Questions tagged [collateral]

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votes
2answers
116 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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2answers
111 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 ...
2
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1answer
81 views

How to give collateral loan for car in India?

My neighbour wants a loan on his car. What are the legal procedure to give such a loan?
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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
votes
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 ...
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
votes
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
77 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 ...
2
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4answers
36k 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 ...
45
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 ...
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 ...
3
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4answers
471 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
917 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 ...
-4
votes
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 ...
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) ...
1
vote
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?
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. ...
3
votes
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/...
2
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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 ...