Loans

Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.

The borrower would have a copy of the title but on the title itself the lien holder (lender) would be noted. That would mean that the title is not clear and the vehicle cannot be sold, traded or transferred in any manner.

YOU NEED (BALLPARK) 100K OF YOUR OWN CAPITAL (MEANING NOT BORROWED FROM THE BANK Capital) and you need the business' financial documents to prove that past revenue is about 3 times that loan payment

No need to change name to pay off. Need to change titleship with proof of death and a Judges determination that it goes to you if you intend to reregister it. The other way to gain ownership is to do an "abandonment" process. This varies from state to state. Contact the DMV in your state, they will help.

You can also turn the car in with NO further costs by presenting the Certificate of Death. Call the loan company and explain the situation but DO NOT accept any answer that costs ANY money. All you will have to do is present documentation, sign some paperwork and walk away.

Y-THINK-Y

TIME!

Typically speaking, yes. A mortgage loan acts as an installment loan, which if you pay on time on a regular basis, and your balance goes down each month, it can certainly help your credit.

That being said, just one or two MISSED mortgage payment can have a huge negative impact on your credit score. 30% of your credit score is determined by your payment histories and a huge chunk of that 30% is your mortgage payment.

If you are talking about a REFINANCE mortgage with which you consolidate debt, that can have a huge positive impact on your score because your revolving account balances drop to zero. High balances on revolving accounts (like credit cards) have a large negative impact on your score. You never want to carry a balance on a credit card that is more than 50% of the credit limit.

While it's true that refinancing can help you consolidate high-APR credit card debt, and reduce the associated balances, a refinance will likely lower your credit score in the short term. Also, you are exchanging unsecured debt with secured. If you cannot make the payments, you are facing foreclosure or a short sale. This happened to many folks during the 2008 subprime downturn, so be very careful.

Essentially, any time you apply for new credit, you appear as a higher credit risk to other lenders, so your credit score will drop as a result. But long-term you'll improve your financial position if you make timely payments on any new loans.

You need to file a Propositon 58 with the Assessor's office. This is an exclusion for reassessment when the transfer of the real property is between parent and child. To get the full exclusion you must file within 3 years of the tranfer/recoradation, otherwise the exclusion would begin with the current fiscal year.

Yes, there will be evidence that SOMETHING happened, but it will also indicate that the problem was properly resolved. Yes. Even though you corrected the problem, you still made the mistake. It will always be there.

It depends on what you mean by default. Many auto lenders call your payment "in default" after 30 days. So we'll call that "default". If you go more than that and they end up reposessing your car, we'll call that reposession.

The severity of both depends on what other credit you have on your bureau. For example, a 60 year old man with 12 houses paid as agreed in their life, 22 cars paid off, 40 credit cards paid off, 8 active tradelines and a score of 800 is barely going to be touched by a single 30 day late payment. Their 800 score will maybe be hurt by a few points which will bounce back up in a couple months. Likewise, a person with no credit score that had a bankruptcy and foreclosure and a repo after the bankruptcy who then has been carefully working their way up to a 550 score for the last 10 months with this car as their only tradeline could have their score completely wiped out for several months.

Reposession is another thing entirely. Anyone will be hurt considerably more by a reposession, but it is not unrecoverable. A lot depends on the borrower's overall credit profile like before. The 1 reposession may or may not hurt the score dramatically. It WILL affect your ability to go out and buy another car though. Most likely, even if your score remains in the higher numbers, you will not have trouble obtaining credit at most places - except for buying a car. If you had a reposession 3 months ago, they will require a sizable down payment for conventional financing and you will not qualify for the best terms and rate incentives available to others with even lower scores but no reposession.

Once they take your car, it is not over. At that point, it continues to report as late on the bureau until the car is sold at auction. If your car was reposessed in March and you were 3 months behind at the time, and they don;t sell until September, you will be a full 9 months behind on your bureau which is bad.Also, once it sells, if they do not sell for enough to pay off the balance, you will be hit with a deficiency balance. This wil be money you still owe them. They will obtain a judgment and then, if necessary, garnish your wages to pay it.

Hope this helps!Kevin FreelsEvansville, IN

Of course not! ************************************************************* I'm not sure I understand the question.

You are asking if the bank will return the money you spent for "extra equipment" you invested in after buying the car?!?

Your car is being Repo'd so chances are, you haven't been making payments on the car.

Whoever sells the car probably isn't going to be able to sell it for enough to pay the loan in full. So not only are they not going to give you money back, but you might be obligated to pay the difference between what the car sold for and the amount left on the loan to avoid being sued.

Yes, there is a federal program to help people in foreclosure. You should be able to locate a state or federally sponsored agency that will help you. Several of the biggest mortgage companies like to play games and lose your paperwork, change the person "assigned" to your case, never return phone calls or respond to letters. There are starting to be lawyers who specialize in these cases, so check with your local or state bar referral agency.

You may be able to file a chapter 13 with a plan to get current if you can do it within 3-5 years. Consult a local bankruptcy lawyer.

Yes, there are always mortgages out there for people with low fica scores. However, the interest rate will be high.

The lender will put the responsibility to pay the loan if you have defaulted and they can't collect from you. In that case, the co-signer becomes the primary in a sense. A co-signer has the same legal obligation to pay the debt as you, which is why someone should put a great deal of thought into agreeing to co-sign for anything.

Check the vehicle registration, if you are the only one on the registration and you are paying the bills, then you are the legal owner. You can call it in as stolen and get the car back that way. **************************************************************

If you are a cosigner on a car that is in Repo status then you either need to pay the lender they are asking for (In order to stop the Repo) or the Repo will go on your credit as well. This can very by State so I would check the laws in your state.

Remember that when you cosign a loan you are as responsible for the payments as the person you are cosigning with. Hopefully you saved the paperwork you signed when you financed the car, I would find the papers and read the fine print (your responsibilities are in that little text somewhere).

Your wages could be garnished. What happens in a repossession is that the car is auctioned off. Then you are responsible for the remaining amount owed. * When a borrower is sued for monies owed and the plaintiff wins the case a judgment is entered against the debtor/defendant. Judgments can be executed in accordance with the laws of the state where the debtor resides. The preferred method is wage garnishment or bank account levy, followed by the seizure and liquidation of non exempt property or a lien against real property belonging to the debtor.

Probably not. You, like the primary party, signed a contract as an independednt, free-thinking adult. It is assumed under the eyes of the law that you knew what your were getting into. You are as bound by contract law as the primary.

It all depends on what state you live in. Regardless of whether your payday lender is off of the internet, the law says that the transaction actually occurred in the state where your computer is located when you took out the loan. Some states have made payday lending illegal, some have usury rate caps that won't allow loans over a certain interest rate. That being said, many payday loans end up being unenforceable due to the state you reside in. I wouldn't recommend taking out any loan you can't repay, however it is easy to get caught in the payday loan trap. If you have a reputable lender, they may work with you on payments. Unfortunately, many payday lenders don't work with you at all. They will continue to try debiting your bank account even if you tell them not to. Many times, people have to close their account to prevent this. Some unscrupulous lenders will violate the Fair Debt Collections Practice Act (FDCPA) by making threats to come to your work, come to your house, have you arrested, etc. They cannot do this. They are legally bound by the same laws as any creditor, therefore if the state you reside in allows payday lending, you could be civilly sued for what you owe, that's it. Check your own state laws and research the multitude of sites regarding payday lending. There are numerous complaints to be found on the web that may help you.

Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.

Grants are awarded to students so they can afford a higher education, not to pay off existing studen loans.

Yes, I've done it.

It cause interest rates to rise.

No, except wait until the required time limit for refiling has expired and file another bankruptcy petition.

Each states bankruptcy Laws are different. But in most cases if you co-sign and the loans does not get paid your credit can go down the tubes also.

From my experience, you would have to re-finance the suto loan with the new co-signer.