What happens to my car loan if my co-signer files bankruptcy?

December 21, 2009 by  
Filed under Car Finance

I have a car loan of about $10,000. I got this loan about 9 months ago. I am just wondering how it will affect me if my co-signer files bankruptcy.
The car is in my name and she is the co-signer. So with all this new stuff I know does this mean they can come take my car too? Even though I make the payments .

What happens to your current car loan when you get a new car?

December 17, 2009 by  
Filed under Car Finance

My wife would like to get a new car. She currently has a 2005 Ford Escape, owes about 6500 on her current car. She likes the new Ford Edge’s, if we get a new one would the dealer pay off the remainder of the old car loan?

What happens to an existing car loan if I were to buy another car?

December 15, 2009 by  
Filed under Car Finance

What happens to an existing car loan if I were to buy another car?
I bought a car in 2003 and owe about $8000 on it but am thinking of buying a new one. What will happen to my existing loan if I were to buy a new car? I would still owe that right? Would they just add that amount to a new loan amount? I’m confused about how this works. Please help!

What happens when you file bankruptcy nowadays?

December 13, 2009 by  
Filed under Mortgage

I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy? THANKS!

What happens to a real mortgage when a debtor files for bankruptcy?

December 3, 2009 by  
Filed under Mortgage

I’m a creditor whose debt is secured by a real mortgage. I’ve received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.

Thank you. :)

What happens to the second mortgage when the first mortgage forecloses?

December 2, 2009 by  
Filed under Mortgage

I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.

What happens to a second mortgage when a home is purchased at a foreclosure auction?

November 18, 2009 by  
Filed under Mortgage

I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

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