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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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Helping to pay a mortgage does not give you any interest in the property. The court would likely view your payments as rent and your living expenses unless you handed over an extremely large part of the mortgage or had some agreement in writing.
Does the court frown upon too many loans in bankruptcy chapter 7?
This is a loaded question, and I must start out with the fact i am NOT an attorney. Anything like this needs to be put past a lawyer who has experience in bankruptcy. there are SO many factors involved, it's impossible to speculate.
The premises of bankruptcy though is to afford people a "Fresh Start" This means, if your down in the dumps, and you have no means of getting out of the debt your in, Bankruptcy is your LAST option.
When you say too many loans? Did you run up a bunch of loans and then decide to file bankruptcy? Again, the point of bankruptcy is for those who really need a fresh start. If you tried your best in business and had to take out a bunch of loans to do it, and failed and need to bail; nobody is going to fault you for it.
Can a creditor put a lien on your mortgage over a 2000 dollar unpaid student loan?
Yes. If you owe a creditor money and you have an asset (such as a house), a creditor can put a lien against your asset for any amount, even $1.
What is a banking system in which banks are only allowed to loan out some of their assets?
Fractional reserve system
Why would they NOT be able to repo a car they purchased the title to? READ your contract.
What is the best way to pay for room and board at college?
Paying for Room and Board at College Here are some things to consider when trying to come up with a plan to pay for room and board at college:
- Inexpensive schools - State schools in your state are going to be less expensive than private schools and moving out of state for school. Note that often a Private school will provide scholarships to offset this difference to encourage attendance.
- Scholarships - Literally free money. Many organizations have scholarships, civic orgs, churches, social clubs, companies, some companies even provide money to students of employees. Work Study - There are programs on campus that provide a job (teaching assistant, library, various offices) that provide a small amount of cash and discounts on fees.
- Job - Getting a job off campus can provide income. Hotel clerks and night shifts can provide work without interfering with classes. And opting for evening classes can provide more flexibility in scheduling.
- Loans - While they do leave you with debt on graduation, they are a viable option and the interest rates are very reasonable.
It sounds entirely reasonable that you would pay them back for the remaining amount of the loan and for the needed repairs. I assume that the co-signer was trying to get the loan off of his credit and that perhaps you were not paying regularly or on time. There may be other circumstances that are not addressed here.
ask moneysavingexpert.com
better to settle with creditor first
A mortgage IS a lien on the property. The bank already has an interest in the property that was perfected as soon as the mortgage was recorded in the land records. If you purchase property that is subject to a mortgage, the mortgage must be paid or the bank will take possession of the property by foreclosure.
Your aunt's real estate is in her estate and her estate must be probated. The property will pass according to the provisions set forth in her will. If there is no will, her property will pass to her heirs at law according to the laws of intestacy in her state. If you are her only heir or heir at law the property will pass to you. However, the estate must be probated in order for the title to the real estate to pass to you legally.
The only feasable way they could send the police after you is if you knew the car was going to be reposessed and you hid it. Even then, though, this is a contract issue, not a criminal one and the police wouldn't get involved. It sounds like what they're doing is making emtpy threats.
How does 30 days late apply to February which has 28 days?
I believe it won't be a true 30 days in that sense it will only be 28 days.
It would probably be best for the homeowners to hire an attorney to file any necessary paperwork with the courts. Every state and county and court has its own rules of evidence and rules of procedure, and not following these rules can mean the homeowners' paperwork is thrown out on some technicality, which would allow the bank to continue the unjust foreclosure.
But one legal action may be getting an injunction against the bank for any further foreclosure proceedings until a hearing is scheduled to determine the merits of the case. This prevents the bank from trying to collect further payments, send representatives to drive by the house, send appraisers to determine a value, or ask the sheriff to change the locks.
Also, filing a motion to dismiss the case for failure to prosecute would be another tactic that could be used. The homeowners should take the paperwork they have that shows the loan was paid in full, including the final payment (either canceled check or confirmation number for online payment), and speak with the judge in the case.
A final legal action is just to file an appropriate answer with the court to the lender's complaint laying out the reason for the foreclosure proceedings in the first place. The judge will have to take into account the fact that the homeowners are claiming the loan has been paid in full and have submitted evidence to prove that point.
But again, these actions should be taken only if the homeowners understand the rules of the court. If they do not understand the rules, then they may want to hire an experienced attorney to file the paperwork for them, or to show them how it should be filed. Attorneys can be hired as "coaches," in some cases, just giving advice on how to file motions and argue cases. That might be appropriate for some homeowners.
The advantage is that a joint tenancy would avoid the need for probate. However, there are many factors for both sides to consider.
First, there is a due on transfer clause in the mortgage. That means the lender can demand payment in full if there is any change in ownership. You must discuss the contemplated transfer with your lender and request a waiver, in writing, of the due on transfer provision. The lender may want to add the child's name as a mortgagor.
The property would become vulnerable to any creditors of your adult child. If they should experience economic difficulties, trouble paying their credit card debt or medical debt, income or business tax delinquencies, etc., the property could become subject to attachments by creditors. If the co-owner found themselves on the losing end of a court case for damages in a car accident the property would be vulnerable to any lien for damages.
If the parent defaults on the mortgage or taxes it may affect the adult child's credit record.
You should consult an attorney who could review your situation and discuss the pros and cons in more detail and under your state laws.
Your grandfather's estate must be probated in order for legal title to pass to you. You should contact an attorney in your area who specializes in probate law who can review your situation and explain your rights and responsibilities.
The lender will want both of the owners to sign the mortgage so that in the case of a default it can take possession of the property. Generally, when only one owner signs a mortgage the lender can only foreclose on that person's interest.
the lender can seek a deficiency judgment against the homeowner in court
It's my understanding that when you sign a reaffirmation agreement, you then become liable once again for the loan. If the home was included in the bankruptcy, but no reaffirmation agreement was signed, you can "walk away" from the home at any time after the discharge and you're not liable. I've been told that the mortgage company will report it as a foreclosure though.
