Loans

They reported what happened (a repo). Yes!!!! You should have never let it get this far. Take care of your business. Unlike the repo guys who are perfect and never make a mistake we mere humans are mortal and do err from time to time so please bear with us ...painful as it is for you(of course most repo morons couldn't make it as auto wreckers so what does that tell you). Yes lenders will put a repo on your credit regardless of what they may tell you and it stays on.You can write a letter to the credit reporting agency and dispute it.

Only the dealership can tell you why they have made this requirement.

Only if you don't have established credit.

Additionally, your co-signer must be just as creditworthy as you. That's because if you fail to fulfill your loan obligations, "they" will go after your co-signer. And he or she had be worthy of having co-signed: credit, etc.

Yes or the middle of the day or while you are in the store. CONTACT your lender and try to make some type of arrangements to pay. Some lenders will defer a payment to the end of the contract if you can convince them that you will be paying shortly. If they have repoed it its too late to roll payments.Let me see if I get your thinking.... he hasn't made any payments in 45 days so they repo his car.Now the guy not only has to pay the back payments but also he pays your fees for towing,storing the vehicle and lets not forget about my personal favorite the storing of personal property which oddly enough is still in the car except for the stuff that the driver helps himself too.So we are looking at another what about another$600-$700 depending on how long the car sits.The lender ain't likely to roll payments at this point besides you boys want certified checks.

Renegotiate the loan with the lender. Sell the car to someone else or have them take over the payments. The very last thing you want to do is default on the loan.

YES, it will be called a "voluntary" repo, but its still a repo. Is there any way you can SELL it?? Why would you return it to the dealership? They have nothing to do with this. The bank holds the note and as such partially own the car until it is payed off. Talk to the bank and work this out. Your credit will be damaged if you return the car and default on the loan. Just too add the bank actually holds the title so any private sale would have to be approved by them.I would not let the lender know you cannot afford the car just yet.Try to sell it on your own.If you turn the car in you are not really helping yourself.The bank will still charge you to store the car and the auction and prep fees.The bank auction is private and your car will go below wholesale sometimes way below and the banks don't care because you pay the difference.Do you have insurance?

Frist mortgage seasoning requirements would be determined by the terms of your loan documents. Some lenders allow loans with no restrictions, others have requirements that would limit your ability to obtain secondary financing or re-financing for a specific amount of time. Home equity loans have different specifications altogether. I am not familiar with any restrictions that would limit your ability to obtain a Home Equity Line of Credit (HELOC) given that you qualify for such a loan. Contact a lending professional for specific answers. You can obtain an equity line of credit immediately after you close your loan. You may refinance your loan also but you should make sure you don't have a pre-payment penalty on your current mortgage, which would require you to pay a penalty if you refinance before the pre-pay penalty time requirement. In most cases the pre-payment penalty is 5% and the time varies by lender and state.

Neither Chapter 7 nor Chapter 13 necessarily includes or doesn't include your mortgage. You can file a Chapter 7 and surrender your house and discharge your mortgage or you can reaffirm the mortgage and keep the house (depending on the circumstances). Similarly, you can file a Chapter 13 and surrender your house and discharge your mortgage or you can retain the mortgage payments and keep the house. The reason Chapter 7 is on your report longer is because it is (theoretically) worse because you are discharging 100% of your debts (other than those which are non-dischargeable, like student loans, and other than those you reaffirm), whereas in Chapter 13 you make payments for 3 to 5 years and at least pay a percentage of all of your debts back. So, in order to throw you a bone to pay some of your debts back, public policy dictates that Chapter 13 debtors should be rewarded by having their bankruptcy removed from their credit report 3 years sooner. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Visit RossLawOffice.com for more information about bankruptcy.

Charging interest is the method by which a lender profits from loaning money to a borrower. The lender will set the terms of any loan to their advantage. They obviously want to get paid first and get paid the most. The balance of a loan is typically higher at the beginning of a loan, and interest will be charged on the balance. So as a person makes payments on the loan typically he/she will be making a payment consisting of part interest and part principal. As the person pays down the loan the interest that is calculated at the compounding period will be less because the principal amount has been reduced. For example, a person has a $1000 payment, at the beginning of the loan the payment may be broken down as ($900 interest and $100 principal), on the last payment of the loan the payment of $1000 may look like ($950 principal and $50 interest).

There is a federal law referred to as the "Cooling Off Rule". It applies to the majority of lending transactions and in this instance would be valid. The consumer is given three business days to cancel the contract. If this was done, the transaction would not appear on the credit report. I respectfully disagree with the previous answer. "Cooling off" in this case applies to the loan itself, but not to the inquiry. Inquiries are routinely performed in conjunction with many applications that never result in an account being established. So, the consumer (most likely) gave consent for the inquiry, but then declined to open the consolidation loan. The inquiry can appear on your credit report, but the account should not. You have the option of requesting the lender to remove the inquiry as a gesture of good will.

What you need to do is obtain a copy of your credit report. These are agencies that keep track of people's debts and credit ratings etc., and whenever you apply for a loan or credit card or mortgage etc., the bank obtains these reports from these agencies. There are 3 major credit reporting agencies in the USA, and you can get a copy of your credit report from them for free, or for a minimal fee. Study it to see if there are any errors, or debts which have been paid off etc. Then you have to write to the credit reporting agency and ask them to make the specific corrections, or remove erroneous information. Then it is up to them to prove that the information is wrong, or remove it.

Because your balance is high at the begging of the loan so then the balance goes down as you pay money so it comes to be less

I am in the mortgage industry 23 years. My experience has taught me that a Veteran can have the seller pay the closing costs on the buyers behalf. But if you have a savy realtor who can get a seller to sign the purchase contract which states the seller will pay $5,000.00 of the buyers closing costs, it is allowable provided the purchase contract clearly states what the seller agreed to pay on the buyers behalf. I recommend you put a dollar figure (such as $5,000.00) rather than stating "seller to pay buyers closing costs" because the seller will know up front what he is expected to pay on your behalf and won't freak out at time of closing. If the seller does not agree to pay any of your closing costs, you may still benefit from purchasing the home in other ways. Be creative. Include in the contract that a home warranty covering the roof, the pipes, the waterheater, or the A/C unit, kitchen appliances, any pre-existing structure damage be repaired and defects in electrical wiring be covered for 3 or 5 years, and ask the seller to pay from the proceeds so it is the seller's expense. Or ask the seller for new appliances, or get a new A/C unit as a condition of the purchase. Do not ask for too much though, and inform your Realtor of your desires so s/he can do the bargaining for you. After all, they are the professionals. Oh yeah, this is a biggy. If you are not comfortable with your realtor, find one who makes you comfortable. It does matter how they treat you and remember, a good realtor will be comfortable to do business with.

You have to re-write the loan note with the bank... Banks are not usually very willing to remove the co-signer from a loan, as it cuts the individuals that would be liable to pay off the debt in 1/2. Good luck! You'd have an easier time refinancing the note through another bank.

YES !!!!!!, You will be the next person they come looking for.

All Social Security benefits, including SSD are exempt from creditor action. Generally private disability or workman's compensation is also protected from garnishment by means of state statutes. The issue of seizure of one's home depends upon the state laws that govern the homestead exemption. Some states such as Florida have unlimited homestead exemptions others a set amount and/or laws prohibiting forced sale of a home. It is not possible to be more specific w/o knowing the state in which the person lives. Vehicles are considered secured property. The car would more than likely be repossesed. The borrower would be responsible for any deficiency amount if the vehicle is sold for less than the loan amount. Also any costs related to the recovery and sale of the repo'ed vehicle. If you believe I could be of further help, please feel free to email me.... macky83@juno.com

You can get hit anywhere from .500 to 2.000 points based on the type of mortgage you are getting and your LTV. However, these are points. Points are not Interest Rates. I have attached an example of what points verses interest rates and lock periods look like for Loan Officers. If the Lender charges you 1.000 point on a 25 Day Lock, your rate will move from 6% to 6.250%. This is just an example. CONV 25-30 YR FIXED* RATE 25 DAY 45 DAY 5.625% 1.375% 1.625% 5.750% 0.750% 1.000% 5.875% 0.125% 0.375% 6.000% -0.500% -0.250% 6.125% -1.000% -0.750% 6.250% -1.500% -1.250% 6.375% -2.000% -1.750% 6.500% -2.375% -2.125% 6.625% -2.750% -2.500%

Possibly, if the loan was not reaffirmed with the lender. The lender usually reserves the right to charge off the loan if it has been defaulted either in entirety or partially for 180 days. The exception would be if the borrower has proof of a material breach of contract.

A logical guess would be, the person can be held criminally and civily liable for the debt under British law. Entering into a financial contract w/o having intent to repay is a serious offense regardless of the country. It would not be likely the person would be pursued for legal action while in another country's jurisdiction. However, if any property was left behind it can be attached and sold to repay the debt. The person might be charged and taken into custody if they return to the country where the debt is owed. Another factor could be if the debt was incurred at a financial institution that is based or has affiliates in the U.S.

If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower.

However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.

IF the co-signor is listed on the title as co-owner, s/he has the right of possession. If NOT, just keep paying the payments. Talk to the lender about REMOVING the signor from the loan and giving you the car. Normal procedure.

If these loans are within the legal time limit for appearing on your credit report (7 years per the Fair Credit Reporting Act), then there is little you can do to "remove" them. Each time the loans transferred, an account can show which reflects the history while the account was held by that particular creditor. Just because your loans are no longer in default does not mean that their previous default status gets erased. Contact the lender and discuss a rehabilitation process. This take 12 months and then they must remove all negative credit from your file. But you must make the 12 consecutive payments on time. It depends on how the loans were placed in repayment status after being in default!