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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
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What is the length of time to have a loan until you can file bankruptcy on it?
Understand...YOU file bankruptcy...it involves all of your assets and all of your debts. Some of both may be exempt. You don't pick and chose what you want to include. The length of time you owe it, or the length of time you own it, is not important.
Any transaction, generally for 2 years prior to the BK, can be challenged as being preferential, but that is if it is thought you tried to move (or hide) assets or something of value, not get debt. (What happened to the value/money you received from any recent debt may be a question since it could be wanted to pay other debts).
Understand...YOU file bankruptcy...it involves all of your assets and all of your debts. Some of both may be exempt. You don't pick and chose what you want to include. The length of time you owe it, or the length of time you own it, is not important.
Any transaction, generally for 2 years prior to the BK, can be challenged as being preferential, but that is if it is thought you tried to move (or hide) assets or something of value, not get debt. (What happened to the value/money you received from any recent debt may be a question since it could be wanted to pay other debts).
Yes. If daughter is nowhere on the title or loan, it is called third party possession. If she is a co-signer, it is called taking your turn driving it.
Can the co-buyer have their name removed from the title once the loan is paid off?
Yes, the co buyer can have their name removed from the title. You can go to the title office and have it removed.
First, why is language an issue? By "borrower" I take it you mean the primary signer of the loan. Most all developed countries have contracts of some sort and every good parent tells their kids (in the applicable language) "NEVER SIGN IT UNLESS YOU READ IT FIRST!" So, the question then becomes HOW did the borrower deceive the non-English speaking co-signer?
In any case, the answer is generally NO. The lender/bank has no obligation to ensure that the signing parties have read and understand the contract. Most contracts stipulate "I have read and understand this agreement which I am signing", so they no reason to believe that some hanky-panky is involved.
The duped co-signer can, however, file a lawsuit (or depending on the type of deceit and monies involved possibly a criminal charge) against the borrower in an attempt to recoup losses or to force the borrower to refinance the loan in their name only which would then release the cobuyer.
But using the old "I did not understand the language" just doesn't flush much anymore because it is a world-wide fact that most people in other countries learn English at an early age. You'd be shocked at how many English-speaking people try to pull the same "I had no idea what I was signing for" stunt. Right. Well, then I guess this is going to be a very expensive "Mama told me so!"Never sign it if you haven't or cannot read it. And NEVER co-sign for ANYONE!
AnswerThere is a legal defense in such issues that is somewhat sarcastically referred to as "Heisenburg's Uncertainty Principal of the Law". The fact that a person signs numerous forms does not "ipso facto" mean he or she is bound by what was purportedly signed. This gives the debtor/consumer legal grounds to file litigation if necessary to be relieved of the responsibility of the debt. There must however, be clear and substantiated proof that the consumer was pressured into signing or that they did not in some manner understand what was taking place, such as a person having limited communication skills for whatever reason.
What happens next when you own a house in Ohio that has a second mortgage and is now in foreclosure?
Either or both of the companies that hold your mortgages have apparently started foreclosure proceedings. You need to contact whichever ones are now processing the foreclosure (which may be both of them) and see if you can make arrangements to halt the foreclosure. This can be done in a number of ways, including rolling a payment back to the end of the loan period or paying the late payments up to date (which I imagine will require a loan), declaring a Chapter 13 bankruptcy (or possibly Chapter 7 bakruptcy -- 13 is more likely to keep the bankruptcy court from selling off the house anyway), or placing the house on the market and selling it yourself. If you don't stop the foreclosure, they'll evict anyone living there (about 33 days if properly conducted and unopposed), and eventually auction off the house on the courthouse steps. With the proceeds from the auction, the holder of your first mortgage will be paid off first. If sufficient funds remain after this, the second mortgage is paid off, and if money still remains, you'll be paid the difference. If the auction doesn't yield enough to pay off both mortgages, you'll still owe the difference. Houses selling at courthouse auctions typically don't bring nearly as much money as a regular sale so, if you can, stopping the foreclosure is likely the best course. If you have sufficient equity in the house, you can sometimes get the creditors to halt a foreclosure if you immediately place the house up for sale. If you go this route, be prepared to evacuate the house, get it in saleable condition, and get it listed FAST. In any case, foreclosure is usually the worst of all your options. Besides typically costing a lot of money, it puts a nasty hit on your credit that takes a very long time to time out. Most important, the worst thing you can do is to do nothing, sit back, and let this happen. Creditors usually select foreclosure as the last option -- it's a troublesome procedure and unlikley to end well for anyone. Talking to them will at least show good will. You should also consider getting some legal council. There are a few no-cost legal advice services that will answer questions about foreclosures for you. In most states, a properly run and unopposed foreclosure takes roughly between 2 and 3 months from the time you are served with foreclosure papers until the auction commences. NOTE: This is not presented as legal or investment advice. I am not a professional in these fields and I may well be wrong, so don't do anything that puts you at risk in any way based on this commentary. Please also note that answers offered over the Internet from well-meaning strangers in no way takes the place of consultation with an attorney or financial professional.
3900*.072*3=842.40
How can you get a car loan while on unemployment?
Get job or ask your mamma or dada for loan and you wll pay them back
How you will convince Axis bank or SBI bank customer to take loan from IDBI bank?
convince him on EMI terms which are liberal in IDBI, even get the customer through the benefits of mobile banking and immediate effects to be taken by IDBI.
Can a bank put a second mortgage on a property without notifying the owner of the property?
In most states and with most banks, the answer is no. It can get complicated in a couple of states though. I am aware of several cases where a more that one person was on title for a home. Only one of them applied for and received a second mortgage, the other was not aware.
It is best to check on your state laws.
If you are the only one on title, I can not see this happening with a 2nd mortgage.
Does satisfaction of mortgage mean clear deed?
Yes. The discharge must be from the correct party (the bank who is the present owner of record of the mortgage) and must be recorded in the land records. It must state that the mortgage has been satisfied or some other language to that effect.
This depends on the state you are in.
Normally the person staying in the home will need to "buy out" the other person, if they have the means to do so. They will refinance in their own name and pay the party leaving the house an amount equal to 50% of the equity.
Some times a judge will order the home sold and the proceeds split in some manner.
Can a house be placed into a trust if it has a 2nd mortgage on it?
The number of mortgages on a property has no impact on the owner's ability to put the house in a trust.
The "parties on the deed" are the owners of the property. The proceeds go to the owners. The proceeds wil be split 50-50 if there is a conflict about the distribution and as long as there is no language in the deed creating a different scheme of ownership.
What loan documents are needed when on title but not loan?
Generally a bank does not knowingly loan money on real property unless all the owners sign the mortgage. In case of a default the bank wants to be able to take full possession of the property by a foreclosure proceeding. If only one joint owner signed the mortgage the bank can only take possession of that person's interest in the property. Such a situation is not in the best interest of the bank. Banks don't usually seek situations where they will become a tenant in common with some other person. When only one joint owner obtains a mortgage it is usually due to the error, malpractice, poor business practices or lack of experience of the lender's representative. However, if you have made the decision to be the mortgagee on a loan by one joint owner you generally need to have that owner execute a note and a mortgage. You should check your state laws for the requirements to acquire an effective interest in the property as a mortgagee. You should also consider the possibility that you may become a co-owner with the other non-mortgaging party if the mortgagor defaults.
Should you cosign a car loan for your boyfriend if you recently took on a car loan yourself?
Here's the easy answer. NEVER, EVER, EVER co-sign a loan, no matter who the person is, no matter what good intentions you have. If your boyfriend can't get the loan on his own, there's a reason, and it's probably his credit. Nothing against your relationship, but a boyfriend-girlfriend status isn't nearly solid enough to merit a long-term loan for a substantial amount of money. Small claims courts are jammed with lawsuits stemming from co-signing and debts owed. Not to mention your credit could be adversely affected for seven years if the loan goes bad. Tell your boyfriend you love him and you support him and can't co-sign a loan for him.
PMT function returns the payment amount for a loan based on an interest rate and a constant payment schedule.
PMT(interest_rate,number_payments,PV,FV,Type)
interest_rate = interest rate for the loan
number_payments = number of payments for the loan
PV = present value or principal of the loan (amount to be financed)
FV (optional) = future value or the loan amount outstanding after all payments have been made. If this parameter is omitted, the PMT function assumes a FV value of 0.
Type (optional) = indicates when payments are due. Type can be one of the following values:
0 = payments due at the end of the period (default or if value is left out)
1 = payments due at the beginning of the period
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