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Loans
Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.
13,117 Questions
What bank in Miami Florida can you use to get a loan to pay the balance of a repossessed car?
Hector, Ive never heard of a bank that specializes in that type of loan. That doesnt mean they are not out there. Usually you go whereever you have good enough credit to get the money. If your credit is good enough, the bank that repoed it will loan you money on it.
How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
It has the same effect on the credit.
the answer is yes they can,the question is why is your name still on the title after the divorce are you keeping the property together as a rental?you can go to your local county recorders office and see what liens you have on the property,the only ones that are always there is the mortgage company senior lienholder,and property taxes,they cannot foreclose on your home the car company would just get that money when you sell your house,laws vary state to state and it depends on what you officially were during marriage community property,etc.there are so many variables here to your question,if they have not put a lien on it yet,there are ways to keep your interest in the house but were they can't touch your assetts,you really could benefit talking with a real estate attorney,about your financial shape and how to protect your interests,we live in a reactive society,be proactive and protects your interests in advance,this is why the companies have all the advantages they think of the what if's.good luck (real estate agent)
You are asking three questions in one, let me give you the answers to the best of my knowledge. 1. Can the lender "legally" repo the car with only a $390 balance? Answer: Yes they can. 2. Will the lender actually repo the car? Answer: Only as a last resort. They will try and work with you to get the last of the money owed on the vehicle. Lenders want the money owed to them not the vehicle. A typical repo will cost the lender (and eventually you) anywhere from $100 and up depending on skip tracing, wrecker fees, storage fees, locksmithing charges, inventory fee etc. So even though they are legally able to repo the car they won't unless you force them to. 3. Will they "charge off" the remaining $390. Answer: Definately NOT. Lenders are in the business to make money not give it away. It does not matter that the original loan amount was 20k the reality is that you still owe $390 and need to pay it or they will eventually repo the car and you will still owe them $390 PLUS the cost of the repo and sale of the car should it not bring more than the amount owed. I personaly have repo'd a few cars financed through Chase with a balance of $500.00 and less. Charge off are only done when there is no value left on the vehicle, i.e. totaled in a wreck. IF YOU HAVE ALREADY PAID 19K+, WHY NOT GO AHEAD AND PAY THE BALANCE. IF YOU DONT, THEN CHASE WILL NOT SEND YOU THE TITLE. 0R, THEY WILL REPO & YOU WILL HAVE ADDITIONAL COST. PLUS, YOUR VALUABLE CREDIT RATING IS AT RISK.
What are the laws on title loan repos?
Jazzy, they are the same as for other repos. Dont breach the peace and dont get caught.
Can you voluntarily give back a car just purchased before any money is paid on it?
Check with the dealer where you bought it. Some local dealers in my area will take it back before 30days.
YES, you pay all the loan amount, sooner or later.
You dont HAVE to pay anything. You may not get credit in the future because you dont pay. It will be on your CR usually for 7 years. Depending on where you live, if the lender gets a judgement, they could garnishee your wages.
Can you as cosigner repossess your child's car when payments aren't made?
ONLY if your name is on the TITLE as co-owner or leinholder can you "repo" the car.
IF her name is on the TITLE, she can take it. IF the husband is on the loan, he can make whatever arrangements he and the LENDER agree to.
Maybe it doesnt meet the loan cos. repo specs?? (not running,wrecked,ect) Do you know where their office is? Is it lcal? If so, take it to them and leave it in their parking lot. If they dont have a local office, call atowing co. to come get it,they can handle getting it repoed. OR leave it at the city PD parking lot.
Getting it off SHOULD have been part of the deal when you paid it off. that's when you had the most leverage with the lender who put it on there. Now.... contact an attorney buy your chances are slim. The repo was a fact, not an error that can be corrected. Good Luck
Mike, READ the contract you signed agreeing to do certain things in exchange for a car. What does it say about if you are in DEFAULT? If you dont perform any one of the conditions of your loan, they you are in default and can be repoed.
Melissa, what does your contract say?? It also depends on what state you are in. Usually, YES, you do have to pay.
Mea, dont be snowballed by yo lender. A repo is a repo. IF you or your Dad were worried about his credit, chances are that it would not have gotten to repo stage. Anyway, the lender calls the shots on reporting repos to credit bureaus, so, play their game. Go get yo car and see if it shows up. Good Luck
When cosigning do they check the cosigner's credit and use his income as well for repaying the loan?
YES to checking CR. No, to using co-signors income. The debtor must be able to pay the loan.
This was a great question to ask BEFORE you did the loan. try the following link to get started. Look at Titles 12, 15, 38, 41, 58, *70A*, and 76 for kicks. http://www.le.state.ut.us/%7Ecode/code.htm
What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
A lender "saying" you co-signed for a loan has no meaning. Loans are not granted on what people say, but on a contract they sign. If a loan was opened fraudently using your identification and your forged signature, you can file a police report and an affidavit with the Federal Trade Commission.
What are the similarities and differences between a secured loan and an unsecured loan?
The similarities are that both types of debts can be collected according to the respective laws governing the transactions. Secured debts are those in which some form of collateral has been used. When someone buys a house, the house is used as collateral for the loan. Lenders have much more leeway when collecting on defaulted mortgages, such as foreclosure/forced sale. In the instance of credit card debt, which is unsecured lawsuits have to be filed, won, judgments executed, and so forth. Secured debts always have to be paid or the property has to be forfeited. Unsecured debts, even when a judgment is issued are not always collectible.
Answer :
Unsecured debt refers to any type of debt or general obligation that is not collateral by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.
Secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you.
Can a judgment stop you from getting approved for a home loan?
Yes, having a judgment would definitely prevent you from getting approved. "Mortgage" documents are, in reality, a lien upon the property which secures the loan. The "Note" is the IOU for the money borrowed. A mortgage is supposed to be the only lien placed against the property. It allows the lender to call the note due and take possession of the property in the event of default by means of foreclosure. Since an active judgment would allow the plaintiff to place a lien upon any real property, no mortgage lender would allow their collateral to be jeopardized. Paying a judgment is also not the end of this issue. For any legal item appearing in the "public records" portion of your credit report, there must be a disposition. For a judgment, the proper disposition is a "Satisfaction of Judgment" or an "Order to Vacate Judgment" (dismissal). This is a legal document which must be obtained at the same jurisdiction as the original judgment. It also should be "recorded" at the same courthouse. If this item is showing up on your credit report, you can also follow up by sending a certified copy of the disposition to the credit bureaus. That way, this matter won't continue to haunt you as an unattended issue in the future.
What happens when you don't pay a collection agency?
If the person has made an agreement to render payment and then defaults, the agency will probably initiate legal proceedings. The majority of CA's are not attorney's and therefore cannot themselves enter into litigation. They usually refer the account to a collection attorney who will then file a lawsuit against the debtor. The lawsuit must be filed in the debtor's state of residency and the state statutes will apply to all legal procedures. There are however collection agencies/law firms who now have the ability to file for arbirtration, the debtor/consumer should be very cautious in either case and if possible seek legal counsel. If the agency feels the debtor is "judgment proof" they may return the account to the original creditor who will then decide to resubmit for collection or close the account as uncollectible debt. macky83@juno.com
Yes, if it's has been more than 2 yrs. since your bankruptcy and you've paid all your current bills on time.
AnswerI am a mortgage banker and I've made helping people with bankruptcies my specialty. I'd like to correct the person who posted above me, for an FHA loan you must wait 2 years after discharge. But you do NOT have to wait 2 years, you can actually qualify for up to 100% financing 1 day after a discharge of your bankruptcy, literally a single day out of discharge. You can also qualify for a loan while you are still in a chapter 13 re-payment program as little as 1 year from your filing date. You don't have to wait until your chapter 13 is paid off to get a loan or refinance your existing one and the best part is that you can payoff your chapter 13 balance during the refinance using equity from your property.My only question would be what type of bankruptcy did you file and was is discharged? I would be able to qualify you but i'd also need to know how much financing are you looking for, do you need 100%, how much is the property you are looking to purchase? Do you currently own any property? If you're looking to buy a single family property that you will occupy then you should qualify for a very good rate depending on what LTV ratio you are looking to finance.
Answer In some cases Zero down! There are many programs that will assist you by paying your down payment and closing costs then rolling it into your monthly mortgage. Consult a mortgage expert and make sure their working hard to locate these programs, new ones are popping up every day.
Answer
You have a chance for a redo. Crunch the numbers to see if taking some time to save a decent downpayment and to manage the monthly mortgage payment will give you an advantage. If you do not currently have a job that will meet the mortgage payment, then it will put undue pressure on you to achieve that goal.
