Loans

A person may be able to receive a loan for $12,000 with a credit score of 661. The loan officer will need to underwrite the loan, and other aspects will be taken into account, such as the debt to income ratio.

That's totally at the discretion of the lender. Very few lenders will allow non married couples to buy real property without them both being a part of the lending agreement. The reason is the lender wants to be secure in their financial interest in the property and not risk a hassle in court if there is a default in the lending agreement.

No. The only action necessary is to contact the financial institution that holds the mortgage.

It's your obligation to have that paperwork and your obligation to contact the car dealership and/or the credit lender and have them send it to you. If you fall behind on payments, you won't be able to use the excuse that no one sent you paperwork. Call the dealership where you purchased the car, ask for the finance person. The finance person should be able to pull your paperwork and see which company did the financing and give you the number to call. There was obviously an error done somewhere if you have not heard from anyone yet. Call soon before something happens. Call the dealership where you purchased the car, ask for the finance person. The finance person should be able to pull your paperwork and see which company did the financing and give you the number to call. There was obviously an error done somewhere if you have not heard from anyone yet. Call soon before something happens!!!

These are regular Fannie mae/Freddie Mac guidelines..... I am not talking about any usual programs. Ok, you offer $82,000 with 3% seller's concession--this means the seller is getting $82,000 for the house minus 3% ($2460.00). The seller will also have to payoff any liens on the property so you as the buyer will have a clean and clear title. You as the buyer will pay $82,000 for the home, and have a credit of $2460.00 towards closing costs. Closing costs are any and all costs needed to clear the deal. $2460.00 doesn't mean that-- 1. you don't have to have a down payment, (it depending on the program you applied for), 2. you don't have to have any of your own money at close because all programs require the buyers to have a certain amount of their own money-- and that you can prove you have had that money for the last 2 months. (You can't apply and figure you will have the money from your paychecks by the time you close. It will not work otherwise you would have already saved that money--not to mention that the underwriter for the lender will not approve your loan until everything is there; and 3. you can't figure that the $2460.00 is enough to pay all closing costs because more times than not --that $2460.00 will not be enough. Especially, when a full year of fire insurance has to be paid and escrows for taxes are needed along with an appraisal, attorney costs, the new lender's costs, inspections etc.... The mortgage amount--well, how much are you putting down? 3% your money=$79,500(rounded down to the nearest hundred)is the mortgage amount --5% ($4920.00) = $77,000 is the mortgage amt. Not putting any money down, then you are financing 100%--$82,000.

Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.

NO

Most lenders will allow a co-signer to sign for a car loan without a valid driver's license. However, some form of identification will be required to prove identity of the co-signer.

You apply as often as you need them but some loans are limited on how often you may apply. It depends on the type of loan.

Call the lender and request that all the information be sent to you also -- if it can't be sent to you both at the same time, then the statements really need to go to the person who is making the payments, with the co-signer getting a occasional notice if the account goes past due.

A pre-charge off is when the creditor is giving the debtor notice that the account is in default and will be sent to collections if a payment agreement is not made by a specified date. Post-charge off is when the account has been sent to collections, sold to a third party creditor or referred to a legal firm for further action.

No.

Did your parents get loan and the car for you with the intention of you paying the payments? Then yes, you are responsible. Use this opportunity to help get some credit in your name. Pay the payments by checks on time, and when you need some credit you can show the cancelled checks or your bank statements with the same payment amount being taken out of the account monthly. A lender will take that in consideration. No. You're not responsible for the payments. If you don't pay, then you are a car thief. They can report the car stolen, and you go to jail, and they get their car back.

Yes, that should not be a problem.

The only way to be removed from the obligation of cosigner is for the loan to be refinanced.

It would be a subprime loan, which means it is less than good credit. If you were to purchase the home your interest rate would be much higher than prime credit. It will usually be 2-4 percentage points higher. If your credit score was 750+, your rate may be 6.5% or 7% with something between 550-575, you may get a rate of 9%-12%. At 7% monthly mortgage payment on $100,000 = about $665.30 At 10% monthly mortgage payment on $100,000 = about $877.57. Therefore you could be paying 212.57 more a month for your lower credit score. That would equal $76,417.20 over the life of a 30 year mortgage. Make sure that you raise your credit score as soon as possible and refinance your mortgage as soon as you get a higher credit score. Good luck! Henry

Most cases, negative items can stay between 5-7 years on your credit report. Henry

You can refinance without the spouse but you will need their consent to do so. If the spouse is on the title of the home, the answer is "no". If the spouse is on the existing mortgage the answer is "no". If the spouse is not on title you need to indicate on the loan application that you are married, and if you don't is fraud. At the time of closing she/he would have to be present. Inform you spouse of your actions.

In finance, negative amortization, also known as NegAmMort, is an amortization method in which the borrower pays back less than the full amount of interest owed to the lender each month. The shorted amount is then added to the total amount owed to the lender. Such a practice would have to be agreed upon before shorting the payment so as to avoid default on payment. Also known as deferred interest or Graduated Payment Mortgage (GPM).

When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.

Unfortunately, there is no "specific" time period to state. It could appear as soon as 30 days, when and if that creditor updates its reporting to the credit bureau every 30 days or it may never get updated unless you instigate the action.

You will be reported to ALL 3 credit agencies, and reported to chexsystems. You will most likely be unable to open any new loans or bank accounts.. including savings accounts, debit cards, credit cards, etc.

Only if the lender agrees to release the personal guarantee of the old owner. If A loans money to B, and later B and C agree between themselves that C will be responsible for the loan, that does not change the contract between A and B. A can still enforce the terms of the note against B under those circumstances. We are often asked why it is important to build a strong business image and credit. There are two answers to that question. The first and the most obvious answer is that it is important to build strong business credit in order to Secure Business Financing. However, not all businesses require external financing; often entrepreneurs will refer to family and friends for startup capital. This is where the second reason, Emergency Financing takes precedence.

If your business is experiencing strong growth such as a need to expand warehouse space, inventory, or work force, and the financing of such operation is beyond that which is available from friends and family, a strong business image and a strong business credit profile can aide in securing financing with lower rates and quicker approval times.

Yes. If the creditor receives a lawsuit judgment the judgment can be enforced as a wage ganishment.

Call the mortgage company and ask why the payments are not being reported (its illegal to NOT report payments) Further, you can call the credit bureaus, and they will request the information from the mortgage company. Realize, that in some instances credit reporting can be suspended.