Loans

The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.

A letter of hardship for loan modification is essentially your best prospect to give explanation to the lender, the conditions that led you to be in arrears on your mortgage. It is crucial to be precise, clear-cut, and truthful while writing the hardship letter. Sugar-coating your situation is not recommendable.

This is a complicated issue, the action the bank/lender can take depends entirely on state laws. If the loan was in his name only, but the couple resided in a community property state, the surviving spouse may be responsible for the full debt or deficit amount if the vehicle is surrendered. If the couple lived in a non-community property state, the surviving spouse is not responsible for the debt unless she chooses to refinance the vehicle in her name. Whether a lien can be placed on property is also pursuant to state laws and perhaps how the deceased's estate is probated....Macky (macky83@juno.com)

When a couple divorces usually home(s), properties, vehicles and contents of the home are divided equally. If neither mate can't come to an agreement then all these things are sold and the money divided equally between you. If there are children involved it's possible your wife could end up with the house and one vehicle. Since the loan specialist has told you to either sell the vehicle or get your name off, it means your wife can either take over the loan payments if she wants to keep the vehicle or it was promised to her in the divorce arrangements and to do so your name has to come off the loan agreement. Your loan specialist is giving you good advice. Do as he asks and then once that is resolved you should be able to get another loan for a vehicle providing you have collateral such as a home, property, etc., or you pull down a good wage. Sorry to hear about the divorce and good luck to both of you. Marcy

Most lenders prefer a parent or legal guardian, because of the insurance coverage/liabilty requirements. A few lenders will accept any qualified adult, meaning they must be of legal age, be gainfully employed for a specified amount of time and have a good credit history.

It is very improbable that you will get an unsecured loan with a credit score in the 400's. Unless you show that you are trying to rectify the reason for your score to be so low and show proof that you are doing so.

You can, but not with any conventional bank, you can get what is known as a hard money loan with a private lender but the maximum ltv will be about 70% so you'd have to come up with a 30% down payment and the rates will be very high anywhere from 11-15%. So naturally I wouldn't recommend doing so and would recommend looking into rebuilding your credit and finding a reputable credit remediation program. You may be able to qualify for a FHA loan. FHA is not score driven, however, it is dependant upon your credit worthiness. Two years employment history within the same line of work, no judgements, and collections may be overlooked depending on the severity, number and aggregate amount. DTI ratios 31/43. You may be able to qualify for a FHA loan. FHA is not score driven, however, it is dependant upon your credit worthiness. Two years employment history within the same line of work, no judgements, and collections may be overlooked depending on the severity, number and aggregate amount. DTI ratios 31/43.

If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.

Yes, it is possible. The main requirement is that you must have been in Ch. 13 for at least 24 months and made all payments on time. If this is true in your case we may be able to assist you. I specialize in purchase loans with challenged credit and handle situations like this quite often. Feel free to give me a call for a free consultation. Eloy Benavides Mortgage Consultant Platinum Financial Group (877) 526-5332 Direct eloy@platinumfinancialonline.com www.platinumfinancialonline.com

YES! You don't make your payments and they will repo. They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.

It depends on the what is in your credit file when it comes to FHA. The best FHA lenders offer the best rates at 660 minimum credit score. They will also look to see if you need to have a 'manual underwrite' done on your loan. If that is the case, then you will have a higher rate.

A person with 'less than perfect credit' can try to obtain a secured credit card. These cards can come with a couple of hundred dollars in fees but can help re-establish credit.

Time is a big factor in re-establishing credit.

If your initial application is denied, wait 6 months and try again. Remember that every credit card application can decrease your credit score so choose wisely.

Once accepted, use the credit card sparingly [charge small amounts] and repay the balance in full each month. This will help in creating a good repayment history.

Call the bank, make up the missed payment and any fees associated with the repossession. You defaulted on the loan when you missed that one payment. That is your fault not the banks. Talk to them immediately!!!! When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor

It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car

In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car

Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency

A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. Remember this repossession will stay on your credit for 7 years.

Depends on your lender. Generally 30 days.

In almost all cases, YES. At the very least you will pay the difference in what the car sells for and the balance on the note.

In simple terms it is a court order that states how the debt is to be paid. Usually the order must be from the court where the judgment was awarded. The clerk of the court which granted the original judgment will be able to inform the party involved of the necessary procedures to obtain the order.

"Discharge" applies to a debt being wiped out by the bankruptcy court. If all the requirements are met and approved by a bankruptcy judge, then yes, a debtor's obligation can be discharged. If the debtor does not file or qualify to be granted a bankruptcy, then No, his debt will not be discharged, or forgiven. It needs to be paid.

It shouldn't be, but then credit bureaus are rather notorious for errors in reporting. Generally debt incurred separately is reported as such. Joint accounts may or may not appear on a report as joint debt. Any problem that arises might be with the lender rather than the CRA's.

IF your name is on the LOAN papers, you are the co-signor and responsible for paying the loan if the debtor doesnt.

probably not much. did you negotiate with the lender about NOT putting the repo on your CR before you PAID IN FULL???? it is entirely up to the lender what is put on your CR. One thing you might try is to dispute it with the credit reporting agency if you can't get anywhere with the lender.You may be able to get your side of it on your credit report.

Yes. If the loan is at a bank where the party holds accounts. This is referred to as a "set off'. Most bank loans will have a set off provision included in the loan contract. It allows the bank to seize the person's bank account(s) for monies owed, w/o a court order or other legal procedure.

as far as your credit score goes, than answer is a resounding YES, that is a great credit score. Of course there are other factors such as your income, your work history, what kind of credit you currently have, what type of financing are you looking for, etc.

The deferral option itself will not have a significant effect. The debt to credit ratio that might be incurred during the time period, will definitely change a credit score. Therefore, deferred accounts can have a negative impact on the CR.

Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.