Loans

Rural Economic and Community Development ..usually called Rural Development Loan

Yes, but only if ALL of the following are true:

* The death is not contested

* The will is not contested

* Probate debt is clear

* Beneficiaries are well defined

* Beneficiaries shares are well defined

The higher the amount of complexity in the estate and the will, the longer that it will take for the beneficiaries to receive their share of the estate. There are few banks that will take a risk on that complexity until there is a clear ownership of the assets and that will only be made clear during the end of the probate process.

Yes.

A secured credit card (where you have given the bank issuing the card a deposit in the amount of the credit line) is considered a loan for those with bad credit.

However, despite the fees that the lender charges you for the privilege of having a credit card, that loan is risk-free to the bank because (1) you may not go over your credit limit and (2) the deposit will cover that was not paid back through the normal statementing process.

As an aside, payday and auto title loans are not considered secured loans.

The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.

If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.

Central banks are known as "lenders of last resort" and effectively have a monopoly on lending currency to governments (and other banks).

Accordingly, while there is usually little risk involved (until recently - consider Greece, Japan, Ireland, etc.), there is a cost associated with increasing and decreasing liquidity in the form of exchange rate differences, import/export changes, cost to produce new currency, etc. Providing an interest rate allows part of the cost to be covered while indicating that money is not free.

Another consideration is the need to generate value. If there is no effective cost associated with borrowing, banks and governments would borrow as much as possible without regard to the eventual value that is created (or, most likely destroyed) as a result.

the borrower

Yes, the vested portion of an employee stock ownership plan owned directly by an individual may be used for collateral. Some definitions:

* "Owned directly by the individual" indicates that there is a clear trail of ownership that is held by a sole party (e.g., one has X shares of stock in the company or Y% of the company)

* "Vested portion" indicates the portion of assets owned by an individual that no longer have any contingency attached (e.g., one may be vested in 50 shares of stock if I stay with the company 3 years after receiving those shares; for the first 3 years, that stock may not be used in full by the individual)

There are a few ways to reduce the interest paid on a loan, however, any interest paid to date will not be recoverable. Some ways to reduce interest include the following:

* Borrow the money to pay the loan from friends or family (most friends and family loans will offer a lower interest rate than that provided by mainstream lenders)

* Speak with the lender concerning your circumstances (if you are having trouble paying bills or making ends meet, directly negotiating with the lender may result in a lowered interest rate without any incremental expense)

* Refinance the loan with the same lender (may get a better rate, may still pay for the refinance through an application or origination fee)

* Refinance the loan with a different lender (more competitive making rates and fees lower, however, the new lender will probably require some application or origination fee)

* Transfer the loan to a tax-exempt product (use a home equity loan or a refinance in your primary residence to pay off the other loan, resulting in a net reduced amount of interest paid due to the tax exemption allowed for mortgage products

Yes, one may use a home equity loan for a down payment on a Small Business Association loan, however, prior to doing so one needs to be sure that the change in leverage does not impact the structure of the SBA deal.

For example, the SBA may have approved the business for a certain amount of money based on both the cash flow profile of the business and the ability of the principal to pay back the loan (through existing assets like home equity). If the home equity loan changes the relative amount of perceived protection that the proposed structure has, one may (1) lose the loan or (2) have to settle for less.

The following represent the two (2) types of loans having the "guaranteed rate for some period" characteristics:

* Fixed Loan (the interest rate is guaranteed to be the same for the entire period of the loan)

* Adjustable Rate Loan (with a defined fixed rate period is typical for mortgages and guarantees a fixed rate for 1, 3, 5, 7 or 10 years before adjusting to a new rate, typically relative to a publicly known index)

Is there any advantages to co-signing for a home loan

There are a variety of places on the Internet where one may find a personal loan application. The "top-three" templates are presented as related links to this message.

Please remember that different state laws may alter the intended meaning of the language presented within the template that you use. If you are providing a loan (or taking a loan), always consider having someone with contracts experience review the document prior to commiting oneself to it.

Actually No. if the bank officers are considerate enough they might give you a little bit extra time when compared to other defaulting loan customers. If you are not able repay the money you owe them even after the extra time, the bank will take possession of your assets and property like house/car etc. and then arrange to sell them to raise cash to pay for the loan amount you owe them.

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