Loans

I work at a credit union, and there is no reason you cannot re-affirm that 2nd loan, I would tell you to contact, the borad in writing and explain your reasons to file and why only on one.

no not until the bank report you to chexsystems thank you very much for reading this answer.

You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy

Its a secret but dont you worry I will find you and hopefully while your shopping for ice cream.... Everyone leaves an electronic trail of where they live. If you pay bills then we have your address. If you shop online we have that information too. Do your kids go to school? How about the hospital, ever been there? Do you pay insurance? How about your employer, do they report your information to the IRS? There are to many ways to list but no one is impossible and hiding only gives the bank cause to not allow you to remain in the loan once we have repossessed the vehicle. Best to not hide but if you do, we'll find ya.

not sure what you mean by format. the repo man can pick it up at your house,work ,shopping center, or were ever they find it "parked". they can not take it when your driving.{i mean,they can't pull you over or any thing like that}

Yes. Making payments on time is only one of several things you agreed to do when you signed the loan papers.

401k loans are required to be repaid unless the plan (that you took the loan from) has a provision about stopping them in the event of bankrupcy. Usually this only applies if tyou are still working for that plan sponsor. If you are no longer working for the plan sponsor, you are either having payments deducted from your checking/savings account or are sending coupons- ususally. Simply stop making the payments, and the loan will default. Default is simply a status change from "loan" to 'withdrawal". You will receive an IRS 1099 form at the end of the year so you can pay the income taxes owed and a probable 10% early withdrawal penalty tax (ask a tax preparer if you would be exempt, probably not). The loan "disappears", you have changed it to a withdrawal. It does not get reported to credit agencies, only to the IRS as regular income.

I would suggest you consult with a local mortgage banker to evaluate if you qualify. If you are considering bankrutpcy one would assume you are carrying a heavy debt load and or you are currently behind on payments. If that is the case you will more than likely NOT qualify in today's lending environment. There are no restrictions on applying for a mortgage if you have not yet filed bankrutpcy and are merly considering it... If you do however file a chapter 13, you may apply for an FHA-insured refinance 12 months after your filing so long as you've made all your payments on time. There are loan limits with FHA so you will want to consult with your local lender to check your area limits. www.BKRelief.com specializes in these type transactions.

not sure of the exact question - but i will go with what i think you are asking. "if you get a mortgatge will there be 2 separate payments involved?" NO. A mortgatge is a loan that is paid back over regular increments of time, usually monthly. The payment is "applied" (by the loan company) to principal and to interest portions. Initially they will put almost all of the payment towards the interest. Theroetically, half way through the life of the loan, they will apply half of your payment to the principal (borrowed amount) and half to the interest (cost of borrowing the money). the last few payment would be applied to the principal almost exclusively, the opposite of when you started paying the loan. It is set up so the borrower can get the "fee" for the loan paid back sooner, rather than having to wait until the loan is completely paid off. this has been a simlification of course because there are many different kinds of payment arrangements, but they almost all genereally operate this way.

The question also asks about an equity payment. Equity is your portion of the value of the property. Beyond your down payment, there should be no further payments.

If your account is still in Escrow, your account will be closed "Purchasers default" which basically means they cant touch your credit because they didnt get a chance to deed it.

If you were Deeded, you should send a letter telling them to cease and desist. Also ask in the letter for a WDIL. That will stop calls plus will have them send you a deed to sign timeshare back to them instead of foreclosure. Its costs them more money to foreclose then it does for them to take it back.

Even if they say no, ask again. Or just wait. They will offer it to you.

Right away as long as the lender will ok it. Some want a year some want 6 months some do not care. Read your note to make sure you do not have a prepayment penalty. It can be high. 6 months interest on the full amount of your present loan.

Absolutely. There are other reasons other than a late payment for a bank to repossess your car. Cancelled insurance or a big drop in your FICO score. If you seem like a credit risk to your bank all they have to do is wait for you to become delinquent once and they have the legal right to default the loan and get the asset back. At that point they can refuse payment and keep the vehicle in most states. The only way is to pay off the full amount of the loan within 10 days.

== == They can take you to court to get a Judgment against you, and if you still do not pay the debt, you can go to jail for "failing to obey a Judge's Order." A judge can also order you to sell property that you own, such as furniture, tv or a car, to liquidate assets into cash, to pay the lender off. This is a very serious thing to have happen and you should do everything in your power to not get into that situation in court. It will ruin your future ability to borrow at all, at any price. No body will want you as a tenant either, as your having been slapped with a Judgment will make you a bad property rental risk as well. You will really pay, may times over, if you don't repay this debt, quickly. Don't let it go to court.

One day.

The insurance should pay the loan (if your lucky it'll pay all of it) If there was no insurance then you still have to pay for the loan. I had a car stolen and I had to keep paying for it until the insurance finally paid it off and I was left with $50 in the end to get a new car with.

Yes. The petitioner can contact the bankruptcy trustee that is in charge of his or her BK for the procedure necessary. It is understandable that persons in legal situations would like to avoid attorney fees. It is usually not a good idea, as the end results are often more expensive than if one had obtained legal representation beforehand. (Not looking for business, just stating facts.)

no the only thing they can do is take it out of your paycheck. Even In New York State

No. The creditor can foreclose on the property (and virtually always do) since that is the way they get your name off of the deed and someone else's name on it. And, during this foreclosure, they will list you as a defendant since you are the property owner until the sheriff sale takes place. But, when the judgment is rendered in the foreclosure, it should be an "in rem" judgment, which means against the property only, and not an "in personam" judgment, which means against you personally. If they do get an in personam judgment against you, it is usually a good idea to notify the court and let them know about the bankruptcy so they remove the in personam judgment.

A home-financing technique in which buyer borrows from the seller instead of, or in addition to, a bank. Sometimes done when a buyer cannot qualify for a bank loan for the full amount. also called seller financing or owner financing.
A purchase loan is a loan that is used to purchase something. With this in mind some common types of purchase loans include car loans as well as home loans.

Yes

Yes, as long as you have an alternate source of income and you can handle both the car payment and your other living expenses. Having a good credit history will help, too.

Auto loans for borrowers who have lost job come standard in two options

1)secured car loan

2)Unsecured car loan.

In a secured type of auto finance, collateral is required to be pledged as security against the loan amount granted and as a result, it is much easier to get an approval for the car loan and even the rates of interest provided could be considerably lower. But if you do not have collateral to offer you could consider availing the other option.

== == NO. Bankruptcy applies to ALL your financial dealings, without exception. You cannot pick and choose which things will be included. Bankruptcy means that you are SO FAR IN DEBT that you cannot pay your creditors, and you are asking the courts to help you to make an agreement with the creditors to accept PARTIAL PATMENT of the debts you owe. One of the basic requirements in a personal bankruptcy is the forced sale of any property, to pay off debts you owe. The house will have to go. It is your penalty for not being more careful about your debts, and re-paying them on time. : : by MONTSAME: Actually, the above answer is completely inaccurate. Bankruptcy doesn't necessary have to apply to ALL of your assets and liabilities. You CAN choose and pick which obligations you would like to fulfill (reaffirm the debt). : To answer the question, the second mortgage can be fully or partially discharged depending on the home value and the size of your first mortgage. Though it is complicated, and in some states they can apparently come after you even after the bankruptcy is complete.

A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.

It shows on your credit report even before they start making payments.