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It is a common belief that non-homeowner loans are the same thing as unsecured personal loans. This common belief is as common as it is untrue. There are secured non-homeowner loans and most importantly, a home can be used to secure a non-homeowner loan. Read on if you want to understand what non-homeowner loans really are.

Before explaining what non-homeowners loans are not and what types of non-homeowner loans are out there, lets begin by explaining the meaning of the expression non-homeowner. The concept implies that the main applicant does not possess any real estate which can be used as collateral for securing a loan. If you are clever enough you may have noticed that the main applicant is the one who is not a homeowner and that the asset has to be a real estate (house, apartment, etc.)

No, No And No

Are all non-homeowner loans unsecured? NO, there are car loans for non-homeowners which are secured with the car. You can also use a van, a yacht, stocks, and many other possessions as collateral thus obtaining a secured loan that is still a loan for non-homeowners. But wait, there is even more…

Are all non-homeowner loans secured by assets that are not real estate? NO, not only there are unsecured non-homeowner loans and secured non homeowner loans guaranteed with assets other than real estate, but as long as the applicant is not a homeowner, nothing prevents the co-signer from being a home-owner and even offering a house as collateral. The loan will still be a non-homeowner loan because the main debtor is a non-homeowner.

Then, What Is A Non-Homeowner Loan?

Let’s narrow the concept a bit. First of all, we are talking about a personal loan. We will leave aside those loans used for purchasing real estate where the applicant is not yet a home-owner because even though it would be fair enough to talk about loans for non-homeowners, they have a more specific name: Loans for First-time home buyers.

Then, excluding loans for First-time home buyers, we are left only with personal loans. The uses of these loans are diverse though. There are car loans (and other vehicle-loans), student loans, cash advance loans and many more. Besides that specific uses a non-homeowner loan can be used for whatever personal purpose you can think of.

Nevertheless, it is true that non-homeowner loans are mainly (but not only) unsecured personal loans that provide finance to those who have no means of getting approved for other type of loans on better terms by providing collateral themselves. Nothing prevents a co-signer though, from guaranteeing the loan with a specific asset that can be an immovable property or not.

These loans have less credit requirements and though they come with higher interest rates, the difference is not that significant. And, since they are probably the only source of finance for many people, the interest rate is justified. It is always better to use these loans than to finance yourself with credit cards or payday loans.



Real Estate Professionals
Categories : homeowner loan
Comments (0)
mortgage fraud

same agents and brokers sold my home & with proceeds convinced me of buying four home asssuring me it would be a great investment properties would pay off themself. if i leased them .i question my qualifying for the loan, assured me i would & make the payments if not less equal to the mortgage& rent amount,i invested 175,000 trusting them gave what they asked me for infomation for loan approval, returned informing it would look better if i had co signers knowing full well they would not be contributing to the mortgage payment,they forgedmy signature,bal on my bank stmt.made up false check stub stated i made alot more,then at closing the numbers were not acceptable i wouldnt sign, they change the numbers to acceptable, i signed then when my payment book came it was back to the unacceptable amount, they promised to give me help of 2000 dollars a month because they felt so bad and didfor 2 mos. now in forecloser and insurance says i committed mortgage fraud! what can i do?

Sell and Rent Back
Categories : homeowner loan
Comments (3)
mortgage fraud

I used to work for a mortgage company under the table i guess that would be the appropiate way to say it. They called themselves chase and people think they are the Chase (credit card) at least they make the costumers beleive that. They also lie about how much they are going to charge, for one refinance they charge about 20.000. I feel so bad for the people that are being fooled. How can i report them of what are the presedures?
I dont have any legal documents of what they are doing, but i stopped working there because that’s not the way i want to make money.

Passive Income
Categories : homeowner loan
Comments (2)
mortgage fraud

I heard this but I think its crap. Apparently you only have to pay whoever has the original paperwork … but I really dont think it works this way, does it? If it did, then why would anyone pay when their mortgages were sold?

Real Estate Professionals
Categories : homeowner loan
Comments (6)
homeowner loan

im looking for some financial company who will give me a loan without paying fees upfront.i live in ireland and im a homeowner,every loan i applied for they wanted me to send them money first which defeats the purpose.so any help will be great,

Quick House Sale
Categories : homeowner loan
Comments (6)
homeowner loan

I was informed once that there is a way to repair your credit if you pay a certain amount of money in order to get approved for a homeowners loan. Is this true? And how do I find the repair person?

Repossession
Categories : homeowner loan
Comments (5)
homeowner loan

I have good credit in the 600′s, I just have a high debt to income ratio. I have about 4 personal loans I want to consolidate. One is already with Prosper, so that is out. I just want to have one payment. My debt for these loans is about $20,000. I am not a homeowner either.

Real Estate Professionals
Categories : homeowner loan
Comments (2)
homeowner loan

We’re down about 100k, so what are our choices besides foreclosure or a short sale, neither of which we want to do. I need to get out of our house!

Repossession
Categories : homeowner loan
Comments (4)
homeowner loan

I was told I make too much. I am the only one in my household and I make approx 55,000.

The website http://www.mnhousing.gov/ …….shows that its 64,800 for the cut off point. Am I missing something? Would a mortage broker lie to me?

Repossession

Categories : homeowner loan
Comments (4)
mortgage fraud

I posted a question regarding evicting my parents from my home. I did a stated income, “low doc” loan, otherwise known as the “liar’s loan” these days. I have excellent credit and had used my parents’ money from their home sale as the downpayment around 11% of the purchase price. I have the home on the market becuase I can no longer live with my dysfunctional parents (I bought a home for all of us, with much discomfort, and they are alcoholics.). I learned the hard way not to give my life to them anymore. But I’m worried. I did overstate my income. I have my mom’s inheritance savings in my name to pay the mortgage for a couple of years. I signed a form authorizing release of my tax records. I heard that even if I stay on time with payments, I could still get in trouble for fraud because I overstated my income. I stated assets correctly, but they’re being used to pay the mortgage. My dad was supposed to help pay but isn’t. Hence the proposed sale.
What I read was that the companies do spot checks on 10 percent of their loans. If I am always on time with payments, why would they foreclose on me? I’m scared. I hope the house sells first, but there is always that what if, especially with this market.
I just bought this house 6 months ago. I now drive 90 miles a day to/from work…I know I can’t afford life itself right now…but I’ll find a way to stay current on payments. I hate having to pay it with savings. I figured they would be ridiculous to demand full repayment if they are getting their money on time every month…

Sell and Rent Back
Categories : homeowner loan
Comments (8)

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