Can a finance company threaten to repossess car?
Yes, depending on the state in which the vehicle is domiciled and the loan is originated.
In general, if after thirty (30) days a payment is not made on a vehicle then a finance company may notify the borrower that they are going to reposess the car.
For customers with good credit, the threats do not come until after sixty (60) or ninety (90) days. For customers with historically poor credit, the threats will come as soon as possible (30 days).
This likely refers to the process to ensure that a property is clean of other encumbrances and debts before a new mortgage is given. Some examples if these might be past due HOA fees.
Can you get a home equity line of credit with instant equity as collateral?
No.
Any home equity line uses the underlying property as collateral. A home equity line will only be extended if the following are all true:
* The valuation of the home suggests that there is equity left over after meeting the obligations of the primary/first mortgage
* There is not already a second mortgage outstanding
* The credit worthiness of the borrower is good (score of 720+)
Instant equity is usually only generated through the refinance of a house (revaluing the home upwards from where the valuation was when obtaining the first mortgage). At that time, one may cash out part of that equity increase and apply the amount cashed out to the new loan.
The popping of the housing bubble has greatly reduced the number of refinances that provide for cash out.
Can a person take out a personal loan from a joint account?
A joint account is just another bank account which can be used for any purpose. Yes, you can use it to take a personal loan or pay for one. There are no restrictions reg. joint accounts not be linked with personal loans.
What does a loan shark do if you don't pay?
They will take whatever you put down as collateral.
For God sake, don't put your legs down as collateral. It may seem like a good idea at the time, but they are much more expensive than whatever you got from the loan shark.
I mean £1,200 for a pair of legs at Argos. Geez!
Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.
Can you get a auto loan with just your trade in and no cash out of your pocket?
This is a very open ended question, it depends on how much you are applying for, what dealership you go through and how willing they are to work with you, your previous auto finance history will play a part, as well as your credit. all in all, i dont see it as a "no"
What interest rate will i get on an auto loan with a 620 credit score?
You will get the terrible rate of 4000%. Sorry
Could a pending foreclosure cause a bank loan to be declined?
Yes, if one got the loan after foreclosure proceedings began.
When banks make credit decisions, they want to consider as much up-to-date information as possible. If a foreclosure is coming up but is not on the credit report, the bank may grant the loan. Once the foreclosure shows up on the report, the bank will conduct due diligence and see if they would have granted the loan knowing about the foreclosure. Most banks would not and will call the loan, making you responsible for paying immediately.
Can SSI payments be used to qualify for a home loan?
SSI is a valid income source and can be used to qualify for a home loan. With most lenders you can even use 25% more than the actual income amount to qualify since SSI is not taxed like other income types (this evens the playing field since employed people use their gross income when its known that it will be taxed before they can use it to repay the loan).
Lawsuits can be brought by anyone for anything, so yes, a real estate agent may sue a buyer.
Now, there has to be a good reason to do so in order for the legal action to not be considered "frivolous" and thrown out early in the court process.
An agent may consider bringing a civil lawsuit against a buyer if the agent believes that buyer misrepresented themselves during the purchase process (resulting in an incomplete transaction and a loss of commission). The transaction, however, would need to be large in order to warrant such costly action.
The correct answer is Character.
Can a warrant be placed for your arrest if you don't pay back a payday loan in Michigan?
Lawsuits brought by lenders are always civil court cases which do not involve arresting a defendant.
There are cases, however, where a judge wants the borrower (or their legal representative) to be present during court proceedings. In these cases, the judge may place a bench warrant which will result in eventual arrest. The goal here, is not jail, but to get the borrower to show up and take responsibility for their actions.
Once they have been appointed by the court the executor must pay the debts of the decedent before any assets can be distributed. Generally, if the mortgage isn't paid the lender will take possession of the property. If you want to keep the property you must arrange to pay off or refinance the mortgage.
How can we get a Kisan credit card?
One may apply for a Kisan credit card at any one of the participating banks (see below; choose one nearest you). In order to do so, one will need to provide information regarding including:
* Personal Information (including name, income, education, profession, etc.)
* Types of land owned and used for farming (including size, survey, irrigation, value, etc.)
* Types of crops cultivated (including seasons, cost, production, value, profit, etc.)
* Existing creditors (including institution names, balances, reasoning, etc.)
* Reasons for applying for a Kisan credit card
* Personal information of any joint borrower(s) to be included on application
The banks currently engaged in the scheme include the following:
* Allahabad Bank - Kisan Credit Card (KCC)
* Andhra Bank - AB Kisan Green Card
* Bank of Baroda - BKCC
* Bank of India - Kisan Samadhan Card
* Canara Bank - KCC
* Corporation Bank - KCC
* Dena Bank - Kisan Gold Credit Card
* Oriental Bank of Commerce -Oriental Green Card (OGC)
* Punjab National bank - PNB Krishi Card
* State Bank of Hyderabad -KCC
* State Bank of India -KCC
* Syndicate Bank -SKCC
* Vijaya Bank -Vijaya Kisan Card
What Are "Lender Overlays"?
Virtually everyone has seen the commercial where a big dot com mortgage lender portrays how they have less paperwork than any of their competition. Likewise most people have some idea of the basic mortgage qualifications for Fannie and Freddie loans and FHA insurance.
Skip forward.
There are literally dozens of major banks who offer the same home loans insured, guaranteed or purchased by the same organizations. Some, a very small few, of the largest banks hold the mortgage loans in their own portfolio. Even those who portfolio the loans use the guidelines for lending set forth by the quasi- governmental agencies and those who would be insuring or guaranteeing the loan.
In a perfect world that would be the end of the story. In a perfect world you would phone a lender and either be qualified or not, be required to complete exactly the same paperwork and provide the exact same historical documentation. In a perfect world.
Welcome to earth, enjoy your visit!
"I have never been asked for this before and I've purchased or refinance several homes", the voice said into the phone, "why do you guys need to see this?"
It is, after all, all about risk. Better yet it is about mitigating the risk of a home mortgage. When risk is mitigated the mortgage lender feels comfortable issuing the loan. Sometimes agency guidelines (FHA, VA, Fannie Mae, Freddie Mac, etc.) are not stringent enough to make the lender feel comfortable. That is, at least, in today's real estate and mortgage market environment.
You can spend a week reading all of the HUD guidelines for an FHA insured home loan and deem yourself qualified for a home mortgage based on the guides presented by FHA for insurability. This would be fine only if the lender was being completely removed from any liability. The truth is the lender still assumes all of the liability of the home loan and to collect on a defaulted loan always makes the lender look bad. Or at least look worse.
Feeling, nothing more than feelings.
In an effort to help the lender "feel better" about lending on mortgages they create their own guidelines which extend the guides of the agencies which publish them. These augmentations cannot violate any portions of the Fair Lending Act but they can change income, asset, credit score, and historical requirements.
Lender overlays can include, but are certainly not limited to, items like debt ratio, amount of assets and the type of assets, minimum down payment, property seasoning, and other attributes. Most common is the credit score overlay.
FHA, for example, has not had any minimum credit score requirements until the recent proposal to change loan to value ratios yet most banks require a minimum credit score of 620 or higher to approve the loan. Some, especially some larger regional banks in the southeast, require a minimum score of 660 to qualify for an FHA loan.
In spite of some failed actions to make it difficult to shop for a loan, such as the new amended Good Faith Estimate, you can still shop on qualifications. Even if the lender you are speaking with cannot tell you if you are qualified over the phone they should be able to help you with their qualification guidelines.
Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
How does inflation help explain why banks charge interests on loans?
If I understand you correctly, you want to know the relationship between interest rates and inflation. There are many factors that go into these decisions, but to keep it simple, when inflation is higher than desired, the Federal Reserve will raise interest rates. Higher interest rates decrease the amount of borrowing and increase the amount of savings. This decreases the monetary supply, and less money flowing through the economy will decrease the inflation rate. All you really have to understand is inflation. If everyone acquires too much money, that money will be worth less than it was in the past, thereby causing retailers, etc. to raise prices.
What will happen if you become a defaulter of a personal loan in India?
The financial institution in which you applied the loan will make a follow up on you ensuring that the loan is paid back if you have any other query related to personal loans then visit creditnation.in/Personal-Loan
Can you go to jail if you default on a payday loan in Kentucky?
No, one cannot go to jail by defaulting on any loan.
One may go to jail based on one of the two (2) results, however, of defaulting on a loan:
* If the court decides that check fraud has been committed during the course of the civil case, after the decision is made in the civil case the judge may pass on the particulars to the prosecutor for criminal prosecution.
* If the borrower has a history of defaulting on loans, a similar process may occur which lands the borrower in jail.
Can deed of trust be used as collateral for a Mississippi home equity loan?
No.
A deed of trust demonstrates that a bank (or other lending institution) owns the property, however, the bank may not sell or pledge the property unless the borrower had not met loan conditions.
Even if you are the lender (and, therefore, have been given a deed of trust), unless the people that you have made the loan to fail to meet obligations, you may not use the piece of paper or the underlying property as collateral.
How much does the average 50 year old own in mortgage debt?
We've got 95K left on a home worth 650-680K
Can you get approved for credit online if you have bad credit?
In general, no, you can't get approved for traditional credit online if you have a bad credit history.
You may, however, be approved online by a payday lender (in some cases, you will need to prove that you are employed and provide paycheck stubs in order to finish the process).