Loans

If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.

what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/

Forced sale of a homestead is legally possible in the majority of the states, but is seldom allowed by the court. However, the more equity the debtor holds, the less likely the state's homestead exemption will protect the property, thereby leaving the home in jeopardy. There are many factors that determine if a home can be subject to forced sale for creditor debt and said factors differ in each state. The debtor should use caution in communicating with the creditor and the best option is to have no communication without having received legal advice from an attorney knowledgeable in the state of residency's creditor debtor laws. One option to explore is if the state's SOL has expired if it has then a creditor lawsuit could be defended and defeated on those grounds.

560 is a fairly low score. The only way you're likely to be able to get any loan without a co-signer is if you put up enough collateral to cover the loan.

The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.

If you are asking if you can get a loan due to credit issues, then the answer is "yes" so long as your credit score and debt-to-income ratio are satisfactory to a lender. If you are asking if the bankruptcy court will permit it, then the answer is "maybe." You have to petition the bankruptcy court to get any new loans during the chapter 13 case, usually by filing a "Motion to Incur New Debt" and explaining therein why you want the loan, how much it will be for, payment amount, interest rate, etc. If the court thinks it is reasonable, they will grant permission. If the court thinks it is a bad deal for you or jeopardizes your ability to pay the creditors you have, the court will deny it. 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. Thanks!

The application? Days. Have them e-mail it to you or fax it to you.

I don't think so.

Yes, but the cosigner will still be legally responsible for any outstanding fees, penalties, deficiencies and so forth that may occur due to the foreclosure. The cosigner's credit will also be significantly damaged by the foreclosure and any other action by the lender.

They don't want to give a loan to someone who has a high risk of defaulting on payments. Your collections accounts need to be clear and your credit score will go up a little when that happens. Just resolving an outstanding collection debt will help your reputation with the new lenders.

They get a commission, often fromt the points charged but it can also be a kickback from the lending institution.

No, Ohio is not a community property state, therefore debts solely incurred by one spouse are not the responsibility of the other.

Yes, all reputable lenders will require the applicant to clear any outstanding judgments before considering approval of a loan.

Whethr or not you would be eligible would be the decision of the lender. Many lenders consider a person who has discharged a total liquidation bankruptcy and is gainfully employed as a good credit risk, as it is assumed the person has no outstanding debts.

Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for

First you need to know if you have good credit and what are your assets. What can you afford to pay for down payment and closing costs.

Second find a reputable mortgage broker. Check with the BBB and with your state's Office of Financial Institutions to see if the mortgage broker is in good standing. Getting preapproved by a mortgage broker is better as they deal with several lenders, this will save you from having your credit pulled too many times which lowers your credit scores and could eventually stop you from getting the mortgage you want.

Once you are preapproved and have a letter to that effect--start looking for a home, or put in a purchase contract on the home you have already found. You will need: your last 30 days worth of pay stubs (in consecutive date order), 2004 and 2005 W2s, (if self employed you will need your full personal and business federal tax returns), and your last 2 bank statements (all pages) or any other statements where assets are that you are using for the closing, like stocks, mutual funds, or even part of your retirement fund. The lender wants to see that you had to money in your savings and you are not borrowing it without telling them that now you have a new loan.

You will need to find an insurance company for your homeowners insurance. Please call and get estimates as some insurance companies are more expensive than others. Once you have the preapproval and a contract, the broker will put everything together and get it to the lender for their confirmation of the approval. If everything you have shown is true, then the final confirmation shouldn't be a problem, and a closing date will be set. Also once you are approved, you do not apply for any credit-no matter what it is until you have signed the closing papers and you have the keys to the house.

The lender has the right to re-pull your credit prior to close if there are new loans (like a car) or new credit cards with or without balances--or you have fallen behind on the payments you already have, Your preapproval will have to be re-run to see if you still qualify for the mortgage. You can be turned down at the very end if your credit has changed! It is a priority that you keep up with the present credit you have and not apply for anything new. Reserves- the lender wants to see that you have somewhere the equivalent of 2 mortgage payments which they consider your 1st and 2nd mortgage payments. This is in case you start spending more money than you should when you first get in the house.

Well that depends on your mortgage payment and what you're doing for a living, if you have enough money to keep paying your mortgage without using the money then continue with your path, but if you need the money to pay off your mortgage then do it but you never want to completely pay off your mortgage because of the taxes will destroy you. My blind suggestion is to WISELY invest the money on either a great idea (and not all of it) or something solid because $100,000 dollars isn't much but can be worked with, also speak to a financial adviser but think for yourself

P.S. I'm a big fan of commercial real estate or 6 family homes for example

Interest is usually not charged on interest and is called capitalizing interest. On some occassions banks may roll interest on a note and thus charge interest on the interest, but this is not advisable and is only done in certain situations that demand that it be done.

Try Agrifinancial. Their web address is www.cgb-afs.com

You can't. No contract is legal and binding until the contract holder is of legal age to which is 18. No bank or corporation can legally enter into such an agreement with a minor.

It would have to be very personal, such as a relative or friend of the family who understood that the loan would not be a binding legal agreement. Although this stipulation does not apply in every situation pertaining to financial transactions by an underaged person.

Yes! All you have to do is go to the registry of deeds (or your area's equivalent) or a title company with your wife, and do what's called a "quit-claim deed" to get yourself added to the title. It usually costs between $100-150. Your wife can add whoever she wants regardless of whether or not they have any involvement in the home or the mortgage.

Not to my knowledge, you can't. However, if your parents apply for a PLUS loan and get turned down, you may qualify for $4,000 more, but that's it. You can look into alternative loans, but most of those do require a cosigner.