Loans

In Florida, the highest interest rate that may be charged by a finance company for loans under $500,000 is 18% per annum.

Be cautious, however, because there are no limits on the amount of fees that may be charged for the application or origination of the loan.

For those of you who are unfamiliar with payday loans, a payday loan is a short term loan that is intended to cover a borrower's expenses until his or her next payday. The typical payday loan amount ranges from between $100 to $1,500.

There are typically fees associated with payday loans. The fees vary between lenders but are normally around $15-$20 for every $100 borrowed.

Payday loans can be an expensive alternative. Remember never borrow more than you need and always pay back the loan on time.

Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.

Don't know of any state that allows a co-buyer. There might be. For this purpose, let's use co-signer. What legal action does the co-signer have if the buyer doesn't make the car payments? In reality, the co-signer signed as a guarantee that the payment would be made and on time on the specified date. The buyer is the one buying. That's 2 different operations. The co-signer, at last known fact, cannot take the car because he is not buying it. He's paying THE LOAN since (and we're assuming here) the buyer is not paying. In my experience, if the buyer wants to be a horse patootie, he can drive that car with a smile on his face and not make payments because the co-signer IS OBLIGATED TO MAKE THE PAYMENTS. If the co-signer does not make the payments, then HIS CREDIT IS RUINED! Never co-sign, if at all possible.

Yes, assuming the contract was executed according to the laws of the state in which the loan was requested.

Good faith loans (sometimes called no- or low-doc loans) usually utilize less information about a person (typically no proof of income) in order to arrive at a decision. Good faith loans tend to have interest rates that are 2% to 7% higher than similar unsecured personal loans and the term of the loans are shorter (less than a year).

Refinancing a loan is replacing the original mortgage with a new mortgage. After the process, there will only be one loan outstanding. A refinance can only be undertaken if the home has enough appraised value to cover the outstanding principal on the original mortage. Many people refinance their mortgages to either take advantage of a lower interest rate (the rule of thumb states the rate must be at least 1% lower than the current mortgage rate) or to unlock equity derived from the increasing value of a house.

When a refinance is complete, there will only be ONE loan outstanding after the transaction has been completed. Most refinanced loans last 15 to 30 years.

Taking out a home equity loan is acquiring a second loan (sometimes known as a second mortgage) based on the estimated residual value of the home after taking into account the first mortgage's outstanding principal. Typically, home equity loans are taken to do home improvements, support debt consolidation (as most home equity loans, up to a certain loan to value ratio, can have interest written of on taxes), etc. The interest rates on home equity loans tend to be higher than those on first mortgages by 1% to 4%.

When a home equity loan is taken, there will be at least TWO loans outstanding after the transaction has been completed. Most home equity loans last 10 years.

Yes, however, the answer depends on specific situations associated with the partnership/marriage and the state in which they live in.

If the state is a communal property state and the surviving spouse that is not a borrower had ANY benefit from the loan, that spouse owes the money as a borrower (despite not being a borrowing party on the loan). In this case, if the surviving spouse is not in a position to pay for the loan, a negotiation would be warranted soon after the (within a month or two of) deceased spouses death.

If the state is a non-communal property state, the estate of the deceased spouse will first be looked to in order to provide the funds to pay off all debts. If there are enough assets to cover the debt, the loan will be paid in full, regardless of the surviving spouse's wishes as the lender's rights come before those that may be beneficiaries to any estate proceeds.

If there are not enough assets to cover the loan, the lender may look to liquidate the asset (the surviving spouse's home) in order to satisfy the debt. If the home is NOT in the surviving spouse's name (either through joint tennancy or named ownership), the surviving spouse may not be able to intervene.

I don't believe this is a legal term. It probably refers to a mortgage where the amount borrowed is small compared to the value of house. One reason for doing this would be to improve your credit score.

The purpose of the loan modification is to renegotiate the terms of the original mortgage agreement. The objective is to ensure that your monthly payment is affordable. Consequently, your Lender may reduce some portion of your principle mortgage balance, extend the term of the loan, allow for a balloon payment at the end of the loan term, and/or lower the interest rate on your current loan going forward.

The payday lender will initiate legal collections processes (under the FDCPA) and make all attempts to collect the debt.

If after all collection efforts complete the borrower has not paid, the lender may sue them in civil court to recover their monies (plus any costs associated with the collection process).

Because payday loans are low, many lenders just writeoff the amount and don't pursue legal recourse.

Legally, one cannot be arrested for not paying a payday loan UNLESS the loan was acquired under fraudulent means.

yes for 10 years

No traditional payday lenders will accept an AccountNow Visa card in the event that you don't have a checking account.

Accountnow does offer a payday lending product, however, to cardholders.

It does if you get turned down.

A term loan is the most traditional (and generic) type of loan for businesses and consumers. Term loans have a specific duration, payment frequency and carry fixed interest rates.

Some advantages of term loans include the following:

* Payment will be the same every month - budgeting is straightforward

* Rate does not change - not at mercy of the interest rate markets

* Accounting entries for term loan transactions are clear and easy

* Helpful for improving a credit report - steady but sure wins the race

Some disadvantages of term loans include the following:

* Any change in need requires a new/additional loan

* If interest rates go down, interest expense payments are higher relative to the market rate

* Many term loans have prepayment penalties

Yes.

Home equity loans are generally ten-year loans. Any loan lasting longer than one year is considered a long-term debt.

Yes.

A payday loan company may sue a borrower in Texas in order to get their money back.

default

Generally, no, unless you can prove that there is some income that makes repayment possible.

If you have hard assets (e.g., home, car, investments, etc.), some banks will provide a personal loan using one or more of the assets as collateral, however, most will need you to indicate how you are going to pay the loan back without a standard source of income.

When a company writes off your loan, from an income and accounting standpoint, they are saying that your loan will not be paid. When this occurs, they will send a transaction line to one or more credit bureaus indicating that they had to charge off your account as a result of non-payment.

When your account is sold to another company, the current organization either believes that they have gotten the most value out of the account or does not believe that it is cost effective to waste any more money working on the account. Either way, companies sell loans to other companies all the time.

When an account is sold off AFTER being charged off, the buyer is usually a distressed debt (collections) organization that specializes in the collection of that type of debt. Usually these buyers pay very little for the loan because the likelihood of collection is quite low.

Generally, the impact fee is not something that the consumer directly pays for. Rather, the developer of the new community/housing is charged an impact fee to help cover the costs associated with adding the infrastructure necessary to support population growth.

A developer may only pass on an impact fee if that line item is specifically identified in the contract that you signed when you put escrow money down on the home. If that item is not defined, you tell the developer that you will not pay it.

Now, if the impact fee was buried in the price of the home, then, yes, you may finance that fee as the fee makes up part of the value of the home. If the impact fee was left as a basic line item, some banks will not let you directly finance that fee.

IF you are a developer, then yes, your commercial lender should allow you to finance a portion (but not likely all) of that fee.

Payoff amounts are not usually provided on the monthly loan statement because the amount is calculated on a daily basis.

To determine your payoff amount, call your lender and ask them what the current payoff amount is. Ask them if the payoff will change if you want to pay off the loan on a future date (give them the future date and they can calculate the payoff for you).

Meryll Lynch who now is owned by Bank Of America, therefore BofA

Try your Sunday Newspaper under " NON-QUALIFING"

No.

At the same time, the fact that one defaulted on a loan does not mean that they may write off the value of the loan from their taxes.

Personal loans, unless specifically tied to a principal residence (e.g., [first] mortgage, home equity loan, home equity line of credit), do not increase or decrease one's taxes.

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