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Loans
Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.
13,117 Questions
Does being denied a car loan lower your credit score?
yes, when you apply for an auto loan and get denied, it will hurt your credit. first, just applying for credit is a hard hit by 2 to 5 point lost.
Can a corporation assume a residential mortgage?
Type your answer here... No, if the business is a corporation.
Is a 30 year fixed loan home collateral?
Not sure what the question is. If you take out a mortgage loan on a home. the Promissory Note is used to show the debt (the promise to repay) and a mortgage lien is placed on the home to show that the home is collateral for the Note if the promise to repay isn't kept.
Does that answer the question?
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.
In the absence of an agreement to the contrary what type of mortgage will have priority?
In the absence of any recorded subordination agreements mortgages take seniority in the order by which they were recorded in the land records.
Unless the creditor agrees to it, which is not likely, you probably can't. That's the whole point of cosigning: it's not you saying "yeah, my friend is a great guy, you should give him a loan", it's you saying "my friend will repay the loan and if he doesn't then I will do it for him." Since in this case your friend is clearly already not repaying the loan, why on Earth would the bank just let you off the hook? Answer: they won't. Anytime you cosign a loan, you need to realize that you're taking the risk of having to pay off the loan yourself.
You will probably have to tell the creditor that you will not, or are unable to, pay the debt and that they will have to repossess the vehicle. It will probably reflect on your credit rating, however.
That said, there's no harm in contacting the creditor to inquire. The worst that can happen is that they say 'no', which leaves you in the position you're already in, no better, but no worse. (It might potentially get them to speed up repossession proceedings as well: "Hey, the guy who vouched for this deadbeat doesn't trust him anymore either, we need to get our property back as soon as possible.")
You do have a couple of other options:
- If you can afford to pay off the loan entirely, you could do that and have your friend owe you rather than the bank. Since the original loan no longer exists, you're no longer a cosigner. It won't completely fix the damage that's already been done, but paid off loans look a lot better on your credit report than outstanding ones that are consistently late/missed or a repossession. The disadvantage is that your deadbeat friend is not likely to be any better at paying you than they were at paying the bank, so you're pretty much going to be out that money.
- If you can't afford to pay off the loan entirely but can afford to make the payments yourself, start doing that and have the other person pay you instead of sending the payments to the bank themselves. Again, you may be out the money (at least temporarily) if they don't pay you on time, but at least the late payments won't be showing up on your credit report.
- If you can't afford even to make the payments, you might see if you can find some other bank that's willing to refinance the loan without you as a cosigner. If you can (admittedly not terribly likely), it will probably be on horrible terms, and your friend will likely end up defaulting and losing the car anyway, but at least the existing loan will be paid off and the repossession won't go on YOUR credit.
- If all else fails, have your friend do a voluntary repossession (contact the bank and make arrangements to take the car to them and hand over the keys) rather than having the bank send someone to come and get it. He and/or you will probably wind up having to pay off the difference between the amount owed and the fair market value of the car. This is not a great option, but it's slightly better than having the bank repo the car themselves (in which case the difference between the amount owed and the fair market value will still have to be repaid, plus the amount charged by the repo company will also have to be paid). Your friend loses the car, but that was going to happen sooner or later anyway.
Annual Income is Rs.60000/- which translates into Rs.5000/- monthly. Out of which Emma spends Rs.4000/- monthly which corresponds to 80% of her monthly income.
Can your tax refund be garnished because of your wifes student loan?
In the U.S., the answer is Yes if you file jointly. I assume your wife's loans are in default. If she needs help getting out of default, contact Default Management Services.
How long does it take to receive a budgeting loan into your bank account?
I got my budget loan 10 days from when i sent my slip off
She could have to pay $1924.02 in interest.
The bank and the credit bureaus are the only ones that could remove the late payments. If the bank waived the late payments, they will probably remove them from your credit as well. You will need to contact them to negotiate that. Otherwise you will have to dispute them to the credit bureaus. They will have 30 days to verify them or they must be removed.
How will loan forgiveness affect credit?
- The amount of the loan forgiven becomes income on which you will have to pay income taxes. If the forgiveness is due to uncollectability, it will have a negative effect on your credit. Unpaid taxes will also negatively affect your credit.
- Filing bankruptcy or a special IRS form showing you were insolvent at the time will take care of the tax issue.
What are the credit appraisal technique?
When a financial institution is looking to extend credit, they need to conduct an appraisal of the borrowers credit. The technique that is used varies from institution to institution but follows the same principals. The debt to income ration is examined and the repayment source and probability are also examined.
What are the advantages and disadvantages of having a student loan?
Getting a student loan helps people who can't afford to pay for college realize their dream. Unfortunately, student loans can be expensive on a smaller salary right out of college.
Can you qualify for an HR Block Emerald Card if you are unemployed?
Yes.
The basis of the Emerald loan is on your tax refund, so the refund is used as collateral for the loan.
What documents is needed for getting personal loan in India?
Hi, A personal loan is an unsecured loan in which you don't have to give any security. But some banks can ask for a guarantor or security. The terms and conditions varied as per lenders. The benefits are:
Minimum documents required.
Clearance is given within seven days of applying.
You can use the loan for any purpose whichever you like the most, there is no check on that.
The important factor the bank follows is your ability to repay the loan. However, it differs from bank to bank. Your residence profile and the place you work also considered by the bank. There are few conditions which need to be fulfilled:
Minimum monthly salary of Rs. 8,000
Minimum age of 21 years required
Maximum age of 60
Following can apply for personal loan:
1. Self-employed professionals
2. Salaried individuals
3. Self-employed non-professionals
Based on the person's current earnings, the amount of loan could be varied.
For more information regarding Personal Loans, I would advise you to visit creditnation.in , which is India's leading online marketplace that provides easy comparison & best interest rates on loans with great customer service. CreditNation team renders the most unbiased advice and the best deals on a wide range of loan products to empower customer to take the right decision.
There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.
For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
What are debt consolidation loans?
If you seek a consolidation loan from a lending institution that is designed to pay off 100% of your balances is considered a debt consolidation loan.
However, please note, if your working with a company that is negotiating a settlement or your going simply consolidate payments but not pay back 100% of your debt then this will normally have an impact on your credit.
Be careful to clarify with the financial institution what you are looking for and review the pros and cons of all the options.
The best option really depends on your situation. I am familiar with a reputable company called CuraDebt. They provide a debt counseling service and can probably give you several options to solve your problems in a fair and ethical way.
You can give them a ring at 888.653.3816. I believe they are on west coast hours 7am - 5pm. Saturday mornings until 10am.
Does bankruptcy clear second mortgage loans?
Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.
