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Is a prospective lender allowed to ask if you have EVER had a bankruptcy even if it was 20 years ago?
Wiki User
∙ 16y ago
I believe a lender can ask anything they want. (Other than the big No's (discriminations)). They are pretty much allowed to use it as they want too. Its' their funds they lend....no one else has a right to them....
That most all lenders use reports where these matters are no longer reported after some point is more a thing of both convenience and relevance. I suspect that even to the one asking this they may not care much. I mean what difference does it make to an underwriter of a loan if the applicant had a BK 20 years ago?
None!? Well now say he also had them 7 and 14 years ago, too!
Wiki User
∙ 16y ago
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What is the difference between retrospective and prospective study?
A "Retrospective Study" is a study that has happened in the past wherein the results are used to build a theory or hypothesis of a researcher or scientists.A "Prospective Study" however is a study that has been carried out in recent times. For example, a prospective study would be that of Rahe et al (1970) since it was carried out in the last 30 or so years. An example of a retrospective study would be Hawkins et al (1957).So in essence, a Retrospective Study is one done in the past, whilst a Prospective Study is one done in the present. :)
Annual percentage rate calculation?
Q. A applicant accepts an offer of a 25 years fixed rate loan from a lender at an interst rate 6 5%for an amount of $150,000. The lender charges include a loan origination fee of $4500 and 2 discount point. How do you calculate the APR ?
How is it determined if you file chapter 7 or chp 13 bankruptcy - is it a ratio?
A Chapter seven is a total liquidation bankruptcy, which means the person will have to forfeit all nonexempt property. A chapter 13 is a consolidation bankruptcy, the person keeps all of their property and pays a specified amount to the BK trustee who distributes it to creditors. The time frame for repayment under a chapter 13 is 3-5 years. With new bankruptcy reform more people will be required to file a 13 if they can pay even a small part of the debt(s). The type of filing that can be used now depends mostly on the financial status of the person, rather than which one to choose.
How many Palindromic years between 2000 and 9999?
To be palindromic, the year must be of the form XYYX where X and Y are digits, so we need only consider the first half of the number, namely the XY and the question becomes how many numbers XY are there between 20 and 99 such that XYYX is between 2000 and 9999.The answer depends upon the definition of "between":If "between" means strictly between, that is the year cannot be 2000 or 9999XY = 20 ⇒ 2002 > 2000 so allowed XY = 99 ⇒ 9999 = 9999 so not allowed⇒ number of years is 99 - 20 = 79If "between" means between but also including the limits, that is the year could be 2000 or 9999XY = 20 ⇒ 2002 > 2000 so allowed XY = 99 ⇒ 9999 = 9999 so still allowed⇒ number of years is 99 - 20 + 1 = 80
What is interest loan on 10500 at 3 percent for 5 years?
The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is 10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is 10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is 10500*(1.03)5 = 12172.38So the interest on the loan is 12172.38 - 10500 = 1672.38The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend onhow often repayments are madewhether in constant amounts or nothow often the lender calculates the interest.
If you have a boat that was listed in a bankruptcy that the lender never repossessed what can you do with it 10 years later?
Nothing unless you receive a clear title of ownership from the lender.
What is the time frame that a lien holder can repossesse your car in Alabama after bankruptcy?
Federally, ten years from the date of last payment in the event the lender has obtained a judgment, seven years without. The lender cannot actively seek contact with a debtor during the bankruptcy stay, but the stay also suspends time on the recovery of the vehicle.
What should I know about bankruptcy and mortgage refinance?
You can refinance your mortgage, even after a bankruptcy. Refinancing can even help restore your good credit in about two years! Sit down with your lender and talk about a refinancing plan.
Can the new mortgage company ask for a bankruptcy discharge papers after 9 years past the bankruptcy?
Sure...any lender still has the right to decide what it wants to make a decision on giving you a loan....YOU DON'T HAVE ANY RIGHT TO THEIR MONEY. Yes, it is on your credit report for 10 years, and even after that, a lender can ask about it or other non-discriminatory things that it thinks is relevant to making a decision. Clearly your credit history is absolutely relevant to a lender.
If you filed Chapter 7 bankruptcy 5 years ago can you file again on your home and when?
There is a six year limitation for BK filing. Bankruptcy will delay but not stop foreclosure on secured property, unless the debt is reaffirmed with the lender.
How long bankruptcy after discharged records stays?
1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life
Can a lender report repossession of a discharged auto?
If they repossessed it as part of the bankruptcy (and you didn't get it back), probably yes. However, the bankruptcy itself is a bigger black mark than the repo, especially since it can stay on your credit report longer (up to 10 years after filing, though some bureaus remove Chapter 13 after 7 years; repos only stay for 7 years).
If your charge-offs are two years old is it better to wait five years for your credit to clear or file for bankruptcy?
Are the charge off creditors taking collection action? Bankruptcy should be a last resort always. If creditors are harrassing you, but you make enough to pay some of the obligation, make a settlement offer to get them off your back. If they are not trying to collect, the charge offs will remain on your report wether or not you pay them, so if all else is ok financially with you, just leave them alone. If you are trying to buy a house, though, your prospective lender may require you to pay them off in full since they are not aged accounts.
Your car was repossessed years ago and you don't have info on the auction sale and how much it was sold for are you allowed a copy of that information from the creditors?
Yes The lender has to provide you with this info.You should demand it from them. The lender is required to provide this only if requested in writing by the debtor.
Can you fiance a house after bankruptcy?
Yes, 3 years after discharge of the Bankruptcy.
What are the pros and cons of a short sale verses a foreclosure?
Both a foreclosure and a short sale will ruin your credit for many years. With a foreclosure, it's best to file a Chapter 7 bankruptcy to protect you from the lender. The lender has up to 10 years to come after you for the loan deficiency. For example, if you owed $200,00 on a mortgage, and it cost the lender $75,000 to re-sell your property, you could be liable for that $75,000 deficiency. On a short sale, the lender can still come after you, but the amount that is short can be issued to you on a 1099 as a "loan forgiveness" causing you to pay income tax on that money.
How long does a bankruptcy stay on your credit report in ms?
A bankruptcy usually stays on your credit report for 7 years. If you forgetadebt on the bankruptcy petition, it may may be 7 years from the time the bankruptcy petition was amended, but otherwise it is from the time the bankruptcy became file.
