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What is the difference between mortgage and pledge?
The differences between a mortgage and a pledge:1. The Security in Mortgaged is an immovable property, while in a pledge it is a movable property.2. In a pledge the ownership of the pledged property remains with the debtor (the pledgor or borrower). In a mortgage, the ownership of the mortgaged property is transfered to the creditor (banker or mortgagee).3. Delivery of the property is essential to a pledge; hence the goods delivered by the pledgor or borrower will be in the custody of the banker. But, in a mortgage, the possession of the property will be with the borrower.4. In a pledge, the banker (pledgee) can sell the pledged property without the intervention of the Court. In a mortgage, except in English mortgage, a mortgagee can sell the property only with the permission of the Court.5. A pledgee does not have the right of foreclousure (i.e. cannot debar the pledgor or the borrower from taking or redeeming the pledged property). But, in a mortgage, a mortgagee (borrower) has the right of foreclousre, i.e., can debar the borrower from taking back the mortgaged property under certain circumstances.M.J.SUBRAMANYAM, XCHANGING, BANGALORE
Difference between pari passu and hypothecation?
Hypothecation is a kind of non-possessory security interest created normally in favour of a lender for securing the obligation of the person who has availed any financial assistance from the Bank. If the borrower creates security interest on the same set of property in favour of more lenders, the security interest of the lenders shall rank according to the chronological order in which it is created, unless the lenders otherwise agree. If the value of the security is sufficient to cover all obligations of the borrower to many lenders, the lenders may agree inter-se (usually at the request of the Borrower) that the security interest of all the lenders shall have the same ranking or priority. Then such security is called pari passu ranking security interest.
Can a co borrower sell car without borrower consent?
no
Is there any recourse a cosigner has against the borrower of a defaulted loan?
No, there is no legal recourse that i know of, but I do know of a way to help yourself if the loans are Federally Guaranteed student loans. Have the borrower consolidate the loans without you being a cosigner. Then, the previous loans will be paid off, and a new loan will be made. If you need help getting the defaulted loans consolidated, contact Default Management Services. Google the company name for a phone #. Ask for Doug, he is very knowledgeable.
Can a cosigner take the car away from the borrower without permission from the borrower By towing it or using the second key to take the vehicle?
A co-signer is not an owner of the car. As such, the co-signer cannot take the car away from the borrower without the borrower's permission.
Without recourse is what type of endorsement?
stating that the person who try to cash it, the person that it is giving to who is unable collect on it.cannot go after the party that endorse it without recourse.
What are the attributes of good securities for a loan?
Security is not the primary source of insurance lending instititutions use when giving out credit. Credit is advanced to a borrower firstly based on the soundness of the investment in which the money is being put and the capability of the borrower to execute or implement the investment plan /project and his willingness to meet his obligations. these should be the primary source of security, however lending institutions need a fall back plan in the event that the borrower fails to execute the plan. this is were security comes into play. the lending institution will liquidate the security when the borrower defaults. the following are the attributes of a good security: 1. Easy to Value: The market value of the security should be easy to determine in the market. the value of house provided as security should be easily determined. further the value of the security should be stable over the period and not fluctuate. 2. Easy to Realise: the security should also be marketable or easily to sale. the lending institution should be able to dispose of the security without incurring additional cost. the security should also be easy to liquidate, concert to cash in little time without loss of value. 3. Easy to take: a good security should enable the lending institution to acquire an interest or charge over it without delay and additional costs. there should be no legal encumbrances , disputes on the security. the tile deed or ownership of the security should be in favour of the borrower and there should be no outstanding dispute over it. Other components of easy to take should be ease to own legal or take physically.
Is there a way to get a car loan without a job or co-borrower?
Yes. Deposit the amount of money the car costs in a bank, in a CD, and use it as security for the loan that the bank will give you to buy the car.
What is clean loan Tamil?
"Clean loan" in Tamil can be translated as "சுத்தமான கடன்." Clean loan refers to a loan that is offered by a lender based on the borrower's creditworthiness without the need for any collateral or security.
Do all banks refuse to cash a check stamped without recourse?
no
How do you remove someone as a co-borrower on a mortgage?
Refinance the lending agreement without the person's being a participant.
Can a co-borrower of a car loan sign a pay agreement with a new car dealership to trade in the vehicle without the borrower's signature?
Nope, no way, abolutely not.
