Loans

There is a process called a Deed in Lieu, which is different than a foreclosure.

The standard procedure of granting a mortgage requires that all owners sign the mortgage. When only one co-owner has signed that is usually due to someone's serious mistake or some special arrangement with the lender who is aware they are only acquiring a half interest in the property. One person cannot encumber the other person's interest. If only one co-owner granted a mortgage and the borrower defaulted then the lender could only foreclose on the interest of the person who granted the mortgage. The lender would become a tenant in common with the other co-owner who didn't sign the mortgage. Both would then be entitled to the use and possession of the property. Careful lenders avoid that sort of situation by examining the title to determine if there are outstanding liens AND to determine the legal owner of the property.

What would you do if a friend or relative asked you to cosign a loan? Before you answer, make sure you understand what cosigning involves. Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner

Many times the money for a student loan is transfered directly from the lender to the University. Therefore you would be unable to do this. If your parents have high interest credit cards, the best thing to do would be to refinance your home or get a home equity loan. These are available to many people even if they have bad credit, they just have to have equity in the home. Another option would be for them to goto a credit consoling agency. They may be able to help them pay off their credit cards or get the rate reduced or payments combined.

Henry

Grandparents might not cosign a loan because they might not trust a grandchild or the grandparents might not think they will have the income. Sometimes grandparents simply do not like to cosign loans. Ask the grandparents. Most grandparents will give an explanation.

Loan modification scams often operate by charging homeowners thousands of dollars up front to negotiate an agreement with the bank. But instead of negotiating a modification, the company simply takes the money, does no work for the borrowers, and refuses to provide any sort of refund.

Many states have now made it illegal or more difficult for these types of companies to take money up front before any services have been provided. In some states, a successful loan modification or other agreement (such as a forbearance) must be negotiated before the company can take any money from the homeowners.

The best way to avoid such scams is to keep on top of the laws in the state in which the property is located in regards to foreclosure service providers. As well, homeowners should look up the company's online reputation, Better Business Bureau record of previous complaints, and any complaints filed through state or federal regulatory agencies.

Mortgage payment can either be fixed or variable cost. A fixed cost means the interest rate charged on the loan will remain the same for the loan's entire term. A variable cost means the interest rate changes or decreases as time pass.

To act as a broker you will need to have access to a wide variety of lenders and products. Each lender usually has a minimum volume of loans that a broker/brokerage has to send them on a monthly basis in order for the broker/brokerage to have access to that lender. Let's say that a broker wants to have access and be able to originate loans for lender 'X', lender 'Y', and lender 'Z'. Lender 'X' might require the broker to submit or settle $1 million per month, lender 'Y' might want $1.5 million per month, and lender 'X' might want $2.5 million per month. This means that the broker/brokerage has to submit a total of $6 million dollars are month, just to have access to three lenders. Some brokers will do this, or will have agreements with one or two major institutions, and then use other institutions that don't have a minimum requirement to make up the numbers for marketing purposes.

To gain access to lots of lenders without having to worry about minimum volumes etc, some brokerages will enlisted the support of an 'aggregator'. The aggregator holds the individual agreements with the lenders, and individual brokers use the aggregator's agreements to submit their loans. The minimum volumes are made up by the loans being submitted by all the individual brokers, using the agreements of the aggregator. The aggregator takes apportion of the overall commission for providing the service, however also may provide other services such as software, training support, general business support, and back office administration.

Most lending institutions will require you to have completed at minimum an accreditation with a Mortgage Industry Body such as the MFAA (Mortgage and Finance Association of Australia) or the FBAA (Finance Brokers Association of Australia). These Associations have a minimum education standard set at a Certificate IV in Finance Services (Finance and Mortgage Broking) they will also require that the applicant have Professional indemnity Insurance and membership to an external dispute resolution system.

For more information go to www.mortgagebrokertraining.com.au

The face of God

Some lenders might be willing to accept the person. However, many will not, simply because it is a very bad idea for a person on a fixed and perhaps limited income to take on extra financial responsibility. The other reason would be that if legal action such as a lawsuit became necessary for the lender collecting from the cosigner in such circumstances would be difficult.

Most states have limits on how much interest banks and businesses may charge. Check with your state on its limits(usually in the phone book in the blue pages in the front or back). If it is personal there is usually no limit, be careful there.

Your spouse must execute a power of attorney that grants you the right to sign legal documents on their behalf. You need to consult with an attorney.

in a cave

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Your obvious criminal intent is bad enough. But the fact is that without the title for the car you will never get it registered as the registration and plates go laong with the title and VIN number. Can't do it

I will "help" you get "your" car registered. What is your full name, date of birth, address? :-)

It's obvious you don't appreciate using their vehicle that you would even think like this. Why don't you just man up and buy the car from them. Don't be so dumb and give out any personal information over the net to someone you don't even know can use the info you provide for their gain.

GROW UP AND BE RESPONSIBLE!!!

New : I hope you're aware that you're contemplating the first steps towards a criminal act. My recommendation is to leave that car alone and reconsider. And in case you don't understand, let me break it down for you: If you register your parents' car as yours without their knowledge, effectively making it yours, that's considered GRAND THEFT AUTO. That's a felony. Not that you would be able to do so without the a Bill of Sale or the Title.

All of the credit reporting bureaus allow you to dispute transaction lines found in the credit report. For actions like chargeoffs, the dispute is really adding a note to the file that one will hope a creditor will read when considering you for credit.

You will need to know very specific information concerning the chargeoff (including the account, the amount, when the chargeoff occurred, etc.) and your statement will need to represent why the chargeoff should not be considered when applying for credit.

This depends on the kind of loan you are aplying for. Fannie Mae and Freddie Mac quidelines state that any money that will be used in the purchase of a home needs to be in an account of some sort 2 months prior to close. For us brokers, that usually means that when you apply, you need to show me proof that the money is somewhere, checking, savings, mutual funds, 401K available funds, and/or a cashable insurance policy for the last 2 months. The lender does not want to see that you are borrowing it at the last moment as this can affect the loan even if nothing is said about it at the time. (But is said to the mtg. collection dept. 4-5 months into the loan when one calls the mortgage company to say why the payment is late--(have to pay the quick loan back to the family member right away for whatever reason). There are first time homebuyer loans that require as little as $500.00 if all the other closing costs are paid by seller or grants. Which loan are you applying for??

The co-signer's name is on the loan, not the title, and has nothing to do with selling the car, especially after the loan has been paid off. On the other hand, a CO-OWNER's name is on the title, and it depends on how the two names are listed. If the title is made out to A and B, both must sign when selling it, but if it says A or B, either may sell it without the other's approval or knowledge. There may be exceptions to this in some states if the two are a married couple.

Owner will carry - means that the owner will hold the note for financing. This can be advantageous due to the leniency of the owners financing criteria, lack of down payment requirements and other issues a typical mortgage company would rather not deal with. However, It will not be reported on your credit report as typical mortgage would. If this is your first purchase, I would recommend that you not attempt this on your own. There are several aspects to real estate that could overwhelm someone with no experence in that field. Ask a friend who is a realtor or loan officer to assist you.

Sometimes you can get more financial aid if you do not yet have a degree. However, they ask for transcripts and those are going to say BA/BS awarded. The diploma is just something that you can hang. The problem with taking graduate classes as an undergrad is that you won't get the masters degree credit for those classes--you just did advanced work for your bachelors.

I did about the same thing in taking graduate level courses in English for my English Lit degree--there was nothing to take to get a masters in the field!

Mortgage loans are contractual obligations that cannot be terminated by agreement, divorce or any other means. Your only option for getting off the mortgage is for the remaining spouse to refinance in their name only. I've even had clients who had their names removed from the mortgage companies records, IN CUSTOMER SERVICE. That made it difficult to verify the mortgage. But, never at any time, was the borrower relieved of liability. The contract is never changed, or superceeded. If a mortgage loan has been granted to any two people; the lender has made a loan for a substantial amount of money that they want repaid. You can bet that they are not going to simply release a borrower from the liability because the two people go separate ways.

No go to small claims court.

if you owe money to someone or a company they will come after you to pay, this is your obligation to do so, so yes they can sue you for monies owed plus interest and court costs.