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Liens and judgments are the result of non-payment of debt. Liens are often filed by municipal, local, city or federal offices. The most common liens are tax liens. Judgments are orders to pay debts from the courts. Both of these are negative stains on a credit report. However, after a person dies, the credit report and debt (so long as the credit is individual) die with him.
Multi-family loans refer to mortgage loans given to help finance multi-family residential complexes. Typically, the residential complex needs to have five or more units to be considered for a multi-family loan. Such a loan may be taken out for residential complexes such as student housing, assisted living facilities, and condominiums.
Loaning money to a family member is often considered a bad idea. It can lead to family disagreements or rifts if the recipient defaults on the loan. Getting everything in writing is essential if you expect to get your money back. If you don't draw up a contract for the loan, there may be arguments or hurt feelings, and you may never see your money again. Carefully consider the arrangement before agreeing to loan money to family members.
Family loans are as old as time. As long as there are relatives in need, parents, grandparents, and other family members routinely have helped out in the form of a personal loan or gift. While a gift is different from a personal loan, both should be documented to make sure all tax procedures are followed.
It can be difficult to ask someone for a loan, whether that someone is a family member or a friend. The emotional strain of asking to borrow money is almost as great as the financial difficulties you are facing. While it is never easy, there are some things you can do to smooth the way when you ask for a loan.
When a family member asks for a personal loan, you may find yourself saying yes against your better judgment. Refusing a favor seems risky, especially if you know that the family member needs money. But saying yes can damage your own budget and your relationship, as well as encourage poor money management. Refusing a personal loan to family requires thoughtfulness and courage.
