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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
Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of repossession.
How do you remove a loan from the Kiva organization?
In order to remove a loan from the Kiva organization you will have to pay it off. After paying it off you can always take out another load if you need to.
What is the difference between equitable mortgage and registered mortgage?
A registered mortgage is a transaction whereby the borrower executes a formal written instrument that can be construed as a conveyance of their interest in land as security for a loan. The written instrument is recorded in the land records as a conveyance or a lien against the land. If the loan is not repaid, the lender can take possession of the land. If the loan is repaid, the rights granted to the lender under the mortgage are extinguished and the lender must release their interest to clear the title to the land. In many jurisdictions this is simply referred to as a mortgage or a deed of trust.
An equitable mortgage is an arrangement that involves borrowing money with the understanding the borrower's land will secure the loan or some other situation where a lien on the owner's real estate is implied by some credit arrangement. However, a formal mortgage document is not executed and recorded in the land records. It can arise under different circumstances and can also be referred to as an implied or constructivemortgage. A problem with equitable mortgages is that there is no notice to the public in the land records in most cases and the property could be sold without the loan being paid. Generally, if an equitable mortgage is not paid it must be enforced in a court of equity by a court decree against the debtor.
Examples of equitable mortgages:
1.) Charlie found himself in financial trouble after losing his job. He informed his friend, Stewart, of the situation by email and they discussed a loan whereby Charlie offered to place his home as collateral and repay the loan as soon as he found a new job. Stewart accepted the offer and sent a check but a formal mortgage was never executed and recorded in the land records. Stewart would have an equitable mortgage against Charlie's property.
Once Charlie found a new position that was better than his old job, he ignored Stewart's requests for payment. Stewart could enforce his equitable mortgage in court as long as he kept copies of those emails and the check. The court would grant a judgment lien that could be recorded in the land records and Charlie could not sell or mortgage the property until the lien was paid. However, if Charlie had executed a recorded or registered mortgage with a bank since that loan from Stewart and the bank mortgage was foreclosed, the foreclosure would wipe out Stewart's judgment lien against the real estate and Stewart would be back where he started trying to get his money from Charlie.
2.) A husband is to retain the marital home under a separation agreement in a divorce. His wife is to execute a deed that conveys her interest to him and he is to refinance the property in his name and pay his wife $50,000 for her interest within six months. The wife in this case has a $50,000 equitable mortgage on that property. If husband instead tried to sell the property without following the agreement, the constructive mortgage would be disclosed during the title exam performed for the buyer and the wife would be paid from the proceeds at the closing. Probate and Family Court records are part of the public records that must be examined by a title examiner during the course of a title exam for real estate.
On the other hand, if the husband continued to live in the property and simply ignored the separation agreement, the ex-wife could enforce her right to the $50,000 in court.
What are the positive and negatives on personal loans?
As a positive, I would say the borrower can obtain potentially reduced rates and a stretched out maturity if a family or friend is lending the money. On the flipside, money lending amongst family and friends has been known to really mess up what was once a good relationship; especially if the borrower takes doesn't takes advantage of the situation.
Can a car be reposessed if your loan is not in default?
Your contract may outline certain conditions that could still result in reposession, even if you're not late on your payments. For instance, the bank may require insurance coverage be maintained on the vehicle. Failure to do so could result in reposession. Read the fine print of your contract. If you can't find anything that helps you, contact a consumer rights attorney or bankruptcy attorney for a consult. They will most likely tell you the basics of what you need to know in your state for free.
Can a mortgage be modified twice?
Hi. My loan was modify about 3 months ago. I was told from my attorney and also from the mortgage company that the loan modification amount is include it with insurance and taxes (it was not on writing ) so I end it up accepting the offer that mortgage company has offered but the taxes and insurance was not include it to that payment n !. The mortgage balance at the time when I applied for Mod was $199K and when I accept it the Mod went to $215K but the payment was lower to $210 less that what I was paying before. The main reason that I accepted was that I did not wanna loose my house and the other reason was that I trusted my attorney. Now am I eligible for another loan modification ?
When you file bankruptcy, you may wish to reconcile a loan. Basically, it's a loan that you have that you don't want to file bankruptcy on. You intend to keep paying it as normal, while still declaring bankruptcy on other loans.
Why do bank still charges interest on loan?
Because, charging interest is one of the main sources of income for banks. Since you are borrowing money from the bank, it is the banks right to charge you an interest for lending you that money. Since they are giving you the money for your use, you are bound to pay them an interest for getting money from them.
When to apply for payday loan?
There are some urgent expenses, that are unforeseen and require fast reaction. They are urgent bills, credit card or mortgage payments, some medical or travel expenses, etc. Payday loans on-line was designed especially for such situations, as applying for instant payday loans you will get the requested money electronically deposited directly into your bank account the same day.
How can you get a 100 million dollar loan to buy a farm?
You probably can't unless you have 100 million dollars collateral already.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
Does cosigning a loan go on your credit report if the loan is in good standing?
Your cosigner's credit report should also reflect the loan. In this case, it should show as paid on time as agreed.
What happens if a mortgage company cashes a check marked paid in full?
Nothing , except if you try that, you may be charged with fraud if that's not true.
Can you avail for multi purpose loan even if you still have unpaid calamity loan?
A multi purpose loan is not able to be availed for if a calamity loan is unpaid. The loanist be paid off before another loan can be availed for.
What does a negative credit balance mean on home loan statement?
Excess of repayment over scheduled or expected repayment. For eg. the expected balance in a HL account on a given date is 10,000/-, the actual account balance should have been 8,000/- as per the repayments made, the excess repayment of 2,000/- is negative credit balance or unadjusted repayment.
A little amount of loan given by any bank or organization to the poorest people without any collateral.
When h r block Christmas loan 2010?
December 6th or 7th depending on where you live. You will need your most recent pay stub as well as the last stub from any other jobs from 2010. You will also need the same for your spouse if you have one... Loan amounts will be $300-$1000
How long is a credit report good from the time of mortgage application?
The loan will need to close within 90 days of the issue date of the credit report.
Generally, an unscheduled loan has interest compounded at the end of a time period (in most cases a month, sometimes a week.) When you make a loan payment, you are generally paying both accrued interest and principal debt. When you pay only to the principal, you are paying back the original amount without interest.
This is done by people in order to reduce future interest payments.
What happens with the mortgage insurance when a person dies?
Assuming that the mortgage insurance policy was in force at the time of death, and all other conditions of coverage have been met, the insurer should pay off the balance of the mortgage; that is the purpose of insurance of that type.
Thereafter, the property will pass, free of the encumbrance, to that person who may have been named as a co-owner of the property. If the decedent is shown to have been the sole owner of the property as of the time of death, it will pass according to terms of his/her Will; if there was no Will, it will normally pass according to the laws of descent and distribution of the locality in which the decedent lived at the time of his/her death, or where the property is located.
What happens to second mortgage if first mortgage is foreclosed?
If the first mortgage is foreclosed the second mortgage lien gets wiped off the property by the foreclosure so the property can be sold free and clear of the second mortgage. However, the mortgagor still owes the debt to the lender and the lender can pursue collection of the amount due by a civil lawsuit.
