Loans

Reverse mortgages do not carry the same risks as conventional mortgages. Since repayment of the loan is not made until the borrower is no longer living in the home, there are no worries about fees associated with late payments, or possibly losing the house due to foreclosure.

However, the interest on a reverse mortgage is compounded, which means that each month the interest is calculated against both the principle and the interest that has already accrued. This can cause the amount owed to grow at an incredible rate. Care should be taken not to borrow more than is necessary, in order to lessen this effect.

For FHA insured reverse mortgages, the home owner must undergo mandatory counseling before receiving the loan, in order to ensure that they are fully aware of all of the factors that go along with the reverse mortgage, as well as to educate them of the alternatives that may be available.

I guess she could, although she will probably have to have an attorney which would cost her.

I'm thinking that an attorney would advise against it unless there was credit problem that she is trying to avoid. Is he paying his bills??

The other question is "does he own any real property like a home ... something worth putting a lien.

If she does get an attorney, then I suggest that you consult with one also if your boyfriend gets a letter stating that action is being taken.

Good Luck

The advantages of sort term financing is that it helps with the smooth running of the day to day activities.

25 percent of income should go to house payment but the average is more like 50 percent.

Yes they can! When i was 17 my dad co-signed for me to get a $14,000 car! Let me tell you it helped me ALOT and now im 22 and that alone built up my credit so much! Just make sure you make your payments on time so you dont put out whoever co-signed for you!

Sign off your interest in the vehicle to the primary, letting him/her have the right to sell or drive the vehicle. Either way, the primary needs to have control of the property that he/she is paying for.

It shouldn't be that hard. Generally, you can get any size loan with any score, unless your score is below 450 which is a very bad credit score. With a score of 610, you may be asked to give a substantial down payment, endure a high APR, or both. I once had a score of 615 and was asked to give 4600 down on a 11000 loan, so you may have to put a lot more down, or your APR may be quite high.

Yes. If your balance and payments are current no repossession can occur. However, the amount due is generally not just the amount of payment multiplied by the number missed. The amount due would likely have late fees, interest charges and possibly other costs incurred too. That would be completely up to the lender. Once a contract is defaulted the lender has no legal obligation to agree to other terms and may repossess the vehicle and/or take any other action allowed by the laws of the borrower's state to recover the debt.

send a written request to the lending institution. In some cases you may have to pay the cost of an appraisal. Ready your closing documents carefully. If you have gained equity through appreciation and this is the basis for removing the MI, then you may need 22 or 26% equity. This is spelled out in your closing documents or you can get the information from your lender.

Usually no. You can try like a cheaper car dealership and see if they will, but they look at credit history to see if you made previous payments on time.

yes it does, it will go down even more if the co signer has good credit.

Timing required to refinance doesn't usually matter. Used car loans are a little higher generally. Check with savings and loans, credit unions, banks and others to see if you can get an improved rate. They will look at your credit rating, so make sure that you are paid up on time and that you do not owe more than your income can justify.

The mortgage is held by a lending entity, not the government. Arrangements to change the terms of the loan are typically done by refinancing the loan. Signing a quitclaim, or having a legal document outlining responsibility for the loan do not remove you from the terms of the original loan. However, these documents may be used to request that the bank not report the loan payments in your name to the credit reporting agencies, with varying success. No, a judge does not have the power to take such action.

If we all could tell in the future what we would do or need, this might be an okay way to go. If we were all just for ourselves and not for the community we live in. If we can do just what we want. However, with this freedom comes the responsibility to pay what is owed for services and products purchased and used. It depends on the companies owed as to what their policies are for follow up on abandoned debt. In addition, many companies do check credit ratings before they hire and, in some professions (I.e.insurance, banking), it may prevent your getting the job. It is best in the long run to do what is right.

Cosigning for a loan is dangerous to do. A true business loan should be under a business name itself, a personal guantee may be required in some situations. To build business credit search for a mentoring service online.

Yes, you can. However, you may be just delaying the issue without solving the cause, because you eventually will have to pay the loan. In addition, you are adding the costs of fees, interest rates, late payment charges, and compounding interest to the cost of your original purchase. If you choose to do this, cut up all but one card and pay that one off each month. This will help you improve your credit rating and help you avoid taking student loans for other expenses.

Anywhere that gives loans to people that arent disabled. Bank, credit cards, etc all give loans to disabled people, they are not allowed to discriminate.

Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

Anyone can if they have enough good credit. Relationship to you has no bearing.

Real property held as JTWRS does not enter probate procedure nor is it subject to creditor attachment unless the surviving owners are joint debtors. If there is a mortgage with outstanding balance or the house has been used as collateral to secure a loan, the surviving owners are responsible for the debt or the lender can foreclose on the property, regardless of the wording of the title. The property itself is the collateral for the loan and the lender is the lien holder of the property until the mortgage/loan is paid off.

You may not be able to. Legally you must be 18 to enter into a contract in most states. You could see if you could get a co-signer who is of legal age. The other possibility is to have someone form a corporation for you and use that as the contracting authority, but again, you have to be 18 to create one.

They are impounded until further action is taken

If the vehicle is repossessed the borrower will be responsible for the deficiency between the sale of the vehicle and the balance of the loan. If an equitable payment agreement cannot be reached by the lender and borrower, the lender can file a lawsuit for monies owed and if successful execute the judgment against any non exempt property belonging to the debtor.

There is no prepayment penalty or exclusion clause in Sallie Mae lending. You may pay any amount above the minimum you want. Therefore, you may pay the loan off at any time. Hence, anytime you have the funds, either by borrowing from someone else (or getting a new loan by them) or from other endeavors, you may pay it off. If you can qualify for another loan, with or without the requirement you payoff the existing one, is entirely between you and the new lender - and dependent on all the normal income, credit rating and other factors.