Loans

In 1977 redlining was outlawed by the Community Reinvestment Act. The Act provided that commercial banks and savings institutions have an obligation to help serve the credit needs of their entire community, including low and moderate income borrowers. It also required that those institutions serve the needs in a manner that was consistent with safe and sound banking practices. In other words, the credit worthiness of the borrower was still to be considered in the loan process. The CRA was responding to the perception that savings and loan associations and banks were “redlining” low-income and minority areas, in effect denying credit to areas based on their perceived characteristics rather than the actual creditworthiness of individual loan applications.

Yes, promissory notes can be legally binding even if not notarized. Notarization is not typically required for a promissory note to be enforceable, as long as the essential elements of a contract are present and the parties consent to the terms.

There are costs associated with bringing a civil lawsuit and collection agencies want to be sure of the following:

* There is a good chance that the collection agency will win

* The amount of money is significant - not small claims

* All attempts to collect (legally via FDCPA) have been met with a lack of payment

If the collection agency has one or more attorneys on staff, they will be more likely to pursue borrowers in court as the expense to do so is lower with in-house counsel vs. retained counsel.

"Is Georgia a non recourse debt state?"

Since Florida is not a recourse state, and Florida adopted its laws from Georgia, Georgia must not be a recourse state.

In some cases, yes, a verbal agreement can be legally binding and enforceable in court. However, it may be difficult to prove the terms of the agreement without written documentation or witnesses. It is generally advisable to put important agreements in writing to avoid misunderstandings and legal disputes.

No, you cannot go to jail for owing payday loans in Colorado or any other state. However, the lender may pursue collections through legal means. Moving to Texas does not eliminate your debt obligation, but the lender must follow Texas laws regarding debt collection.

California, as well as 26 other states have no limitation on interest rates, user fees, late penalties, etc for credit cards. Arkansas is the only state with very strict usury statutes.Federal usury laws are of little help, as the only stipulation is for the credit card companies to inform customers of their rates and fees. There has been a bill "stuck" in legislation to place a 17% cap on interest rates, it is doubtful it will ever become law.

Hypothecation is a kind of non-possessory security interest created normally in favour of a lender for securing the obligation of the person who has availed any financial assistance from the Bank. If the borrower creates security interest on the same set of property in favour of more lenders, the security interest of the lenders shall rank according to the chronological order in which it is created, unless the lenders otherwise agree. If the value of the security is sufficient to cover all obligations of the borrower to many lenders, the lenders may agree inter-se (usually at the request of the Borrower) that the security interest of all the lenders shall have the same ranking or priority. Then such security is called pari passu ranking security interest.

The Department of Housing and Urban Development (HUD) provides direct loans for the construction or rehabilitation of housing projects for the elderly or handicapped through its Section 202 Supportive Housing for the Elderly and Section 811 Supportive Housing for Persons with Disabilities programs. These programs aim to provide safe and affordable housing options for low-income elderly and disabled individuals.

It is possible for a person at age 77 to qualify for a personal loan from Scotia Bank, as eligibility criteria can vary. Factors such as credit history, income, and debt-to-income ratio will be taken into consideration during the loan application process. It is recommended to contact Scotia Bank directly to inquire about specific requirements for personal loans.

Yes, AARP does, in fact, offer a reverse mortgage to seniors. You must be atleast 62 years of age and own your home to get a reverse mortgage with AARP as well as most other places that offer them.

Yes, according to the US Department of Housing and Urban Development's website, the Federal Housing Administration requires that you must be 62 years old or older and a homeowner to apply for a reverse mortgage. These types of mortgages are only available for seniors.

Typically, when the borrower on a reverse mortgage passes away, the family or heir can choose to sell the home, purchase it for the amount owed on the reverse mortgage, or walk away from the property. If they wish to keep the home, they will need to repay the reverse mortgage loan in full. However, it's important to consult with a legal professional or financial advisor for guidance on the specific circumstances of the situation.

Yes. The process is fairly straight forward and involves petitioning the court to apply for a reverse mortgage. Once approval is received, then guardian (s) need rem counseling and can make application with a lender. The final numbers (prior to closing) will be approved by court.

If you signed a federally-backed loan that is administered by the US Department of Education and therefore made directly by a government agency, the loan is automatically forgiven if/when: you become disabled, you turn 65, upon your death.

If you have a loan with and through a private lender, those general guidelines do not apply.

John Adams refused to pay the bribe and loan, viewing it as an attempt at bribery by the French agents. He reported the incident to Congress, leading to the XYZ Affair and escalating tensions between the United States and France.

Yes, the person who inherited the house can choose to obtain a reverse mortgage on the property, provided they meet the age requirement of being over 62 years old. They would need to go through the normal process for obtaining a reverse mortgage, including meeting with a HUD-approved counselor and receiving the necessary financial counseling.

Her estate will have 6 months to sell the home or refinance it. If there is negative equity in the home the estate will have the option to turn the home over to the lender without any further recourse, provided this is a FHA HECM reverse mortgage.

Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.

Yes, interest on a loan can be capitalized, meaning that it is added to the principal amount of the loan. This can occur during periods of deferment, when the borrower is not required to make payments on the loan, or during certain stages of a construction project.

Capitalized lease obligations refer to lease agreements where the lessee records the leased asset as a capital lease on their financial statements. This means the lessee treats the leased asset as if it were purchased with a loan, and includes the lease payments as both an asset and a liability on their balance sheet.

Recording information consists of the following data:

1) Recording date: day the mortgage is recorded in the county office.

2) Reference : Book # and Page # (the place where the recording information has been captured in the county records.

Sometime instead of book and page # we can also receive a instrument #

The loan which is taking before certait period of date

Do a search on that company and add the word complaints, or FTC...you will see a lot of information that will probably make you run the other way. This company makes you more in debt than help you out.