Consolidating mortgage home equity loan
If this person does not pay the debt, you are financially responsible, and the lending institution can come after you for the unpaid balance. Q: Can I Finance a Modular Home for My Family Member with JCF Lending Group? If we discover within a one (1) year period of time that the applicant(s) that initiated the loan do not, in fact, reside in the modular home, your loan agreement allows us to repossess the modular home and retain any down payment and/or equity that may be present. We do not require previous modular home ownership for an approval.
If your name is on an account, either as a co-signer, authorized user, or on a joint account, you are legally responsible, even if the other person agrees to pay by way of verbal agreement, contract or divorce decree. Normally, all occupants over the age of 18 that plan to live in a modular home park or leased lot community must pass both a credit and criminal background check. Many times consumers will apply for a modular home mortgage stating that the modular home they wish to purchase will be their primary residence.
The charge off must have occurred at least 24 months prior to applying for credit.
We will, however, look at charged off accounts on a case by case basis.
In the last few years, identity theft has risen to the top of the list.
We may consider repossessions as long as the repossession occurred at least four years prior to application. Foreclosures appearing on your credit report are always cause for an automatic decline. Unfortunately, even consumers who fell behind due to illness have to meet our credit standards. We would caution potential consumers looking for this solution, as most upscale parks and leased lot communities will not grant approval for residency for consumers with a poor credit history. It is your responsibility to check all three of your credit reports annually to check for inaccurate information. Q: How Are Accounts that have been Charged Off viewed? In the case of a refinance debt consolidation loan, funds from the loan can not be used to pay liens or judgments.