Can I pay a loan under someone else’s name? (assume the dispenser of the loan is malicious)
Can I make a payment on someone else’s loan?
The short answer is yes, you can take on someone else’s debt in a variety of ways depending on the type of debt. You can gift the person the money so they can pay off the balance in full and don’t have to worry about paying you back.
Can someone else take over your loan?
You cannot “transfer” a car loan to someone else without also transferring ownership of the vehicle to them. In most cases, transferring ownership is considered selling.
Can a loan be transferred to another person South Africa?
Normally, loans cannot be transferred to another person, especially personal loans. This is because personal loans are determined on a number of individual factors such as your credit score. However, under certain circumstances car loans and mortgages can be transferred to another person.
How do you assume a car loan in the Philippines?
The general practice is to sell the car on an ‘assume balance’ basis. The buyer pays the borrower/mortgagor an amount for his equity (down payment and amortizations paid), and the buyer assumes the balance of the loan by paying the bank until completing the term of the car loan.
Can you pay off someone else’s mortgage anonymously?
You can make an anonymous payment in much the same way as Riquelme paid off his parent’s mortgage, by finding the mortgage company and account number through public records and making a payment. To stay anonymous, you can make the payment using a money order mailed with no return address.
Is paying off someone else’s debt a gift?
When you pay a friend or family member’s credit card bill without any expectation of being paid back, the IRS considers it a gift.
Can you assume a car loan?
“In most cases, car loans are not assumable,” Edmunds.com Senior Consumer Advice Editor Philip Reed told Credit.com. “When the registration and title are transferred to a new owner, the lender needs to be notified. The lender will then step in and require a credit check to make sure the new owner can make the payments.
How do I take over payments on someone else’s car?
There is a process to transfer a vehicle loan to another borrower.
- Contact the original lender. Know going in that you’ll need the permission of the auto lender to complete the deal. …
- Check your auto loan contract. …
- Have your borrower check the contract. …
- File the new loan paperwork. …
- Make a title change.
Can you refinance a car in someone else’s name?
That’s so nice of your brother! However, you cannot refinance your car into someone else’s name. You’ll need to sell the vehicle to him instead. By law, the person who is named on a loan agreement must also be the owner (or co-owner) of the vehicle.
Is assume balance legal?
The “assume balance” or “pasalo”, sale isn’t illegal per se. It is actually a win-win scenario for all the parties involved; the creditor gets paid, the seller doesn’t default, and the buyer gets an instant loan plus discount. Again, we have to emphasize that it’s safe and legal if the bank agrees with the sale.
How do you assume a loan?
To assume a loan, the buyer must qualify with the lender. If the price of the house exceeds the remaining mortgage, the buyer must remit a down payment that is the difference between the sale price and the mortgage. If the difference is substantial, the buyer may need to secure a second mortgage.
How do you process assume balance?
‘Assume balance,’ also known colloquially as ‘pasalo’, is when a vehicle that is still in the middle of its term loan, is sold by the lendee (the person to whom the bank gave the original auto loan). The buyer then takes over the auto loan and pays the balance to the bank based on the repayment schedule.
What is assume price?
When you buy a property through loan assumption, you’re taking on the mortgage payment from someone else, and at the same time, paying the actual selling price of the property.
What is Maceda Law?
Republic Act No. 6552, otherwise known as the “Realty Installment Buyer Protection Act”, or more popularly the “Maceda Law”, was approved on August 26, 1972 to protect real property owners from inequitable conditions imposed on sale transactions involving real estate purchase financed through installment basis. .
Can you sell a mortgaged property Philippines?
The stipulation in the real estate mortgage which prohibits the mortgagor from selling the mortgaged property without the written consent of the mortgagee contravenes the law. Article 2130 of the New Civil Code holds that a stipulation forbidding the owner from alienating the immovable mortgaged shall be void.
How do you assume a house loan in the Philippines?
Quote: On then you need to process the notice of assignment of contract. Since this involves a third party lender or creditor like a bank or pagibig you need to notify them in writing about your agreement.
Can a mortgaged property be sold by the owner?
An owner can validly sell his property even when it’s currently attached to a debt (loan). And in most cases, this is even advantageous to the buyer. It usually means lower prices and huge savings because owners who sell in situations like this, are usually in immediate need of money.
What happens when a mortgaged property is sold?
Upon default of payment by the mortgagor on a particular date, as mentioned in the document, the sale of the property shall become absolute; or. Once the mortgagor repays the loan amount together with the interest i.e. mortgage-money, the mortgagee/seller shall transfer the property back to the mortgagor/buyer; or.
Can a mortgaged property be transferred?
The mortgaged property can be transferred/inherited only with the written consent of the lender. This means that if a person passes away while the home loan was still running on the property that has to be bequeathed, the beneficiary (spouse, or children of the deceased) will have to pay the outstanding loan.
Can you sell a house that is mortgaged?
The short answer is yes. You can sell your home even if it has a balance on the existing mortgage. In fact, this is commonplace. Outside of refinances, this is probably the second most common way to pay off a mortgage because more people have a mortgage than own their property free and clear.
Whose permission is required to recover money selling mortgaged property?
The most important, fundamental and basic right possessed by the mortgagor is the right to redeem the mortgage. This right is not merely a contractual right, it is a legal/statutory right given to the mortgagor by Section 60, of TPA. This section allows the mortgagor to #redeem his property without any impediment.
Can I sell property which is on loan?
Before you proceed to sell your property that has an outstanding loan on it, you must seek a No Objection Certificate (NOC) from the lender on the selling agreement. Your lending bank must be notified of your intent to sell the property or the initiation of the process.
When a mortgaged property can be sold without intervention of Court?
The power of the mortgagee to sell without intervention of the court, before the incorporation of such right under Section 69 of the Transfer of Property Act, 1882, was a subject-matter of controversy and divergent views.
Can mortgagee sell mortgaged property without involving Court of law?
A mortgagee can take possession of mortgaged property in case of default. Under the Transfer of Property Act, if there is default in payment of mortgage money, the mortgagee can take possession of mortgaged property and sell it without intervention of a Court only in case of English mortgage.
Who is the legal owner of a mortgaged property?
Mortgagee/Lender
The individual who mortgages his property against the loan is called “Mortgagor/Borrower.” While the individual/institution to whom the property is mortgaged is called “Mortgagee/Lender”.
Who can bring the suit for redemption of mortgaged property?
The mortgagor is entitled to get back his property on payment of the principal and interest after the expiry of the due date for the repayment of the mortgagee’s money. This right of the mortgagor is called the Right of Redemption. Section 60 of the Transfer of Property Act reserves this right.