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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
Mortgage charge off and debt forgiveness?
wells Fargo charged off my 56,000 dollar home. Reported as 0 payment. 0 balance, and 0 old. What does that mean to me. I have not paid anything since 2007.
What is the Fastest way to pay off a car loan?
As much as possible as soon as possible. Really, the more you pay above and beyond the required monthly amount should come directly off the balance without interest. If your loan is not structured in this way, then you should refinance with a new loan that lets you pay additional amounts toward the premium whenever you want.
Sure ... as it is not YOUR car ... you are not the OWNER of the car ... the loan company OWNS the car outright. If you do not pay for something that you buy on time, the loan company has every right to take it back. You see, they hold the owners title on the car, so it is theirs to take away if one does not make the payments anymore.
Which bank provides cheapest 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.
One of my friend also got a personal loan approved vis HDFC bank with the help of 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 the customer to take the right decision.
If you have any query or need help in getting your personal loan approved by the best bank as per your needs then I would definitely advise you to go for CreditNation. You can visit their website or their facebook page for any query.
Thanks for the suggestion beside above information I prefer MyFundBucket because I got loan in a very less time without facing any problem.
Can you get two separate payday loans on same payday?
No. You usually have to wait about 30 days before you can get another loan. Most lenders will know that you already have a loan out there somewhere. Besides, I believe it is against the law to lie to a payday loan company in telling them that you haven't applied for a loan in the past thirty days. They usually ask you when you apply.
Difference between interest rate and finance charge?
finance charge - This is the one time fees that the bank may charge for processing your loan
Interest rate - This is the rate at which you must pay the bank interest for availing the loan during the loan tenure.
Ex: Assuming you take a Rs. 1 lakh loan for 1 year at 10% fixed rate of interest and a 0.5% processing fee/finance charges
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Monthly payment = 9166.67/- (Out of this Rs. 8333.33 would be principal repayment & Rs. 833.33 would be interest)
Finance charges = Rs. 500/-
What is an equitable mortgage?
An equitable mortgage is also called as English mortgage which can be done by deposit of original title deeds of a person who intends to obtain loan from anybody, as security for the said advances. The said document in the custody of the person handing over the loan would be entitled to enforce the same as it would create a charge on the immovable property and could e enforced in accordance with the provisions of Transfer of Property Act pertaining to mortgages.
The person creating the mortgage is called as the Mortgagor and the person receiving the documents the Mortgagee.
12 months in a year. 12 X 30 = 360 payments.
Is it better to be 60 days late on a mortgage or 30 days late on many bills?
I would say based on credit rating that getting behind on a mortgage would be worse than being late on a few other bills. A lot depends on what the other bills are, but if you can try and pay the mortgage first.
Should you pay off your house mortgage?
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.
Who owns the house with mortgage and deed in different names?
The legal owner is the name(s) on the deed. The names on the mortage note are the ones responsible for the loan.
However, sometimes the owner/mortgagor complicates the title to the property by selling it after they have granted a mortgage to a bank. In that case, the bank has a senior interest in the property. The grantee on the deed owns the property subject to the mortgage. If the mortgage isn't paid the bank can take possession of the property by foreclosure.
What happen to second loan after foreclosure?
They only foreclose on the 1st loan. The 2nd will go as a charge off as bad debt. They may sue you to get a judgment on it. I had an 80/20 loan and on my credit the 80 loan was only showing as foreclosure, the 20 was coming up as charged off
Can you refinance your car loan with no job?
Yes. Your job status not determine if you qualify for refinancing. You being able to make the payments does.
What is a mortgage calculator?
A mortgage calculator is a calculator with which you use to calculate your monthly mortgage payment.
For example, your home mortgage amount is 300,000 dollars, your mortgage term is 30 years and the annual interest rate is 6%. You would like to find out how much you have to pay per month. In this case, you can use the help of a mortgage calculator, and it tells you that you have to pay 1798.65 dollars per month.
Can you deduct the prepayment fee on a commercial mortgage?
I don't think if it is on commercial property or not is an issue...and the answer is going to be yes! When you refinance a mortgage, all the costs of the mortgage you financed, including all those like points on origination that may have had to be amortized over the term of the loan, are accelerated and become deductible in that period. The key is the cost must be tied to the replaced mortgage, not the new one.
Why would a business obtain a residential loan instead of an individual?
My last company bought residences for temporary employee housing.
Can a felon refinance their mortgage?
Yes, all lenders are equal oppertunity lenders. It would be discrimantion if they did not let you refi based just on the fact that you were a felon
Are co-op apartments eligible for reverse mortgages in new york state?
In July of 2008, Congress passed and then President George W. Bush signed into law, the Housing and Economic Recovery Act (HERA). There were many provisions of that law which impacted reverse mortgages. Among them was a section of HERA which provided Reverse Mortgages for Co-ops. Since most private reverse mortgage bankers effectively stopped their reverse mortgages for co-ops, there are seniors who were anxious to see how this would come out and what the restrictions would be. Unfortunately, their anxiety continues.
Despite the mandate of HERA and the continuing weak economy, over two years later, HUD has still failed to promulgate rules which would allow the banks to offer reverse mortgages to co-op owners here in New York and elsewhere in the country. HUD has not issued the required Mortgagee Letter that would permit reverse mortgages (HECMs) on co-ops.
HUD has indicated many times that it would make reverse mortgages available to co-ops, but it has not done so. As recently as this past March, HUD said it would issue such a Mortgagee Letter, but nothing has been done. Approximately three months ago, HUD Secretary Shaun Donovan has said he would look into the situation. Again, nothing has been done.
The problem is more acute in New York and in particular, downstate and the New York Metro area with large numbers of seniors owning and residing in co-op apartments. As seniors on fixed incomes, struggle to survive with rising taxes, medical and energy costs, I wrote to both of NY's Senators and my own congressman. Yet, over two years since HERA became law, co-ops are still not eligible properties because HUD has taken no action.
The latest I've been told is that the new guidelines should be out by September, but I have been told deadlines before and they have come and gone over the last two years.
While reverse mortgages are not for every senior, they do afford seniors the opportunity to work their way through their financial issues. It is imperative that HUD act now and issue the appropriate Mortgagee Letter, so the banks will resume reverse mortgages for co-ops. The best thing for you to do now is contact your US Senators and your local congressperson and let them know you are angry that for over two years nothing has been done to allow seniors to obtain reverse mortgages on their co-op apartments and demand that they contact HUD about it.
For further information, contact reversemortgage@optonline.net.
What does Loan Loss allowance mean?
Amount of money that a bank might lose because of its loan not being fully repaid.
Where can you get money now loan with last pay check stub?
First...as i write this in early January, your almost able to file for your own refund normally now anyway as the needed forms will becoming in the next few weeks! You'll get much more money overal by doing it yourself...and I appreciate the few weeks of extra wait may be tough..but, the "Money Now" typpe things under any name ares uch a complete scam...as shown below...you really should stretch and try and avoid it. (One reason that it is getting harder to find places that do them is because they are so un fair a loan against your refund (lending you your own money at a very, very high charge, that they are being outlawed where possible).Anything that loans you on your refund are places doing refund anticipation loans (RALs). Universally denounced as one of the worst things anyone can do financially. Consumer abusive and trying to be outlawed in many areas. They actually give you a loan based on your anticpated refund...at a massively high interest rate (especially as they are lending you your own money) and then, as part of the agreement, require they file your actual return (when all the paperwork is available), at probably 5 or 6 times the fee they would normally charge (and that to file a return that can be done for free on line anyway). H&R Block was sued by several states and paid a huge penalty...and basically is forbidden from doing this type of business anymore. However, they changed it around a little and essentially still do. However, some consumer success was had and any Co that does do it is now required a separate lisc to do so. (Nice advise).If if your having too much money withheld (so you are due a large refund), that is what needs to be corrected, (and could have been at anytime during the year), by contacting your payroll dept and filing a new W-4 with them. Anytime during the year. (Could have been last month for example...and your pay through December could have basically not had any withheld, giving you the money you n ow may pay 100s of % to get! And of course, if done now through the year, you'll have that income all through the year. Closely follow the instructions and examples for the Form W-4 and you should get very close to having the right amount withheld...and again, the payroll dept. should be able to help a bit too).The below is from an independent source:According to the Consumer Federation of America and the National Consumer Law Center, RALs are controversial because, like payday loans and title loans, RALs are high-profit, low-risk loans marketed toward the working poor. A 2006 study by the NCLC and the Consumer Federation of America found that "Based upon the prices for RALs in 2006, a consumer can expect to pay about $100 in order to get a RAL for the average refund of about $2,150 from a commercial tax preparation chain this year."Supporters of the practice say the loans allow people access to funds immediately in cases of an emergency such as overdue medical bills, credit payments, and other debts while they wait for the IRS to process their income tax return. However, this argument is misleading:[citation needed] taxpayers can file form W-4 to adjust their withholdings to the correct level. When this is done, a taxpayer can hold on to all cash that would be offered by an RAL without paying any fee, thereby making the cash available at any time.Supporters of RALs may contend that the high fees are justified by the high risk associated with these loans, since there is a possibility that the IRS will issue a reduced refund or none at all, depending on whether the taxpayer followed the correct procedures in calculating his or her tax.Opponents of RALs, like as the National Consumer Law Center, argue that the profit motive of the lender results in RALs being issued too often to low-income individuals who are made to believe the wait for their refund is longer than it really is, who do not realize they are taking a loan, do not understand the high interest rates charged by the loan (often exceeding 100% APR), and who do not actually need the funds immediately. An empirical study at Georgetown University found that a large percentage of RAL customers appear to use limited decision processes.More than half of all RAL consumers are low-income recipients of the Earned Income Tax Credit (EITC); in 2006, the NCLC estimates RAL loans cost RAL recipients $1.24 billion (USD) in loan fees and another $360 million in administrative, electronic filing and application fees.In 2002, H&R Block settled a lawsuit brought by the New York City Department of Consumer Affairs for predatory lending practices with regard to RALs and the EITC.In 2003, the Illinois Attorney General issued a detailed warning to taxpayers about such loans.On February 15, 2006, the California Attorney General, Bill Lockyer, sued H&R Block over its refund anticipation loan business,citing interest rates exceeded 500%, including fees (which included the tax preparation fee, which is unrelated to the RAL, but included per California law). Lockyer said the company falsely portrayed the nature of the loans, advertising "cash, cold, green, in your hand, out the door."In May 2005, a federal judge in Chicago rejected a $360 million settlement as inadequate.Under the National Bank Act, national banks and their agents who make RALs are broadly excluded from regulating RALs. The only actions that states bring against RAL providers involve allegations of falsely portraying the circumstances of the loan, or fraud. A RAL is a legal loan beyond the scope of the ability of any state agency or state legislature to regulate as a matter of federal law.RALs are within the legislative scope of the United States Congress and to a considerably lesser extent the regulatory authority of the IRS; however, Congress has not demonstrated serious interest in this subject and while the IRS did issue a "Advance Notice of Proposed Rulemaking" in January 2008 that would prevent the tax preparer from sharing tax return data with the lending bank, the advance notice was very poorly received on Capital Hill because of implications that it would have had for other types of loans where tax returns, tax return data, and CPA statements are used as part of a loan decision package.
