Loans

typically, a credit score will go DOWN a little when you get a loan or have any inquiries on your personal credit information. The credit score usually goes up after there are reports that you have made timely payments on a loan and after you have some assets that are of real value.

There is no statute of limitations on debt. You are responsible for the difference of what the car sold for at auction. You should get the advice of a lawyer just to be sure of your rights, there may be loop holes that the common citizen doesn't know. A lawyer typically charges a small fee for advice, some will give you a free consultation.

No. It only affects the lender ability to get paid if the primary borrower defaults.

Good credit. When you co-sign, you're basically assuming complete financial responsibility if the primary lendee can't meet his obligations. That's why is crucial that you consider whether you want to be a co-signer or not. Co-signing gives you no legal right to property; it only means you're supporting the financial endeavor of the primary individual and will take over payments if he can't. Should that happen, you are subject to the same civil and ciminal penalties allowed under law for financial default. * A cosigner must also be of the state's legal age of majority. There are not criminal penalties applicable when it pertains to debts unless the borrower(s) deliberately falsified statements to obtain goods, cash or services with "malicious intent" to defraud the creditor.

A lender can say no for any reason at all. Usually, though, if you can establish employment and have a good co-signer, a lender will agree.

Yes. You have to make certain the dealership you're working with for the purchase of the new car is covering the entire amount owed on the old car. Also, whoever is doing your financing should give you a check made out to you and the lienholder of the old car so that loan can be paid off. If you do not do this, it is possible for the bank of the old car to come back to you and sue you for the loan balance. Keep copies of everything in a safe place. sunnyraye

Generally your credit score and report will determine what kind of rate you will be able to get. Do your research and know what you can qualify for.

Get a death certificate and get him off of the loan. He is the secondary on the loan, not the primary so you are o.k. if you keep the payments current. Y-THINK-Y * The vehicle would not be subject to probate procedure. However, it would be the lender's decision as to what should be done concerning the loan. The lender could repossess the vehicle if another cosigner is needed and there is no one willing to take the responsibility. The other option for the lender would be to require the primary borrower to refinance the car in their name only. Many lending contracts will include clauses that relate to such situations, (death, divorce, etc.) that allow the lender to take almost any type of action to insure the security of the property.

Depends on the state you live in. Check the list. Statutes of limitations for delinquent debt State Written contracts Oral contracts Promissory notes Alabama 6 years 6 years 6 years Alaska 3 years 3 years 3 years Arizona 6 years 3 years 6 years Arkansas 5 years 3 years 5 years California 4 years 2 years 4 years Colorado 6 years 6 years 6 years Connecticut 6 years 3 years 6 years Delaware 3 years 3 years 6 years D.C 3 years 3 years 3 years Florida 5 years 4 years 5 years Georgia 6 years 4 years 6 years Hawaii 6 years 6 years 6 years Idaho 5 years 4 years 5 years Illinois 10 years 5 years 10 years Indiana 10 years* 6 years 6 years Iowa 10 years 5 years 10 years Kansas 5 years 3 years 5 years Kentucky 15 years 5 years 15 years** Louisiana 10 years 10 years 5 years Maine+ 6 years 6 years 6 years Maryland 3 years 3 years 3 years Massachusetts+ 6 years 6 years 6 years Michigan 6 years 6 years 6 years Minnesota 6 years 6 years 6 years Mississippi 3 years 3 years 3 years Missouri 10 years 5 years 10 years Montana 8 years 5 years 8 years Nebraska 5 years 4 years 5 years Nevada 6 years 4 years 6 years New Hampshire 3 years 3 years 3 years New Jersey 6 years 6 years 6 years New Mexico 6 years 4 years 6 years New York 6 years 6 years 6 years North Carolina 3 years 3 years 3 years North Dakota 6 years 6 years 6 years Ohio 15 years 6 years 15 years Oklahoma 5 years 3 years 5 years Oregon 6 years 6 years 6 years Pennsylvania 4 years 4 years 4 years Rhode Island 10 years 10 years 10 years South Carolina 3 years 3 years 3 years South Dakota 6 years 6 years 6 years Tennessee 6 years 6 years 6 years Texas 4 years 4 years 4 years Utah 6 years 4 years 6 years Vermont 6 years 6 years 6 years*** Virginia 5 years 3 years 6 years Washington 6 years 3 years 6 years West Virginia 10 years 5 years 10 years Wisconsin 6 years 6 years 6 years Wyoming 10 years 8 years 10 years *Six years if contract is for payment of money. ** Five years if promissory note is added to a bill of sale. + The applicable statute of limitations in Maine and Massachusetts on a debt owed to a bank or on a promissory note signed before a witness is 20 years. Me. Rev. Stat. Ann. tit.14, s 751; Mass. Gen. Laws ch. 260, s 1. ***Vermont's statute of limitations on a promissory note signed before a witness is 14 years. Source: Money Troubles: Legal Strategies to Cope With Your Debts, 9th edition (Nolo, 2003). http://www.nolo.com. Used by permission

Yes

No. Under the old Bankruptcy Code, you could dismiss student loans if they were not government backed or if they were not issued by an entity that receives state money. However, the new Bankruptcy Code does not make this distinction, so under the new Code no student loans are dischargeable, not even private ones. 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. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

Pretty good if your credit score is high enough. You possibly could qualify for a "Stated Income" loan. On investment property for a stated income loan you normally would have to have a 10% down payment. You can get into a mortgage loan with a lesser down payment going this route, but, you'll definitely be paying for it in your interest rate.

None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.

Go to the lending institution, explain the situation and offer to take care of the remaining part of the debt. Banks don't like to be left with a loss when they repo a vehicle and the auction sales price does not cover the loan amount. Sometimes you can demonstrate your responsibility if you take care of their loss or even a part of it. Remember that you were the loan underwriter and as such you are responsible for the loan if the primary borrower failed to pay. That is the sad part of cosigning, the cosigners often get stuck with the remainder of a bad debt. Paying it off is often your only option if you want to protect your credit. You'll have to give them something if they are to be motivated to NOT file against your credit. I agree with the previous, but if your question is do you have the right to...something (I guess getting the car back?)...because you say the lender didn't inform you of primarys default. Probably not. As above notes, your the cosigner and it's your responsibility. Albeit the loan may have certain "rights to correct" terms. But what exactly would you want (that is possible)...compensation because the one you cosigned for defaulted? More than that I'll wager the bank attempted to contact you. Are you sure the address/phone on the paperwork for you isn't the same as the primary, who may have not wanted you to know what the bank was calling about?

No. A creditor will want proof that you can make the payments and if there is no cash reserve or job to supply payments, then you will likely be turned down for the loan. A bank doesn't want to take the financial risk.

At this point you don't need to worsen your financial situation. You need to find a survival job to pay your bills. Cut your expenses drastically. Close all accounts that are not absolutely necessary. You can use internet at the library. Close your cable and any other extraneous services that you have going. Call your creditors and let them know what is going on--see if you can defer payments at all.

Government sponsored enterprises (GSEs) in the mortgage market are the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Government National Mortgage Association ("Ginnie Mae"). The GSEs facilitate liquidity in the mortgage markets by purchasing conforming mortgages from lenders, securitizing them, and onselling them into the secondary financial markets. Freddie Mac and Fannie Mae are both privately owned corporations, with an implicit government guarantee. This means that if they become insolvent, the US Government is very likely to step in. Freddie Mac and Fannie Mae hold almost 20% of the mortgages in the market. Ginnie Mae is a wholly owned government enterprise, established in the late 1960's to facilitate home ownership by low to moderate income families.

The possible way out will be have the other person take out another loan to pay off the one you jointly signed, essentially selling the car t him alone. Possible only if the other person's standalone credit score is good enough that he is qualified for a loan. Certainly there are costs and there is no reason the lender would simply remove/release you from the promise and obligation you agreed to share when signing just because you no longer want the risk.

No. It is home equity line of credit that is secured by your home. You use it to buy things and if you buy too much and can't make the payments the bank can foreclose and take your home.

It depends on your business needs. A capital lease allows you to carry an item on your books as if you own it, so any of the reasons for ownership would qualify. One good reason for opting for a capital lease is that at the end of the term, you may purchase the item for little more than what you've already invested. This is good, if the equipment is well-maintained and could last well beyond its useful life. I have to qualify the answer, though, because I am not sure if you are talking FAS13 definition of capital lease for financial reporting purposes or what some people call capital lease under the Internal Revenue Code (also known as conditional sale).

Here is advice: * You can't. You must at least have a job. They can get around credit and debt. * I would refinance student loans first. If they are federal, ask for a deferment due to unemployment. Federal student loans have lower interest rates than any unsecured loan someone will give you in your situation. Call bill companies and try to work out a payment plan, let them know you are in a difficult financial situation. I doubt you can find a loan. Try to get a job, save up a few paystubs, and then go to one of those Cash Advance Places where you write them a check and they cash it later. Their interest rates are high though. They will report positive information to the credit bureaus if you pay them on time. And as soon as you pay them off, they�ll let you finance another one the same day. This may help with some quick cash to keep up utilities, but interest rates can be 20% or more on what you borrow. It can also help your credit. Can you put your car title up as collateral with a finance company? They may have better rates. Good Luck. But all is not lost, there are still ways to get bad credit personal loans and get yourself back on track, please see related links for details

No, prior to the closing, the attorney or title company should have all the information in regards to all costs in buying the home. At close, everyone will be given a HUD/Settlement Statement--the left side will list all costs pertaining to the buyer and on the left all costs pertaining to the seller. If the seller is paying some or all your closing costs the title company/attorney will show your costs on the seller side. In other words, you will get credit at the close. Depending on the state in which you live and the type of loan you are doing, the seller is limited to a certain amount that they can pay. Normally you will not be reinmbursed by the seller after close if the seller offered to pay more than they were allowed.

In most cases, they'll accept a voluntary payment. Debt collectors buy old debts for pennies on the dollar and then try to collect as much of the original debt as possible. For instance, they may buy an outstanding debt of $5,000 for only $500. Anything they collect over the $500 is profit for them. That's why collectors are often so aggressive and sometimes act illegally. If you do work out an agreeable sum, make sure they issue something in writing that states that it's payment in full for the debt. This will protect you from having them hound you again and it will be proof for the credit bureaus, who will probably report the account incorrectly down the line. In the US, the above answer may be true for private student loans, but not Federally Guaranteed loans. Fed. Guaranteed loans are turned over to federally approved collection agencies that have to follow strict guidelines. The loans are not bought by the collection agencies. Each loan that is "Rehabilitated" or consolidated is paid a fee to the collection agency by the government. Rehabilitated loans are paid a much higher premium to the collection agency than consolidated ones.

No. That's considered a gift, not a charitable donation. You might actually be liable for a gift tax.

You can, but you might have to pay off the remaining balance. The place where you want to trade the car will know if you have to pay or if it will be an even trade or not.

Property of any type whether a beneficiary is named or not can be subject to probate procedure. No property can be distributed nor disposed of in any matter until probate has been finished.

You need to look into an "interest only" mortgage loan. There is a loan out their that is referred to as a "Pay Option Arm" that has 4 monthly repayment options and typically has an interest only rate that may start around 2.9%. You can do an "Interest Only" loan with a rate of 6.25% or lower. Determine how long you are going to be there or how long before you can aford to pay a larger payment--and look for a Interest Only loan for that length of time.