Loans

When the asset depreciates (loses value) fast and you want it only for a short period of time it may be better to lease than to buy. Leasing may also be a less expensive or more available method of financing than borrowing, particularly for someone with poor credit or little credit history, if you cannot afford to pay cash.

You have to make the payment, but you also need to start forclosure yourself. Get the property back and sell it again.

Good credit and some money to put down is really helpful. Think about having 20% of the price of the house on hand to put down. If you don't, then you will probably have a 1st and 2nd mortgage right off the bat (you can refinance later into one big mortgage).

Once the primary mortgage forecloses and the property is sold at auction, the 2nd mortgage becomes just another unsecured debt. If the 2nd lender received no funds from the sale of the property, then you ARE liable for the full balance of the 2nd mortgage - plus interest when it goes delinquent. Use care, this will differ depending on the state, but it's not uncommon for the 2nd mortgage note holder to use any means necessary to get back their loan amount, including foreclosure. Often a second mortgage note holder will attempt to purchase the primary note.

One potential issue can play out as follows: * A homeowner finds themselves in financial trouble. * They successfully negotiate a payment plan with their primary lender, but remain in default against their second mortgage loan. * The second lien holder then purchases the primary mortgage (which is still in good standing) and forecloses. * Homeowner finds themselves losing their home to the 2nd mortgage lender.

Yes. Not being able to pay a loan doesn't absolve you from it. They may repossess the car if the situation calls for it, but you'll still own any back payments.

Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.

when you get consolodation loan the lender pays off all of the loans you want taken care of. for example you have 5 different loans that amount to a total of 25000.00. the lender that you are getting the consolodation loan from will pay each account in full in your name and you will have taken out a loan for 25000.00 however these accounts may show up as a transfer on your cbr until the consolodation loan is paid

The home belongs to the bank if there is money owed. The person who is to carry out all the wishes (executor) from the parent's will must either use other assets to pay the mortgage off or sell the house and pay the mortgage, keeping any profit. The bank will not clear the debt until it is paid, they will take the house by force if needed.

There is alot of mis-information out there regarding student loan consolidations. Be aware of that and do your due dilligence as your situation is individual to you--type of loans you have, where you live, etc. I've spent a great deal of time studying the pros and cons of student loans and have come across some interesting sources and facts about trying to consolidate my various student loans. I wrote a report about it if your interested, see below. Warmly, Mark Free Report on Getting The Best Student Loan Consolidation http://getmyinfo.info/student-loan-consolidation.html

No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.

Yes. Do the paperwork with the bank and file it with the state to get the title changed.

Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.

Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild

If you pay off an auto loan this will increase your score, but keep in mind that when you pay an installment loan the account will be closed; which decreases your score. So, at the end of this process you will not loose nor gain anything from this. The only thing that you will gain is that fact that you will no longer have to deal with late payments; which decreases your score.

2-3 points each inquiry.

Yes. It is an absolute fallacy that a creditor/lender has to accept any payment other than the full amount that was agreed upon in the original contract. Many consumer's are under the impression that as long as they make a payment of some type to a credit card issuer or lending institution, respossession or legal action is not possible; that is totally false. As soon as a borrower misses a scheduled payment the contract has been defaulted on and unless there is a "grace" period, the creditor can take any action deemed necessary. Additonally, the lender can continue to accept lesser payments and apply them to the interest and penalty fees and be within their legal rights to file a lawsuit, repossess a vehicle or begin foreclosure proceedings.

Typically no. They will most likely be able to find a way to re-write the mortgage from a 15-yr to a 30-yr but it is unlikely that they will waive the prepayment penalty. Also, depending on how far into your 15-yr mortgage you are, they may NOT be able to refinance you do to predatory lending laws. If it is over 1 year, then it is not an issue, but if it is less than one year, they may either A: not be able to do it, or B: offer you discounted rates and fees to do it. You may consider just refi-ing with another company or doing some comparison shopping. rates are going up - Prime is at 8% now, so if you're gonna do it act fast!

An escrow account associated with a mortgage is an account that is maintained by the mortgage holder and funded by the mortgagee. Part of the monthly mortgage payment goes into this escrow account to pay for property insurance and property taxes.

Negative entries on your reports, except for bankruptcies, can only be reported for 7 years +180 days from the date of first delinquency that immediately preceded placement for collection and/or charge-off. If there are negative entries that are beyond this period, dispute them as obsolete with the credit bureuas.

If you are speaking of making payments on line, the answer is probably yes, however most mortgage servicing lenders will accept payments by telephone up to 9 pm cst. try calling the 800 number provided by you mortgage company

No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it.

Both credits will by hurt substantially.

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.

Usually the "bottom line" of a mortgage does not include interest. It does include closing costs and other costs involved with the mortgage, though usually not including home insurance or property tax estimates.

You can't legally enter into a contract until you're 18.