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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 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 reverse mortgage be reversed?
From Talk Refinance:
You do not have to repay this loan in your lifetime. Once your home is sold should you pass away the repayment will be taken from the proceeds of your home. Repayment also occurs if you decide to sell your home, or move out of your home.
http://www.talkrefinance.com
HUD says:
When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs.
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
Can you get home loan against your visa?
Probably not because you probably don't have the limit. Mortgage rates are usually cheaper than credit card rates so you'd end up losing money, plus mortgages are financed over 30 years and help you to beat the standard deduction on your taxes. You get a home loan against a home, which secures the loan. A Visa card is a line of credit that is not secured by anything other than a signature.
How much is interest on a 12000 car loan?
Depends on your credit rating and employment history and savings. I guess you could say the make and model and perhaps,condition of the car and if you have other collateral and whether you've dealt with the bank or credit union before. Off hand the Credit Union would be the first place to check
Va pensions are thay except liens and paying money bank to payday loans?
are va pensions except from liens and paying back payday loans and bank loans
Can you get a car loan with a score of 550?
Some of your larger dealerships you can, but in todays credit market, you better have 20% down and a co-signer
This depends on the Terms and Conditions of the Policy, you will find these on the Policy Document itself.
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
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.
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
If you pay your overdue mortgage payments will your house still be foreclosed on?
as long as you pay all of the past due amounts including payments, interest, past due fees, whatever is due. They will not foreclose. If you have gotten to the point that you went into the sheriff sale and you are in your redemption period, if you have one in your state, than you have to pay off the full balance of the mortgage plus whatever fees are do to redeem your property.
Why do rates go up on an ARM interest only mortgage?
Every ARM loan is tied to an index and that has a rate that can increase or decrease. Your loan also has a margin which stays constant. The average margin in 2.25%. Read your Note it will tell you when the first adjustment will be and this will cause your interest rate to increase or decrease. Your payment will adjust, but according to the Note it will still be Interest Only for the period stated on the note. You will see a big increase when the Interest Only period is over and your payment becomes, Principal and Interest.
If a car is in two peoples names can one be removed from loan if the others credit is bad?
No, everytime the ownership or title of a vehicle is established regardless of lease, finance or purchase. You will have to re-apply the credit under another person's name. It can never just be removed, because that will be breaking the contract. For more information you can visit http://www.autocreditfinancial.ca good luck.
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.
Can a person be put on the house title without being put on the loan?
I'm not sure if it varies from state to state, but we were able to do that. The mortgage is in my husband's name, yet both of our names appear on the deed.
