan) your income, how much you get paid per hour, etc. etc...BUT, I don't think it even asks for the income of the co-signer...I can't recall if it did or not. But yes, you definitely need a job :)

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Can you get a home equity loan if you are out of work?

Lenders require steady income with a history that can be documented and a future that can be reasonably assumed. So a non-working retired person with a pension sufficient to meet the income requirements may qualify. A person who was terminated from work and has no income will not qualify. Someone who has unemployment benefits will not qualify, because both the history (usually 2 years) and reliable future are not there.


If only one person in the household is working can they garnish that person's wages for a voluntary repo and can they take your house if you have equity?

Only if that person is on the contract cosigner etc. and no they cant take your house.


How does Social Security determine if an individual is working?

Social Security determines if an individual is working by looking at their earnings and employment status. They consider factors such as the amount of money earned, the type of work being done, and how many hours are worked.


What are some examples of earned income?

Earned income can include wages, tips, salaries, net earnings from self employment. Basically earned income is the money you make from working for someone else or from you working in the business you own. It is considered earned income if you worked for it.


How can engineers qualify for student loan forgiveness programs?

Engineers can qualify for student loan forgiveness programs by working in eligible public service jobs, such as government agencies or non-profit organizations, for a certain period of time. They can also explore specific loan forgiveness programs for engineers offered by some employers or professional organizations.

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Can you get a home equity loan if you are out of work?

Lenders require steady income with a history that can be documented and a future that can be reasonably assumed. So a non-working retired person with a pension sufficient to meet the income requirements may qualify. A person who was terminated from work and has no income will not qualify. Someone who has unemployment benefits will not qualify, because both the history (usually 2 years) and reliable future are not there.


What is foreign employment?

working baroad for earning money is called foreign employment


What foreign employment?

working baroad for earning money is called foreign employment


Is a doctor working for a hospital a profession or employment?

Being a doctor is a profession. Indeed being a hospital doctor rather than a GP is a profession. However working FOR a particular hospital is employment. EDIT: Having a job other than working for yourself is employment, what you do in that job, including working for yourself is a profession.


I am currently 65 + and still working at Minnesota Gastro. I have medical insurance on the flex plan..Plan to retire next March 30 Not sure if I qualify for anything in Medicare as long as I am working?

You can not qualify for medicare if you are working since you have your company insurance.


What is the importance of self employment?

the importance of self employment is that you earn as much as you decide and you decide the working period


Is it legal to enter into an employment agreement in California where the employee receives no compensation for working the first 6 months of employment?

It is not legal.


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What is the importance of employment laws in the workplace?

Employment laws are the laws which is mandatory for every employee to know. It affects the working skill and increases the working interest. This will help you to make your interest more. (legisocial.fr)