Loans

If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.

18

Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.

No offence, but, you are drawing only SSDI, have poor credit, and want to borrow money to buy a car? Obviously with your poor credit, you have not made good choices in the past. And again you are making a poor choice. Forget borrowing money to buy a car. Save your money until you have enough to pay cash for a car. You may only be able to purchase a beater that runs good and can get you from point A to point B, but you won't have a car payment you can't afford in the first place. This time make a wise decision and do not borrow any money.

A capital lease allows the lessor to take advantage of the accelerated depreciation methods, and/or the bonus first-year expensing method (e.g. section 179 deduction) for the leased asset. The lessor also gets to deduct the interest portion of the lease payments, which is greatest at the beginning of the lease. Theoretically, the aggregate deductions over the life of the lease should be equal. Thus, the lessor gets the benefit of accelerated deductibility, and therefore the desirable time value of money.

No if you consign you should be listed as the additional insured but you dont need to be on the policy provided of course that you are not driving the vehicle and are not a resident of the household where the vehicle is kept.

Yes, you can get approved with a 517 FICO for a mortgage loan; however the terms of the loan may be far worse than if you are able to work on improving your credit score first. Everyone has to start somewhere!

Yes, you can get a mortgage with a 640 credit score and four charge offs. Obviously, the better debt to income ratio, better credit score, and fewer negatives all help in securing the best loan possible for your situation.

Your lien or mortgage position (1st, 2nd, 3rd, etc.) as a lender or loan provider is important as to who gets priority should a default occur. So normally people can get a second mortgage with very good credit (these days) from a local bank. Most lenders will not go past second position behind a first mortgage unless the client is very wealthy. I have seen third mortgages which are normally considered "unsecured loans" anyway but the lender/company puts a lien on your property anyway to give them some sense of security. I have seen third and fourth mortgages on a doctor's combined residential and commercial property. The bottom line is your income level.

I know Smart Term Loans does. They have a website you can checkout online.

If you have a bank account, your first stop can be the bank. Many times they will work with you and help you build your credit with a small loan.

Another option is get financing through the dealership. However, the interest rates are often higher this way. The interest rates could be amplified by the fact that you are 18 and chances are you have not had much of a chance to build any sort of credit history.

It is often helpful for younger adults who are trying to get started out to have someone willing to co-sign on the loan with them.

The lender will have specific appraisers that they approve and usually the appraisal must be done within 30 days of the loan. That keeps the appraisal current and also avoids conflict of interest between the real estate company (larger loan equals larger commission) and the lender (they don't want to lend more than the home is worth).

700,000

As opposed to a home equity loan, which bases the loan amount on the existing value of your home, this type of loan uses the 'after improved' value. It can be a plus for the homeowner who needs more money to fund a home improvement project. The down side is that the loan is doled out to the contractor in payments determined by a bank assigned inspector after a portion of the work has been completed. This basically puts the contractor in the position of funding the project and getting reimbursed by the bank.

As a contractor for over 26 years, I have performed 1 contract under these terms and will never do so again. This type of situation leaves the contractor to bare the weight of the entire project until reimbursed. Unfortunately, in my case, the bank convinced me that we would be reimbursed with 2 days of each inspection. In reality, we never saw a check earlier than 2 weeks after an inspection. Note: M&T Bank

For wealthy contractors, this would not be a problem. But, in the real world, most of us don't make a great deal of money beyond our means and financing a homeowner's remodeling project...especially a large one, isn't possible.

The downside for the homeowner in this case is the repercussions. As I stated, a very prosperous firm would have no difficulty managing a construction loan. But, if your contractor is like most, it will be a great burden and the job performance could fail. If he doesn't have money to buy the proper materials, he might skimp or substitute inferior ones. If he doesn't pay his employees or subcontractors, they may stop work, perform poorly or sue you for the money (and institute a mechanic's lien on your home).

In summary, you can get a bigger loan because it's based on the greater value of your home. But, the only contractors that should assume such a project are ones who have the capital to carry the expenses until they are reimbursed by the bank.

Actually, you may not have to go as far as refinancing to remove the mortgage insurance. If you have paid down the principle and have equity, you may have reached the percentage where your lender does not require mortgage insurance. Check with your lender and read your note to see where you stand.

Both are responsible until paid in full. It will also be on both credit reports as well.

No. Why would the government want to insure or subsidize a private loan?

Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.

If your name is on it and you have not signed it then they can not legally cash the check. I've seen someone from the mortgsge co forge the homeowners name to cash it before though.

You cannot borrow money for a down payment on a house, the only exception is if the loan is secured against an asset, like 401 k, borrowing against a vehicle that's paid for, from relative or friends When the bank loans money for a house, they've calculated that you won't be able to pay back your loan if you take on more debt, and borrowing the down payment is additional debt. If payments aren't made and they have to repossess the house to sell, often it sells for less than it's worth. So they can sell quickly, and a down payment prevents them from having a loss.

no

repurchase agreement

If the person is unable to pay, the bank can foreclose.

I would think that if the loan matches the value of the car, then you might be close to even. However, if you owe more than the car would sell for, then you may have a problem. All you can do is read your sales agreement and then discuss it with the management.