Loans

Unless he's creditworthy enough to get a loan, he probably won't be able to get one on his own, unless his credit is so so and the loan amount isn't that much, but remember a bank won't refi anything that's less than about 7,500 bucks.

Your biggest concern here should be that he's already been paying late, the bank is probably going to be reluctant to switch it out of your name now, especially if he's less creditworty than yourself and the loan is starting to default.

-Hope that helped a bit

If you have co-signed for your son and he is not paying, it will fall under your financial responsibility to pay on time. Otherwise it will affect your credit rating as well. You can try to re-apply for another loan under you son's name only. There are few bad credit car loan providers out there in Toronto, you can try 1. http://www.autocreditfinancial.ca or 2. http://www.ontariocreditsolutions.com or 3 http://www.whitbymotors.com good luck.

A bank that is registered with the financial services authority ( F.S.A ) cannot consolidate your loans without your consent. Consolidation of loans would normally mean taking out another loan incorporating all your other loans so that you could manage the repayments. This is just one example of consolidation.

Depends on the company, Most will allow 2 and up to 50% of vested value to be loaned.

Yes, a bank can take property that they have no interest in. This usually happens when a person has not paid their loan, and now has no right to the property.

FHA loans are insured by the US Federal Housing Administration. They usually require a lower down payment and may qualify people with lower credit scores. Conventional loans require more stringent credit scores and higher down payments and are usually insured by private mortgage insurances.

Yes.

The mortgage secures the debt. The note is simply a promise that you repay the money.

If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed.

If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.

No. Once the loan is charged off, it is technically off the lender's active books. It is still advisable to pay off the charged off amount so as to correct any issues it may have created for your credit rating. Be advised however that if you do not have a signed agreement with the lender, they are not required by law to accept any partial payments, and can refuse anything less that payment in full.

Yes, a husband can purchase a home without his wife signing.

If it is an FHA loan, you will pay Upfront Mortgage Insurance (around 1.75% of the loan amount) at the time of closing ( usually added to the balance of the loan ). Then you will pay a monthly MI payment ( about .55% added to the interest rate) every month.

I'm not sure but I think it is:

pay back time = how much money you save / how much you spent on the applience

In most states, there are no foreclosure ramifications. You will in most cases have a 30 day later reported on your credit report. Additionally, you will have a late fee equal to 5% of your mortgage payment.

Yes, in most states.

The person entitled to the home may do one of the following.

1. Refinance the home into their own name.

2. Sell the home, pay off the existing mortgage and keep any assets that are left over.

3. If the person that passed owes more than the home was worth, the heirs may walk away from the home. No other assets may be attached.

4. Upon the death of the mortgagor the heirs must pay off the mortgage or the lender will take possession of the property.

After the owner's death the bank will allow the heirs a time period during which they can pay off the mortgage if they want to keep the property. However, if they do not then the bank will take the property.

Payment immediately due net means that you must pay the amount due immediately. You will commonly see this on bills, both in paper form and online form.

You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

The way to say "to borrow" in French, is "Ã emprunter. " When you talk about borrowing something, this means to use something and give it back later.

A line of credit is not bad by it self. It would be the balance of the line of credit that might raise some questions.

A charge-off is a tax-related matter and has nothing to do with bankruptcy. The debt is still owed.

In the event the loan defaults, and the lender obtains a judgment against you, AND the judgment is also defaulted on, the lender could petition the court for an order to sieze or liquidate other real property. The likelihood of this is small, and the occurrence of it is rare, but it is possible.

My Mom left me her home in "Life Estate" when she passed in August; Im currently in the process of gaining a "simple assumption" so that I can be put on the mortgage loan being Im now paying the loan. Once that takes place and I can use the interest as a tax relief for my 2010 return, what's the best ay to file my "status." Meaning: Im single, NO kids, paying 100% of the expenses toward the home but cant be deemed "head of household."

Any suggestions?

Julie

Santa Ana, CA

Yes.

Payment Option Arm

All banks in Florida, Georgia, the Carolinas, Virginia--wait!--All banks in every state will garnish your wages for unpaid balances for which they have a judgment. This is a common practice in the collection industry. And, if they can locate it, they will garnish your bank accounts and other assets as well.