Loans

Yes, the qualification for a co-signer is their credit record, not their driving record. In fact, it's perfectly legal to buy a car in most (all?) of North America without a licence at all.

Sure, although you may have to come up with a larger down payment than someone with a credit score of 700.

Lenders/banks will usually use one score on regular loans even on some home equity loans. It will depend on which repository they use the most. If we are talking about mortgages, then all 3 reports are pulled and the middle score is used. If a married couple is applying then the lowest of the 2 middle scores will be used. If you are talking about a mortgage loan most lenders use the score that falls in the middle as a qualifier. So, if you have a 580, 621 and a 650 they will use the 621.

You might try submitting a signed, written statement to each of the three major credit reporting agencies. If you have a final statement, receipts, canceled checks, etc. you might offer them to the credit reporting agencies in your letter. I worked in lending and credit quite a few years ago, and it was my understanding that everyone has a right to have a statement of their own added to their credit record which must be provided to anyone checking your credit in addition to the information submitted by your past and present creditors.

If you don't pay the 2nd mortgage the lender will take the house. It is a secured loan so, meaning that they get something in return for lending you the money. If you don't pay back the money, they get the house.

I saw a case very similar to this. The owner of the car took the driver to court and successfully sued him for wrecking his car. You could take the licensed driver to court for damages. If you try to use your insurance to file a claim, they may drop your coverage for not being responsible. Responsible means keeping your car to yourself so you don't want to involve your insurance company. If the damages are minimal, you should use small claims court. If you are looking at a totaled car, get a lawyer. The "Licensed" drunk driver is responsible for the collision. The vehicle owner is responsible for the damages. Next time, don't lend your car to a fool. The person to whom you lent the car is responsible, so long as you were unaware that he/she would let another person drive the car. When that person took the keys, he/she assumed responsibility for the car; obviously, letting a 15 year old drive it after he/she'd been drinking was not due caution.

No, you cannot "Transfer" the loan. But you can take out a loan on the other property and use it to pay off the first.

A vehicle is a secured loan and cannot be discharged in bankruptcy. If a reaffirmation agreement between the lender and the borrower is not possible the vehicle is usually repossessed. However, the lender does not have a legal obligation to recover the vehicle. The lien will not be released until the loan is paid or settled to the satisfaction of the lender. Under new bankruptcy laws, the lender is entitled to collect the full amount of the loan plus any applicable legal fees and interest. This generally means that the lender will file a lawsuit to obtain a judgment which can be used as a wage garnishment, bank account levy or other method as allowed by the state laws to collect money owed.

Interest is computed on the remaining balance monthly..If you have a credit card balance and pay exactly every 30 days, you will see that the interest charged is reduced by a small amount every month.

Nope and it doesn't matter if it is a voluntary or involuntary repossion. Once the first payment is overdue by 30 days it automatically goes on you credit report as an overdue payment and then once the car is reposessed it goes on your credit and makes NO note to why it was taken back or whether you gave it back and even if you pay the amount off it is still on your credit for 7 years

When a person dies intestate the distribution of assets and the payment of debts come under the jurisdiction of the state probate court. Probate laws differ in what property of the estate is exempt from seizure to pay debts. The best option would be for the involved parties to consult an attorney who is knowledgeable in the probate laws of the state where the deceased resided.

There is three ways to do this assuming that you are purchasing the car.

You can call the Loan company and ask for the "pay off" amount and pay it in a lump sum or you can assume payments via a contract between you and the loan holder. In this contract you promise to pay the loan on schedule while keeping the loan is their name. This can be risky for them. You can also assume the loan through the loan company. This benefits both of you by getting them off the loan relieving them of liability and it promotes your credit.

As far as the title is concerned it can be changed to your name regardless of the name on the loan. If the loan is still active there will remain a lien holder (the loan company) on the title.

Y-THINK-Y

Yes, as long as there is equity to use. The lender that will do the home equity loan will have figured the prepayment penalty into the 1st mortgage balance just in case you do sell your home before 2 yrs. are up. The lender will ask for specific paperwork including your mortgage (promissory note) so they will know about the prepayment penalty.

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.

A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.

The first thing you want to try is contacting the lender that held your loan. This is usually just an oversight on their part and they usually want to get it corrected in a timely manner. This would be the fastest, easiest, and least expensive way to resolve things.

If that does not work, find a local title company or real estate attorney to help you get this resolved.

There are several important factors to consider in obtaining any type loan, the most important of these is how your credit history is, in fact by law (passed just last year) everyone is allowed a free credit check each year so before making any commitment to a lender go to one or both of the links I have placed here and obtain a report copy you may also want to obtain your credit score which will cost you $5. Or 10. bucks www.econsumer.equifax.com or www.annualcreditreport.experian.com If you have a solid credit history you will find abundance off lending establishments to choose from and most likely you should be able to negotiate reasonable loan terms. But if you have a history of poor credit well your pretty much at the mercy of lenders that are legally able to charge hellish interest rates. Check out where you bank or a credit union remembers if your credit is good then you

There is more princple left on the loan for the interest to be calculated off. If the bank will let you. As to make payments on the princle. This will lower the amount of interst that is calculated in the future.

To finish this question, she has not made all payments and dropped car insurance in which we had to clean up. Right now she has disappeared with the car and I fear she may do something stupid like get in an accident(DUI) type or let some unisured DUI driver crash the car and fear them hurting someone in the process. I hold the title to my home, his name is not on it, but we recently married in Nov. For my peace of mind, and my children's welfare, can my house be taken away if this occurs? PLEASE help as I am losing sleep bigtime over this. Thank you.

Usually the only penalties (and I wouldn't call them penalties) for canceling a loan are the out-of-pocket expenses that have been incurred--the appraisal, the title work and the credit report. These have to be paid by the applicant as they are 3rd party expenses. And I would add to the above, any comittment or lock-in fees paid...which makes sense as those are payments you make to assure something from the lender.

The only way to avoid capital gains on the sale of a house would be to invest the money in ANOTHER house of equal or greater value. Sorry, it can't be a house you already own. No offense, but the rule referred to above, as found in Sect. 1034 of the Code, was repealed in 1997. Since then the ""rollover"" provision isn't required, and the following is the base operation: Exclusion of Gain on Principal Residence. A taxpayer can exclude from income up to $250,000 of gain ($500,000 for joint filers meeting certain conditions) from the sale of a home owned and used by the taxpayer as a principal residence for at least 2 of the 5 years before the sale. The full exclusion doesn't apply if, within the 2-year period ending on the sale date, there was another home sale by the taxpayer to which the exclusion applied. ( Code Sec. 121(a) , Code Sec. 121(b)(3) ) FTC

You can not add someone to the loan without refinancing the whole loan and the other person then applies with you. If the other person is looking for credit -- there is a way for them to show that they are paying on the loan. That person will send in his/her checks to the lender. That person must keep all the bank statements or copies of the checks to verify that they have been paying it. After a year, if they are applying with you on the mortgage, or they are applying for anything else, they can include a letter of explanation and copies of the checks, so the new lender can in fact see that they have been paying on the mortgage and have been paying on time.

It may be difficult to get a mortgage loan with a 620 score; you will likely need at least 20% down to be considered. There are exceptions: VA loans can be with zero down, there are a few assumable mortgages left, etc...but for most cases, you will need a large down payment if you can get the loan.

It's very possible to raise that credit score. Start by getting a free credit report (available many places on the internet), and address errors if they exist. If not, try to come to terms with any unpaid creditors to improve your standing.

With most lenders you can still get a regular conventional rate. With others, they may raise the rate or charge to get a regular rate, in other words you may pay half or a full point to get the good rate. If you are working with a broker, most know what their lenders will do and should be able to advise you. If you are not, everytime your credit is pulled, your score is lowered so you may have to consider staying with the 1st lender or wait another month for the score to rise.

Hopefully you have all the bills on the loan and can prove through paperwork that they never tacked on the repair bill. Then they'll have to prove they presented you with a bill. If they never presented you with a written bill for the repair, you have recourse, but it would be through civil court and not the police. You can sue them for wither the car or the value of the car, plus any additional costs brought on by the repo. Gather your paperwork, try to resolve with with the car company, and then pursue your civil options if you have to.

Two possible answers. One, you get to keep the car, and the lender has no rights to it, or two, a tow truck will repossess your car in the middle of the night. The answer is pretty easy.