Line Of Credit
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at the same time I also have a first mortgage in which the house is under water. When I talked with B of A, I was told whoever is the highest bidder at the auction ( on the second ) will get the house. For example, my second I owe 65k, and the first 280k. If the highest bidder on my second is 80k, then he/she will own my home, and whatever the amount not covered by the bid will be charged off. Is it right? .. the person I talked also indicated B of A will buy off the first eventhough they lose money, and then resell the property. Is it something B of A usually does ? Pls explain. Thanks.
threatening?
They are or they aren't doing it tomorrow...that is a fact or a lie.
Your question sounds like somebody doesn't know what they are talking about or they are trying to intimidate you into doing something.
The first always has priority. In the current market, I would be surprised if anyone would actually do what BOA is suggesting. Yes, this happened from time to time in the old days...back when a company might have one or two a week. In most cases right now, bidders will just wait until the first goes to foreclosure to see how cheaply they can get the first claim. Then they will deal with the others if they have to.
In other words, the second buyer would have to pay $280,000 for your first (or something very close to it). These days a first that is underwater might sell for 50% (or less) of the mortgage balance depending upon the details. Why pay $280,000 now for something that might only cost $200,000 or $150,000 in a month or two.
Many 2nds are completely wiped out by the foreclosure process. Meaning that they have no right to the house after the foreclosure. They must seek payment from the mortgage holder -- you -- directly or get nothing.
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I have one credit card with a credit line of 400(cash line of 80$). I know the max I can draw from an ATM is the 80$. But is there any way I can go into the bank and get the credit line deposited into my bank account?
The only way would be to do a cash withdrawal, then put the cash in your bank account.
Of course, the APR on a cash withdrawal is usually INSANELY high, so make sure you're willing to throw that money away in the form of finance charges.
Some cards will occasionally offer checks that you can write against your credit card balance, in which case you could probably write one to "Cash" and cash it, but those aren't that common.
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I have seen a "seasoned company" for sale that has an A1 Dun and Bradstreet rating. How much credit line and what type of terms usually can a company with this credit rating qualify for? The seller states that it could probably qualify for 1mm with an A1 rating.
The rating is a factor, but there are many other factors such as assets, liabilities (including the aging of the AR/AP). You can get an appraiser to value your in/tangible assets. But the biggest factors are cash flow, EBITDA margins, and total revenue. Assuming your business is doing 1MM in EBITDA on 20MM revenue, you can secure for maybe 2.5 times that amount. It all depends on the dynamics. Also, if working capital is a crucial need, you can hire an investment bank to find you a mezanine lender that specializes in those deals. They usually give higher multiples on working cap if your business is on the up and up. Good luck.
Man. My company ran out of buisness long time ago, and I need about $1000 quick cash, but my credit is bad. After all research, the only option I have seems OrchardBank. How much credit line do they offer to someone with real bad credit under 520?
The average is a $200-300 credit limit. And they will probably charge you about $70 annual fee which they will deduct from your credit line right away.
Ok I cant seem to be able to get a credit card due to no credit on file how do i establish a credit line.
Start with department store cards. After six months try for a Visa or MC where you have your checking account.
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How To Build Up Your Credit Rating
If you have just come out of college or University debt-free then you are extremely lucky. However, now that you want some credit you may find all paths blocked to you. Having no previous credit history makes it hard to borrow money. Although you cannot get a line of credit now, building a line of credit is easy. All you need to do is go through these easy to follow steps and you can quickly build yourself a good credit history:
Get a bank account
Although bank accounts do not appear on your credit report, having a bank account is the first step to building credit. Most credit card applications require you to list a bank account number, and having a bank account allows you to have a base from which to move money and pay bills.
...News
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Chicago Sun-Times - Dec 29, 2009
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