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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

Will a cosigner on a mortgage be notified if a borrower files for bankruptcy?

They should be, however if the petitioner does not list, they may not be notified. However, there are ways to verify if a petitioner has filed for bankruptcy.

I am divorced and my name is on the mortgage. My ex wife is on the deed. Who is responsible for taking care of home insurance. The ex wife resides in house?

This matter should have been addressed during your divorce proceedings when you had benefit of legal counsel.

You need to review all the documents you signed when you executed your mortgage. There is probably a document that requires you to maintain insurance. If there should be a fire and the premises are not insured, the bank could sue you for breach of your mortgage contract. You may be vulnerable to unforeseen legal problems if the insurance has lapsed.

Perhaps you should speak with the attorney who represented you in the divorce for a review of this situation.

How is the computation on interest on personal loan?

To answer this question you need to put yourself in the lenders shoes. If you are lending money to a person with low income, high debt, bad credit score, nothing to put up as collateral, Would you charge them a high interest rate or a low one? If you guessed high, you are right.

So interest in calculated by the lender and is based on their assumed risk. They will look at your income to debt ratio, credit score to show history of payments, and whether the loan has something of value (collateral) to back it up in the event that the borrower defaults (not able to pay) on the loan.

There is no simple calculator that can give you that answer since it is based on risk. If one person is a lender and they carry all the risk, the borrower will pay a higher interest rate if say there were many lenders funding that one person whereby the risk is spread which lowers the interest rate. This is why peer to peer lending sites have become so successful, they spread the risk to the lenders therefore providing a lower interest rate the borrower.

For some pros and cons on types of personal loans visit WPLenders.

Can payday loan company garnish your paycheck in dc?

Yes, after they take you to court and destroy your credit. They are not something you should ever use and if you have, you need to get them dealt with. You made a commitment that you need to finish. In the future NEVER use companies like this. In the long run you are far from better off. They prey on the foolish. Be smart with your money. Few companies are as ruthless as these check cashing companies. People that try to cheat them are their bread and butter. They will make a small fortune on you if you do not pay quickly and leave your credit dead for years.

Can i cancel flood insurance if i have a mortgage?

If your property is in a flood plain or your mortgagor requires flood insurance, no, you cannot cancel flood insurance.

Is an SBA Loan discharged in bankruptcy?

It depends what kind of bankruptcy you are talking about. Most individuals file for chapter 7, so I'll assume you are talking about Ch 7. In the vast majority of those cases, the SBA loan is discharged along with all the other unsecured debt.

Many people confuse SBA loans with federally backed student loan debt, and they are not the same. SBA debt is treated just like any other debt in a bankruptcy. The unique feature about SBA debt is that they have a settlement process (known as the Offer In Compromise) that allows borrowers to settle their debt without resorting to bankruptcy.

- Distressed Loan Advisors

What are the 12 escrow states versus non-escrow states?

The non- escrow states are Colorado, Alabama, and the District of Columbia. In an escrow state, all funds are put into escrow after a sale until all paperwork has passed.

Is it a good idea to refinance your 1st mortgage to include you home equity loan if there are only 4 years left on the home equity loan?

It depends. You may not be able to refinance at all if you don't roll both loans in, as the second mortgage holder has to allow you to keep the second loan subordinate to the first.

The math you want to do, or have done for you, is to see which option allows you to spend the least amount on interest. The lower interest rate on the new, larger, mortgage should save you more interest than you will spend on the current mortgages, even after you consider closing costs.

Tom T.

www.startwiththehouse.com

You recently bought a car from a friend and I just found out she has lienholder on it at a title loan place what can i do?

1st shes not a good friend and you learned something.

You would have to get "her" to get the release from whatever place has the lien on it and if theres any money owed on it then it would have to be paid first of course. you could possibly be using a car that she hasn't made any of the payments on and the loan place is now looking for!! I wish you luck and lots of it.. sad about that kind of friend too

Can you lose your home if you don't pay the equity loan?

Yes. The documents you signed gave the bank the right to foreclose if you don't pay the underlying debt.

What If the home owner dies does the property owner's heirs have to pay the mortgage?

The estate must be probated in order for title to the property to pass to the heirs legally. That's the first step that must be taken so that someone will have the legal authority to deal with the bank. Someone must pay the mortgage or the bank will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate, or hire one, who can review the situation and determine what your options are.

What is uncollateralized loan?

a loan not backed by a co-signer who agrees to cover the amount of the loan

a person loan without assets to cover the loan amount

a home equity loan

a loan tkaen on a life insurance policy

Can I get a payday loan with my green dot card?

Payday loans are typically issued by lenders in exchange for a post-dated check or electronic access to your bank account. While some payday lenders may accept prepaid cards like Green Dot cards as a form of payment, it is important to carefully review the terms and conditions of the loan to understand any associated fees or restrictions. Additionally, using a prepaid card for a payday loan may limit your ability to access funds in case of disputes or issues with the lender. It is advisable to explore alternative financial options before considering a payday loan with a prepaid card.

Is it possible to refiance a 80 20 ARM even after I took out an home equity loan to pay off the 20 The home is currently worth less then the combined loans?

You probably won't be able to consolidate the two but you may be able to refinance just the first mortgage. To do this, you'd need the consent of your current 2nd mortgage company to stay in 2nd position behind the new first mortgage (also known as subordinating to the new first mortgage). Depending on how upside down you are on the home, you might have to choose FHA as the loan type. Lastly, most FHA lenders won't allow you to owe more than 125% of the value of your home cumulatively.

Is a car loan a secured loan?

Yes, any loan AGAINST real property is considered a secure loan. In this case, the car is the security. For a home mortgage, the home is the security.

Unsecured loans are typically credit card loans and revolving lines of credit such as those you might get with Fingerhut or others who "self-finance" your purchases.

Can you get a military pay advance for emergencies?

Yes, you can. Go to your Finance office on post/base and they will tell you what you need. In some cases you may qualify for an AER loan (Army Emergency Relief) through Army Community Service (ACS). They can also qualify you for a grant (money you don't have to pay back as opposed to the loan) in extreme cases.

How do you get a mortgage loan modification?

Submit a COMPLETE Loan Modification Package to your Mortgage Servicer.

Documentation Checklist...

- Brief cover letter, along with a complete list of what's included in your application

- Hardship letter

- Current financial statement

- Projected financial statement

- Home valuation (estimate of property value from an appraiser

or other real estate professional in accordance with the laws of your state)

- Proof of hardship (birth certificate, death certificate, medical bills,

divorce papers, or bankruptcy papers, for example)

- Federal tax returns (for the last two years)

- W-2s (for the last two years)

- Pay stubs (for the last four pay periods)

- Bank statements (for the last four periods)

- Get your personal "REST Report" (This is an important report that portrays how a bank or servicer will evaluate the Net Present Value (NPV) of potential loan modification and compare it to a short sale or foreclosure option.)

A REST Report will COMPLETE your package.