Loans

The underwriting requirements of a mortgage you may be taking to buy the property have restrictions that dictate the percentage and the type of closing costs that the seller can pay and still allow the borrower to qualify for the loan. These vary with all of the many mortgage programs that are available. == == Generally those closing costs that can be paid by the seller for the buyer are referred to as "non-recurring" closing costs. Call your local escrow company, and they can tell you what is appropriate for your area.

Depends on your bank and what the history is with the loan. They have the option to make you pay the entire amount of the loan. They can also allow you to just bring the loan current along with any other fees to get it back.

Generally, no. The lender in a reverse mortgage wants to be able to obtain clear title to the home upon the death of the mortgagor or if the mortgagor defaults on the terms. It does not want to be in second place regarding another lien.

You may not need to but talk to a real estate attorney to make sure of your rights and options. It will be worth the money and he can help with any contracts etc.

Coming from the point of view of a loan consultant, a 733 in and of itself is a great credit score and you likely will get a good rate on a car loan. However, not just the FICO score is looked at when approving credit. It is still possible (although unlikely) to have negative hits on your credit report such as collections, limited past credit (i.e. a credit report full of all installment loans, all revolving loans, etc). Your best bet is to go to a financial institution (I recommend a credit union first since they tend to have better rates than banks or finance companies) and apply. But, assuming your credit history is as good as your score, you should get a good interest rate...probably around 7.5 to 8%.

If the vehicle is protected by the state or federal bankruptcy exemption, you can try to reaffirm the loan agreement with the lender. If that's not possible you will be required to surrender the vehicle and will be probably be held responsible for any deficiency and applicable fees after the car is resold.

If this prepayment penalty is written into the contract, no way can you get out of it. Usually, though, the prepayment penalties last about 3 years. At the end of the 3 years, the prepayment penalty will be gone. Also, some companies will forgive the prepayment penalty, if you get your new mortgage through them if you are selling your current house and buying another house. Prepayment penalties are usually for paying off the loan, or paying big amounts back on the loan. Your contact will specify what the prepayment is for.

No. FHA does not allow the buyer to receive any funds or form of cash outside of close in excess of the contract sales price. Paying off Ch. 13 is not required for you to purchase your home.

What is is that you want to achieve with a refinance? Is it to lower interest and therby payments? Or do you just want to have better and different terms? With regards to your question, you can refinance the property however, you will have to come to the closing table with enough cash to make the lenders whole (ie. pay off the balance due). If your first and second mortgage balances are greater than the appraised value of the property, then the assumption is that the value of the property has dropped. If the difference is not too large, perhaps there are factors within your control that can help you increase the value. Please keep in mind that it is the holder of the second mortgage that is at greater risk of loss than the holder of the first. Depending upon the specifics of your situation, perhaps there is some negotiating room to get creative with your situation. A conversation with an experienced mortgage broker in your area might prove to be useful.

Depends on the state you live in. There are many states that have low income housing programs that will give you loans for home purchases. Especially for first time home buyers (in some states that is anyone who has not owned a home in the past 3 years). I would suggest calling some brokers in the phone books and asking them if they deal with any state or federal home loan programs that would help you get a down payment. Your other option is to go with a 80% first and a 20% second. Some lenders will go as low as 520 on 80/20s. Geneva, Gateway, Lend America, Loan Center, Option One, Express are all sub-prime lenders that I believe do have 80/20 programs and may lend to people with sub 600 credit scores. You would have to call and find out for sure.

You have to look at the bankruptcy file and also review the Chapter 13 plan to determine the status of the other two mortgages. A Chapter 13 can sometimes be used to strip liens from property if the liens exceed the value of the property. Until you determine otherwise, it would be best to assume that you will be subject to the other two mortgages as well.

== == NO. A person MUST be an ADULT to enter into a contract such as a loan agreement. Age of majority is 18, and the person must be capable of REPAYMENT of the loan, with full time employment and steady income, to qualify for a loan of any kind.

The bank is exercise it's right to sell the house in lieu of coming after you. In most states, you would need to file a foreclosure lawsuit and have a court-ordered sale before the lender could sue you for any deficiency.

Adding: It is not uncommon that someone failing to pay any one debt is also delinquent on others. And everyone will be trying to be repaid by using any means possible, including forcing the boworrer to sell assets. A mortgage essentially secures the debt to that property, so that lender has first dibs on recovering his loan by receiving the proceeds of forcing sale of that asset.

However, forclosing (or forcing the sale) takes time and money. Especially if you fight it. And if the lender doesn't recover enough to repay all the costs, interest fees, etc. (a deficiency) he may try and seize another asset you have too.

In a deed in lieu of foreclosure you basically say (or should) - I will cooperate and hand over the asset now, as payment in full for the debt. Since it would pay off the entire debt, there would be no basis for the lender to force sale of another asset.

Is there a farm loan on the property. If not many banks and mortgage banks treat it as rural property outside of certain city boundries etc. Check National City Mortgage for there constructions perms and see if they will lend in your area. If you ask around it will not be hard to find a lender. Try the above and then your local Banks in the area of the Land.

If you are currently in Chapter 13 and you HAVE NOT signed a relief of stay, they cannot repo vehicle. If you signed a relief of stay for that vehicle loan, then get your stuff out and leave the keys in the ashtray.

No.

Probably not, unless this is your regular pattern. Then you may be tagged as a slow payer.

The one who BORROWED the money and/or the on who COSIGNED the loan.

you continue to pay the note. just because you do not have the car available to drive at your whim doesn't allow you not to pay the note.

That could depend on a few factors, including your cash flow needs and the relative value of having the capital liquidity versus not paying the interest on it. In other words, if you estimate that your business could earn a higher return using the money yourself, don't give it back to the bank early.

In a simple interest loan, you are paying interest on the amount of money you have borrowed in each payment period. When you make a payment, a certain amount of it goes to repay the loan, reducing the principle. In the next payment period, your interest is being calculated on a smaller amount borrowed. In the first payment, you are paying interest on the entire amount borrowed. In the next payment, you are paying interest on the amount borrowed minus the principle amount from the first payment. That's why paying extra principle early in the life of a loan can make a big difference in the time it takes to pay it off. In a 30 year home mortgage for example, in the first year the principle will be reduced by about the amount of one month's payment. If you make an extra payment toward the priniciple equal to one month's payment, you will have effectively gained an entire year in the retirement of the loan.

That is an issue that would be decided by a judge, usually in probate court. The main issue would be the state of mind the person was in when the contract was signed. If the person was indeed incompetent and others had knowledge of the fact but did not intervene, the possibility of fraud could also become a factor in the situation.

The laws which define incompetency vary greatly from state-to-state. However, the competency issue would only be applicable if the person was proved to have been incapable of understanding the agreement when it was initially made. If the person was judged incompetent after the agreement, the contract in most cases will be deemed legally binding.

Large down payments or security deposits will increase the net present value (NPV) of the loan or lease option. If either the lease or the loan requires a large security deposit or down payment, this will increase the NPV of that option making the other option more appealing. This is due to the devaluing of money over time. If a large down payment is required upfront, that amount of money is not devalued. Payments, as time goes by, are less valuable.