Loans

what ever the balance was at the time of foreclosure will report on your credit report

Typically for the duration of the loan.

A QUIT CLAIM deed may not be legal in Michigan if filed after a person dies. You might want to check with an attorney. I understand that the Quit Claim deed has been signed now, but it is not effective until it is filed and recorded at the county recorders office. If filed after your mother has died, the state, county or other agencies may make claim to the property based on tax or other claims. You'd probably be better if she could set up a trust of some kind. They aren't necessarily expensive and can be far more beneficial to the survivor(s). Any debt that occurs will be an obligation to her estate and as such you may loose any interest in the house. * Quitclaim deeds are very risky as they are not legally binding when they involve debts owed by the grantor and can be easily challenged in court often requiring current "owner" to file a "quiet title" suit. In the case cited a quitclaim would not validly transfer the property to the family member for the purpose of protecting it from creditor action and/or probate procedure.

If you are using a broker, check for listings of reptuable ones with the Secretary of States office in your state (most states require mortgage brokers to be licensed). You can also check out the state Mortgage Brokers Association or check the National Morgage Brokers Assozxiation for individual state listings. Banks do not need to be state licensed, the are federal. Be sure to get a couple estimates in writing (Good faith estimate) examine all fee's and charges closely. Pay attention to fee's not just the rate. Presumably, like most of us, your swamped by all the offers by Cos wanting to do so in the mail and even by PC. However, any mortgage market is somewhat local in nature - rates and programs and active participants. It's tracked for any number of econcomic indicator reasons. I find that the business section of the local paper anyplace I've been (try the Sunday one) has good compilations and charts of the offerings from bigger or more active lenders in your area.

NO. Simply transferring your interest to the other party will leave you still responsible for paying the mortgage. As part of the transaction you must require that the other owner refinance the property in their own name and pay off the existing mortgage.

Your attorney should be able to explain this process to you and take care of the necessary paperwork. It should be made part of the divorce agreement.

Fico score ( credit score ) depends on a lot of issues ... pay your monthly payments on time .. For credit cards and everything pay them on time and well then again i would say that below 500 nothing happens .. above 500 of score everything is possible .. you need to contact a brooker .. they can get things done

It depends what the student went into for a career. Some may have dropped out of college and still have to pay the student loan back which is harder if they have a large debt. * There's no way to give an accurate answer to the question without knowing all the pertinent facts. One would need to know the amount of the loan, the interest rate, the repayment agreement, the economic status of the debtor and so forth. I had $62,000 debt when I left law school and it took me 30 months to repay the amount. At the present graduate students can owe $90,000+ upon graduation.

You can get a mortgage even if your in chapter 13 bankruptcy ... some mortgage companies even deal in that .. my advice to you is that if you want a mortgage go to a mortgage broker or respond to some telemarketing call and just explain him your situation and get a free Quote so what they can offer you .. if you like the deal then sign up and keep on taking quotes it wil help you get good rates ! * Perhaps, but the terms would not be favorable to the borrower. FYI, while participating in a BK 13, the petitioner cannot make any major financial transactions (morgage, vehicle loans, second mortgages/line of equity credit, etc.) without permission from the bankruptcy trustee/cpurt. It is never a good idea to enter into transactions that the consumer has not sought out for themselves, such solicitation whether by telephone, e-mail, postal, etc. is always risky.

Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.

Just about any bank in the world. Try a local credit union though. better rates.

YES IF YOU DO NOT FOLLOW THROUGH WITH YOUR AGREEMENT.

Most lender's would not allow the act with perhaps the exception of a loan that was related to debt assignment in a divorce decree.

With a credit score of 725 you can do any kind of home loan. Buy, refinance, do a 1st or a 2nd, 100%, no income no assets etc.

You should find the sales receipt. It might state on there what will happen. Regardless, payments need to be made and you should tell the loaner that she is deceased. You might want to contact a lawyer to make sure things go the way they should. * If the vehicle was not part of the inheritance the lender should have been contacted by the executor or administrator of the deceased's estate. If the vehicle was part of an inheritance then the beneficiary may contact the lender to arrange refinancing or refuse the "gift" and allow the vehicle to be recovered by the lender. In either case, a family member cannot simply keep the vehicle and continue to make payments without notifying the lender.

Yes. You need to go in with your friend and assume the loan so that it appears with your name on it rather than your friend. If you just take over payments without making it legal, then she can take the car when you are done paying it off and there would be no legal recourse.

Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.

You have to pay for it later. If you proceed to not pay them, the loans will build up. The same thing that will happen if you go 60 days with no payment on any of the loan payments, eventually they will repo you car. If you can't make the full payment, SEND SOMETHING. You can thing petition the court at a later day to prevent repossession (called an injunction) by proving you have done everything in your ability to pay for it. The company will also cut you a little more slack. Make sure you pay you loans, it will destroy your credit if you don't.

Yes.

Not likely, the lender will probably require you to refinance the loan in only the co-signers name.

Several factors determine what a bank will & will not do concerning loans. With the current decline in vehicle values the likleyhood of being in an equity position on the vehicle is slim. Most lenders will lend a maximum amount of 115% of NADA trade value on a used vehicle. The best option here is to just let the co-buyer make the payments with a written contract between the buyer & co-buyer until the loan is paid off. When the title is received go to the DMV and have the vehicle retitled in co-buyers name only. Check with the individual lender where the vehicle is financed for their policy concerning this issue.

Check with the bank the loan is with. It depaends on the the persons credit. Usaully the reason for a co-signer is because the other persons credit is not good enough to get the loan in the first place by their self.

In most cases people shopping for used cars do not have the cash to buy a vehicle outright. They usually are in need of a loan for Used Auto Financing. It is important to remember that you not only need to comparison shop on the price of the car but you should do the same when shopping around for used car financing. It could save you a substantial amount of money in the long run. Before accepting an offer for financing a used car, educate yourself on the particulars of vehicle financing. Using online car loan websites to do research is an easy and effective method. Get more detail at http://www.autofinance-ez.com/

I believe there is a statute of limitations that says the creditor can continue to attempt collection for seven to ten years depending on what state you are in. * The SOL for debts is established by state law, therefore it will differ according to the state and to the type of debt. Secured debts are not discharged in any bankruptcy. A chapter 13 is not a liquidation BK therefore the vehicle would have to be reaffirmed with the lender or the lender could begin procedure for repossession or recovery of the debt owed. In this case the cosigner/co-debtor becomes responsible for the debt and rest assured he or she will be contacted by the lender either concerning repossession of the vehicle and if necessary a lawsuit to recover monies owed.

You're probably going to have to put up collateral equal to or greater than the loan in value. In other words, real property like land or stocks-bonds ect. This is refered to as a secured loan. No bank is going to loan you that much on your good name alone.

Both. But in reality, they go after the money. If the primary is broke, doesn't have a job, homeless, whatever, the bank will go after the person with the money. Now aren't you glad that you co-signed? They'll first try to get the primary signer to pay the debt. If he can't, the company will hold the co-signer liable for it. A co-signer is just as legally liable for the debt as the primary signer. You know when it's a good idea to become a co-signer? Never.

You can but 1, if your financial situation is such that you're considering bankruptcy, you almost certainly won't get approved and 2, it wouldn't necessarily be forgiven or dismissed as part of the bankruptcy.