Loans

The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!

Just keep in touch with the lending institution to make sure nothing negative rubs off on your credit. A good relationship with the lending institution will be quite helpful in the long run. Recognize that if the primary borrower files bankruptcy, some lending contracts can be called in requiring that the entire amount be paid in full. If that occurs, make sure you keep in touch with the lending institution and let them know that you'll either pay it off or refinance.

They do not help you establish credit. You have borrowed, but don't owe, so there's no information about the way you'll handle payments over time.

30 days generally will not cause a foreclosure. If the debt continues to be 30 days in arrears over months are foreclosure will happen at some point.

Not unless the person has a desire to find out what the inside of a state prison looks like. A vehicle that has lien on it does not belong to the borrowers until the loan is paid in full. Any action taken concerning the vehicle must be approved by the lender/lien holder. If that is not done the borrower(s) can find themselves in serious legal trouble including being charged with committing a criminal act. In addition, false reporting of a stolen vehicle constitutes a 3rd or 4th class felony in most states.

Absolutely, a charge off does not affect the validity of a debt. The issue of the account being referred to a collections attorney or law firm may indicate that the creditor has decided to file a lawsuit or enter into arbitration action to recover the debt.

Perhaps. If the married couple resides in a community property state, all debts and creditor action apply to both spouse's if the debt was incurred during the marriage. It will also be a factor in any future joint financial transactions the couple may want to make in the future, such as a mortgage loan or a refinancing or equity loan for a home. However the repossession should not appear on the husband's credit report; allthough this is not a certainty, as CRB's are somewhat notorious for their lack of accurate reportage.

The credit score could indicate that the person is responsible in their financial dealings. Unfortunately the salary amount would not be favorable. Many lenders will, however, look at the overall financial picture of the cosigner; for example the person's debt to income ratio, potential for increased future income, etc.

Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.

She can do that. It is legally her car and according to the paperwork, the state will view it as "she was renting the car to you." She has every right to take the car away, it will hurt her credit if she can't come up with the money to make payments. You are obviously not responsible enough to own a car or you could have made a purchase on your own. Next time, purchase under your name so you are responsible and liable if a payment is missed.

Yes, the bank or any lending institution can withdraw any offer unless a contract has been signed by all parties.

You should consult an attorney for the correct answer, but, my experience would indicate that you would not be responsible if you did not sign on the contract at the time the auto was purchased. * If the married couple did not live in a community property state, the debt belongs solely to the deceased and becomes a part of the probate procedure the surviving spouse would not be responsible.

No. Collection agencies (or any other agency/organization that lends money) cannot place liens on property that is not owned by the debtor. If they could, then what would stop them from placing liens on just anyone's property?

In order for them to place a lien on a property, the person must be on title. Of course, there might always be some lawyer out there who might beg to differ and try to take it to court...but then again...if they're willing to take the debtor to court, they can just have a judgment placed against them by the courts.

If a conforming lender (better rates) is used, usually about 2 years. If a non-corming lender is used (not so good rates), one day. The difference in these two types of lenders will depend on your credit score at the time of application and the loan-to-value of the loan you are applying.

Anything's possible. Is it likely? No. You will definitely need to get a co-borrower on the loan with established credit.

Depending on your credit score you can refinance up to 100% of the appraised value of your home. In fact, there are some lenders who will allow you to borrow up to 125% of the value, if you have a credit score about 720.

Yes. Mortgage insurance is generally term life but in this case you would buy a guaranteed issue whole life. Because of your condition you would be limited to $50,000 but the old adage is "something is better than nothing".

It really depends on the state in which you live and whether or not you are referring to a married couple. It also depends on what you mean by "sign for a home equity loan." In Texas, for example, both spouses would have to sign for a home equity loan. And as for the signing, both have to be at closing to sign the documents, but they are not both required to be on the loan itself (i.e. responsible for paying off the debt). Your best bet would be to call around to a couple of local banks and ask the question. I mention a couple, because that increases your odds of getting correct information instead of just one person thinking they know what is the correct answer.

Declined transactions on a credit card would seem to indicate that you have exceeded your credit limit. Exceeding your credit limit will reduce your credit score. This means that a bank would take a very close look when you apply for more credit.

No. You co-sign for the note as indicated on the documents you sign. There is no half way. Beware ... When a lender asks for a co-signer, the lender knows that the co-signer will have to make at least some of the payments. This answer comes from experience.

Strictly speaking, the home appraisal is valid on the day it is signed and dated. The courts and the IRS generally recognize an appraisal as valid if it is less than a few months old. As a general rule of thumb, an appraisal should be considered out of date if it is more than six months old, under most market conditions. When prices are changing quickly, as they have over the last few years, even six months is too long. The value of your home can change the next day due to outside conditions. A free way is going to be built in front of your home. A person living next door is murdered in his home. These are unlikely and exaggerated conditons, of course. Generally, real estate values change in an orderly fashion determined by larger market conditions.

From what i understand, you have to be 18 to enter into a binding contract...and so its up to the bank whether or not you can get one because they can't enforce it on you...so you will definitely need a cosigner and the bank will look at both your credits to see if it's worth the risk

i know this because my friend signed for a loan w/ his parents as cosigners and because i also wanted a personal loan and the bank told me i needed a cosigner with better credit :P

The repossess the car, can get a judgment against you and your credit is badly damaged.

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