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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

Can A Car loan deficiency be owed in California if the Car is repossed?

Yes. As the comaker on a loan, you are equally responsible for its payment. In the event the other party defaults, you either pay the loan yourself, convicne the other party to, or if able file bankruptcy.

What is mortgage principal curtailment?

A mortgage principal curtailment is an additional payment to principal.

Can a car be reported as stolen because the loan went into default?

Can it? Yes, by the lender in some case. If the debtor is actively attempting to hinder repossession in many states, or if the vehicle is in possession of a third party who is not on the loan or vehicle registration, then a repossession agent may file a stolen vehicle report. Most will not, preferring to allow the lender to take such action instead.

Can it be reported stolen by the debtor once repossession takes place? Often vehicles are reported stolen after repossession happens. However, this is a cautious area. Most debtors already know the vehicle is being sought, and law enforcement takes a dim view of filing false or malicious reports.

What is the worst APR in auto financing?

1730 per cent one day money lender on tv !! how can this be legal

How does a reverse mortgage work when you die?

The lender gets the property when you die. If your heirs want to keep the property then they must pay off the reverse mortgage within a certain time period after your death. However, the costs are often very high. The lender should be notified of the death of the owner. If the heirs cannot pay the lender will take possession of the property.

A payday loan without a teletrack?

A No Teletrack Payday Loan is specially designed for those people who want instant cash money but could not avail any loan just because they have got bad credit scores. Since there is not any kind of teletracking incolved, hence people with good credit scores as well as bad stand on an equal footing.

But you should know that these loans are of short term basis and you would have to repay the loan amount by the time you get your next payday or at a maximum of 6 weeks; whichever is earlier.

Why are banks unwilling to give loans to small businesses?

Banks are unwillingly to give loan to smal business because of the following:inability toprovide the needed or required collateral security

lol level of capital formation by small business

vicious cycle ofd penury in nigeria

What is the defference between legal mortgage and equitable mortgage?

Legal Mortgages
  • A legal mortgage is one created under law. Every jurisdiction has its own statutory requirements for legal mortgages. Typically, the party offering real estate is known as the "mortgagor." The party offering money is known as the "mortgagee." In most states, the transfer of interest to the mortgagee gives the mortgagee the right to take the property only if the mortgagor fails to pay as promised. However, a few states' laws hold that a mortgage is an actual transfer of title, and the mortgagee is the legal owner of the property until the mortgagor pays off his debt.

Equitable Mortgages
  • Equitable mortgages are relationships that don't meet a jurisdiction's legal mortgage requirements. When an arrangement looks like a mortgage and smells like a mortgage, some jurisdictions' courts, known as courts of equity, will recognize the arrangement as a mortgage even though it isn't a legal mortgage. In such cases, courts will usually look for the basic elements of a mortgage: a debt from one party to another for an amount significantly less than the land is worth and some sort of promise to return the land upon payment. If the court finds these elements, the arrangement will then be treated as a mortgage under law.

Can purchaser cancel auto financing?

The only time the purchaser can cancel auto financing is in the begining of the loan during the "interview" with the finance company. That is one of the reasons the dealership will not tell you who the finance company is before they get "funded" by the bank. If you knew who the finance company was before the dealership gets funded then you can cancel the financing. The other issue you have is the contract signed with the dealership. They can still say they will be the bank and stick you with the car and the financing.

How can i take my name off a loan that I'm on with my ex wife whos is going to file bankruptcy?

You can't. What you may be able to do is go back to the divorce judge and motion for a separation of property. This may or may not work, as both of you signed the contract, and such action would in effect break that contract, which a judge is unlikely to do.

If the car is reposessed do you have to pay off the balance of the loan or the late payments?

Yes, you contracted to borrow money. That money was loaned to you, it is gone. Now you have the principle and the interest. The vehicle that was repossessed only secured the loan. The lender did not want your car, but your failure to pay as promised left them no choice but to secure some sort of payment. Now you have what remains, plus costs and continuing interest. If you fail to pay now, you may have no choice in how the lender collects the full amount.

How long do unpaid car loan stay on your credit report?

Any unpaid loan will remain on your credit record for seven years from the last date of payment. In the event the lender obtained a judgment against the debtor, it will remain on the record for ten years past the date the judgment was issued. In some cases, if the lender obtains a judgment, the account is not paid, and the lender obtains an extension, the record will remain for an additional ten years past the first ten.

How can you get out of a reverse mortgage?

You can refinance out of a reverse mortgage at any time, there is no prepayment penalty. you can also sell whenever you want and move. Any equity remaining will be yours to keep. If there is negative equity in the home you can turn it over to the lender and will not face personal recourse against you or your assets provided the reverse mortgage is a HECM reverse mortgage insured by FHA- most are.

Do you still have to pay on a loan after your car is repossessed?

Yes, provided there is still an outstanding balance after the repossession and resale are completed. This is the case in most situations, due to the added cost of repossession, storage, and transport of the vehicle that will be assessed to you. If it remains unpaid, the lender may (likely will) file legal actions against you to recover the balance.

Can a payday loan company garnish wages in Virginia?

If the creditor sues the debtor in civil court and is awarded a judgment the judgment can be executed as a wage garnishment.

What recourse does car dealer have if customer defaults on loan?

The car dealer may sit in front of his show room and drink tea while he is watching the world go by. He may try a new marketing ploy to bring in new customers. He may take out huge loans to pay for new television and radio ads.

The dealership, unless it is a buy here pay here establishment, has no involvement in the car--aside from warranty work--or the loan once the vehicle leaves the lot.

The lender on the other hand can and often will (successfully) repossess the vehicle.

Legally can you get in trouble for putting a car loan and title in your name for someone else?

In essense what you are describing is loaning a car to another person for an indefinate period of time. If the arrangement is that the other person is to make the payments, it is a foolish thing for you to do, dangerous to you financially. But, no, you cannot get into criminal trouble, only trouble of a financial nature.

A qualified written request is a right under respa for consumers to receive answers to questions about their loan the servicer must answer in what time frame?

Lender is supposed to provide confirmation that they received QWR within 20 days, as required under 12 U.S.C. §2605(e). Thereafter, they have 60 days of their receipt of QWR to respond to you, also as required under 12 U.S.C. §2605(e)

How does a fixed rate mortgage differ from an adjustable rate mortgage?

The interest rate on a fixed rate mortgage does not change over the life of the loan. An adjustable rate mortgage interest rate may change up or down depending on what the interest rates are, at the contracted time the loan is reviewed.

What are the advantages and disadvantages of reverse mortgage?

Advantages:

  • Tax free money.
  • No mortgage payment.
  • Non-recourse mortgage- they cannot pursue you personally for any shortage on the payoff.
  • Multiple options for receiving the money.
  • No credit or income requirements.
  • Medicare and Social Security unaffected.

Drawbacks:

  • Medicaid can be affected.
  • Reduced equity in the home.
  • Closing costs are often higher than forward mortgages.
  • Interest accrues resulting in increasing payoff balance on the mortgage.