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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

Hardship letter form for mortgage modification?

While there are templates and forms that can be found online and in various software programs to help homeowners write a hardship letter, the best idea may be to discard these aids and write the letter themselves. The hardship letter is the borrowers' opportunity to explain what happened to cause them to fall behind, what they did to fix the situation, and why they are not expected to miss any payments in the future. This could be done more effectively with hard work and reflection, rather than plugging a few details into a template.

What are the rights to private lenders who are investors which hold second mortgages?

In California, a second loan can be recourse or non-recourse, depending on if it were originated as a cash out second or a second based on a purchase money loan.

The cash out scenario (recourse) lender has the option to foreclose on the property and pay off the first lender. Not often done. If the first lender forecloses then in California the recourse (second) lender (in a cash out transaction of course) can turn that loan into a personal debt or collection.

How do you get approved for a bad credit motorcycle loan?

Bad credit motorcycle loans are much more difficult to get approved for then the average consumer loan, but this does not mean it is impossible. Lenders see motorcycles as a higher risk because of 4 main reasons: 1. High theft rate 2. It is easier to hide a motorcycle (then say a car) so lenders equate this into their credit decision. 3. Damage when bikes are wrecked is a very high expense and causes people to default on loans. 4. A motorcycle is a luxury purchase most of the time and not a necessity causing higher default rates on loans. With that said you can find lenders that offer bad credit motorcycle loans. Your interest rate will be a little higher, but it is possible. It is important you find lenders that specialize in bad credit and if you get declined at one lender just stay persistent and don’t give up. When communicating with lenders let them know you will buy theft and collision insurance and especially let them know if the bike is a necessity. These factors help reduce the lenders risk and can help them get you approved. Also, before you submit a motorcycle loan application make sure you get your credit report and check it for errors. Since many creditors have touched your credit file the chances are there have been errors made. If you find errors contact the credit bureaus and get them fixed. Persistence is the key to getting approved for bad credit motorcycle loans. Work with as many lenders as possible and never give up.

My spouse passed away. Do I need to contact the mortgage holder to remove his name from the mortgage?

No, you dont unless he left the house to someone else. then you pay someone who works for the bank to back date the removal of his name from your new morgage. Good luck

Can you sue to reclaim a personal loan?

Sure, why not? You can sue for any reason. However, you need some sort of proof if you would like to actually win...

You are a minor are you responsible for your deceased fathers debt?

Your father's estate is responsible for his debts. If he owned any assets when he died his estate must be probated. You should speak with an attorney.

How can i write a letter to bank manager requesting him to sanction a loan of tk 2lakhs against the security of tk 3 lakhs?

If you wish to write a letter to a bank manager requesting him to sanction a loan of tk 2lakhs against the security of a tk 3 lakhs, then you should obtain the required form from an attorney and fill it out.

What happens if you lose home insurance and you are paying a mortgage?

If you do not get another policy the mortgage company will procure its own policy which will only cover your home. The policy covers the bank's interest, not yours. For example, if your home burns down, the "forced placed policy" will not cover any damage to your contents.

Are reverse mortgages backed by the government?

Reverse mortgages come in different styles, however most are insured by FHA through the HECM reverse mortgage program. These programs are under FHA's oversight, who is part of the department of HUD.

There are some private reverse mortgage loans available as well, however they have significantly higher interest rates in most cases and offer smaller loan to value's. the private reverse mortgages are typically used for jumbo loan sizes where the FHA lending limited is not sufficient for the borrowers needs.

The World Bank loans developing countries money in order to do what?

The World Bank loans developing countries money in order to improve conditions in the country. It can be used for various purposes, including education, job development, and infrastructure.

Are parties entitle to paper work prior to closing mortgage?

we took a reverse mortgage received no paper work the title company sent a man to our house to close he came hours late and we had no time to read anything i was told if i didn't take this loan we would go into foreclosure so what could i do i later found out by law they were to sent papers truth in leanding prior to closing is this correct

Are FmHA and USDA loans the same?

The FMHA loan program, often referred to as Rural Housing or USDA Loan program, is a very unique type of program through the Farmers Home Administration (a federal agency under the Department of Agriculture) which is designed to help average to below average income borrowers purchase homes in rural areas - oftentimes without the need for a down payment. The Farmers Home Administration (FMHA) Loans are government guaranteed loans for low to mid income level borrowers seeking to buy affordable housing in rural communities. These loans are not available in major metropolitan areas. These loans are made to applicants who do not now own a home and the loans are used to buy existing houses, buy new-built houses, or qualified new manufactured houses located in rural areas.

How much can you borrow on a reverse mortgage?

The amount is based on your home's value, the interest rate, your age, and the location of the home. Basically, the older you are, the higher the loan size to home value may be. there are a number of reverse mortgage calculators on the web as well as on my site that can be used to get an approximation, however a real general rule of thumb is to use your age, subtract 10 and put a % sign behind that number. This will give you the loan to value you qualify for. That formula is not very accurate but will give a general answer.