Loans

Yes you you have to pay the balance left plus the fees associated with the repo and auction.

No, you cannot. In the state of Indiana, as in most states you are not considered to be of legal age to enter into any contract until you are 18 years old.

http://credit.about.com/cs/loansmortgage/ht/htrefinan.htm

The executor or the beneficiaries of the estate have the option of refinancing the loan and paying off the existing note, allowing the note to go into default in which case the lending institution will take over the house and sell it at auction or the beneficiaries may elect to sell the house. In either case, the lending institution will be paid before the title is released. Many people have mortgage insurance that pays off the mortgage but the executor of the estate should have that information so that the note can be paid. If that information was not provided, the executor may have to do a little searching to find the relevant information. All the non-exempt assets and debts that belong to the deceased will be handled according to state probate laws. Real property that is jointly titled to a married couple or titled as "JTWRS" is not subject to probate procedures and automatically passes to the surviving spouse or named joint tenants. In a "CP" state all assets and debts of a marital couple are considered owned and owed equally. The worst scenario in a "CP" state is the vehicle will be repossessed and any deficiency will be paid out of the deceased's estate or will need to be paid by the surviving spouse. It would be in the best interest of a spouse and/or family members to seek legal advice. Most attorneys offer free or minimal fee consultation to explore the legal options available. If the involved party is unsure of whom to contact all state bar associations offer a free referral service or the local legal aid society can be of help.

An individual must be at least eighteen (18) years of age to be able to sign a binding legal document (which includes loans).

Many places are willing to provide that service, but the interest rates are ridiculously high.

Yes. It's called Mortgage Life Insurance or Credit Life Insurance and is sold by the lenders. But if you can qualify (no outstanding health problems) it may be cheaper to get a decreasing life insurance policy or a whole life policy on your own.

There is no legal waiting period, so theoretically you could buy a new home the day after the Chapter 7 is closed. However, every mortgage lender I have asked has said the same thing: 2 years. You could probably get one sooner than 2 years, but your interest rate might be terrible so it may be better to wait. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

No. It should show on your credit report as a loan with 0 balance. However it could help if you paid 1/4 each month for 4 months if you have time as it would add to your good credit.

If they get a judgment they (or anyone they sell your debt too) can garnish yourwages and yes they will report it to a credit bureau.Try too buy a used car and pay for it outright you will save alot of money.

That depends on several factors, the main one being the state probate laws, if there was a valid will, how the property is titled, and if the deceased had any outstanding debts.

Do you never return what you borrow?

Both persons if it is applicable. In some cases a married couple will hold a joint mortgage but only the wage earner will have a credit score on record.

Chapter 13 is a payment plan form of bankruptcy. You make payments to creditors based on your income over a set number of years. It is the more responsible choice over other forms of bankruptcies. You take a chance anytime you cosign. It should be based on the borrowers character.

Only if the mortgage contract is not a joint. Please keep in mind that a secured lender is given more consideration than an unsecured one to be excluded from any BK action. Most mortgage lenders are more than willing to make a reaffirmation agreement with the mortgagee if they can be convinced there will be no future difficulties.

Yes, most states would have a provision such as "unauthorized use of a motor vehicle" (New York State Penal Law) Unfortunately you must report it to the police officially and be willing to prosecute in order for the vehicle to be put into the computer just as if it were stolen.

Your loan will not be affected by your spouses debt as long as you are not associated with her accounts thru those companies.

No you can't be sent to prison.You can declare bankruptcy .

Yes. Both are installment loans and will build, or destroy, your credit score depending on how the debt is managed.

the only person that can effect a property or the people on title are the people on title. the owners.

In the US there are no such things. I'm not sure they would be used most anywhere.

That's because other than being illegal, they would have no good purpose. Each bank/lender/business makes it's own decisions...and a list of customers others don't want to have, would only be a benefit to those looking for new customers! They are competitors...why would anyone want to hurt itself to help it's competitor? They don't and won't! Believe it or not....there really isn't a conspiracy by all these against YOU...you ain't that important. Of course, if you may have a bad history that would make any reasonable business avoid you like the plague.

Same true for the idea there is an "employer" backlist. Cos compete for good employees...if you are one, that's all that matters...no they wouldn't give up a profitable job because their competitor said they would like it....and the same is true about an employee...they ain't going to do what their competitior says, just because...heck...they would probably do the opposite.

However, the US does use credit services that report your credit history and even give it a grade. Banks and any credit providers generally use these as a primary tool for seeing if someone pays back on time, and is truthfull in their application. They are made by 3rd parties, not involved in any actual lending...and are available to everyone...and for free to the person whose report it is. (In fact if your credit request is denied because of anything found on a credit report, that info must be provided to you when they tell you of your denial).

If you have bad credit that is your doing - and you can expect to be denied loan applcations or others doing business with you. These things are not a right to you, but doing them only with whom one wants, is a right to everyone. Financial discrimination is entirely legal. If your credit report is inaccurate - it reports things that didn't happen...not that you don't like - the credit reporter MUST correct them upon your request and providing proof.

You can apply to a different bank for the remaining 10 percent and closing costs. However, you will most likely get the loan at a very high interest rate because of your bad credit.

IN MOST CASES ONCE YOU GIVE THEM BACK THE CAR THEY WILL RESALE IT AND IF THE CAR WAS ORIGINALLY 15 THOUSAND BUT THEY COULD ONLY SELL IT FOR 13 THOUSAND THAN YOU WOULD HAVE TO PAY THE REMAINDING BALANCE WHICH IS 2 THOUSAND

The persons who are on title must both sign for a equity line of credit.

No. Once your car has been taken away, that is the payment. The bank will have to resell the car and get what they can out of it. It depends on the state. Some (like mine) do not require the remaining balance after a resell. But your credit does get ruined for 7 years. The above answer is incorrect. Once they repossess your car, they will sell it. You are responsible for the difference in what the car sells for and the balance on the loan. You may also be responsible for the repo fees, depending on the state you live in. You credit will also be ruined for 7 years.