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Questions tagged [collateral]

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2answers
115 views

buying property , loan and collateral

If one owns a property that's worth 200K, is it possible to get a loan to buy a second rental property for 100K, given one owns the first property outright, using it as collateral? Does this person ...
2
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1answer
63 views

How to give collateral loan for car - India?

I am an Individual and my neighbour wants a loan on his car, what are the legal procedure to give such a loan?
-2
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2answers
110 views

Is there a more collateralizable home?

Consider a situation where a loan officer examines the degree of collateralizability of a real estate. For example, one could compare: Sturdiness: wood v. brick. Flood/Tornado Plain: more vulnerable ...
4
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2answers
6k views

Can someone else put up the collateral for a loan?

We were talking today at work and I am curious... Say an individual (Mary) is looking at a 20k bank loan. Mary has no assets to secure the loan. Could some else (Joe) (parent, friend, sibling,whoever) ...
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0answers
45 views

Is there a specific term for a collateral with a value less than what has been declared?

In other words, a collateral value has been estimated more than its real value. Is there a term for this type of collateral? Is the term "over-declared collateral" correct in this sense?
5
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2answers
195 views

Is there a financial product via which I can safely temporarily borrow against my home?

We live in the UK, and are seeking to move house and have seen a property which suits our requirements and has been discounted because the owners wish to sell quickly. The asking price is £400,000. ...
2
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0answers
95 views

Borrowing or raising funds against ISOs

I have some ISOs that are exercised (early exercised/bought) from two different companies I worked at. Their current values are around $15k each. These amounts aren't enough to transact with ...
2
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4answers
35k views

Is it ok to buy something on your credit card due date?

This is my first credit card so I'm a little confused. I'm with Capital One and my due date every month is the 6th and my minimum payment is $25, and anything less than $25 (example if I have $16 on ...
-4
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2answers
1k views

Can I use myself as collateral?

I want a big loan and decided I have nothing of tangible worth to support repayment, so I was wondering if I could put myself up (literally) as collateral. I suppose this could be understood as me ...
44
votes
4answers
10k views

Would using an expensive car as collateral for a small loan to get cheap parking work?

There's a rather old joke which is being told in many variations and my question would be whether events narrated could actually happen in real life. I'm not in the US so I don't know all the details ...
1
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0answers
64 views

Collateral and property

I purchased a boat slip for 20,000. I have my cancelled check from the seller. The seller secured a loan using my paid slip as collateral. A UCC was filed because the guy defaulted on the loan and now ...
0
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2answers
75 views

Out of state property for a secured home loan

How can I use a house fully paid in New Orleans as collateral to purchase a house in Washington state? Do I need to have the New Orleans house appraised? In 2010 my dad died leaving me the house he ...
0
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1answer
105 views

How to get the most mortgage from the bank?

I am looking to buy a second house which is about $800K (A 1600-sqft, 3b3b condo in the suburb). I intend to live in this house as well as renting out two bedrooms for roughly $1200 per month each. I ...
0
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1answer
75 views

Paying off a Line of Credit and buying a house

I have an offer from a friend. They currently have a Loan with a house that they own(no mortage,etc) as collateral. They would like me to take over the Loan in exchange for the property, i.e. I pay ...
4
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2answers
218 views

Home loan for Granddaughter

Can I use collateral of my $325000 home which I own in Australia to help my granddaughter buy a house in her name. Can the repayment be structured as Interest Only for initial few years. She is ...
2
votes
4answers
8k views

Can a friend put up collateral for my secured loan?

I'm the friend. My mom needs a loan from me and figures involving a bank might avoid some headaches. She wants me to lend her 20K. Wire it to the bank. Then the bank will (presumably) lend her 20K. Do ...
3
votes
4answers
470 views

Do mortgage lenders ever prefer bad credit?

In the US, If you want to put $400,000 down and borrow $100,000 with a mortgage to buy a $500,000 home, is it really so important to have good credit with so much collateral? If you were to ...
1
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2answers
910 views

Can a guarantor's personal property be repossessed if the other person doesn't repay the loan

If I am the guarantor for someone else's loan, can my personal property be possessed if the other person doesn't pay back the loan? Also, can my property be mortgaged as a guarantee to his loan?
1
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1answer
43 views

Credit influence of transferring debt to new account

I understand that the age of my accounts has an impact on my credit score. My oldest account, by a wide margin, is my federal student loan. I'm hoping to minimize my payments in size and/or how long I ...
3
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2answers
1k views

Would a bank take shares in mutual funds as security for a mortgage instead of a down payment?

Let's say I have 20% (or more) of the mortgage principal as shares in a mutual fund. I could cash out the shares, pay my cap gains tax, and pay it to the bank as a down payment. But is it possible/...
15
votes
4answers
124k views

When can you use existing real estate as collateral to buy more?

My grandfather owned a dozen apartment buildings, and when I asked him when I was little how he got so many, he said he just bought one, and then used it for collateral to get the second, and so on. ...
1
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1answer
1k views

Using a current house as collateral for a loan to buy another house

If my name is on the deed of one house (the deed only, not the current mortgage on the house), can I use the house as collateral to obtain another loan for another house?