What is collateral loan?
I had a CD and I would borrow on it for my vehicles. The CD was collateral. The CD paid 4% and I paid 6% on the loan so the loan was really only 2%, the difference. Actually not that simple as the interests were calculated different but close enough. When the loan was paid I still had the CD for the next vehicle loan. The other advantage is if I couldn't make payments because of some problem I was not as much in the hole as I would be with a straight loan.
Where can an 18 year old get a loan in the US?
An 18yr old can get a loan in the US most easily over the internet, where anything is possible! Seriously though, if you are 18 you will struggle to find a lender because you'll be lacking a credit history to show a potential financer they can trust you to keep up your repayments on a loan.Your best bet is to apply with one of the reviewed no credit check loan lenders here, who have a solid reputation providing loan facilities to young people, who are new to borrowing. You can apply securely online, and see how much you qualify to borrow :)Wherever you are in the US, as an 18 year old wanting a loan, the internet is your friend! You are a "digital native" and lenders want you on their side.
How can the HOA kick you out of your house when you own it?
How can the HOA kick you out of your house when you own it?Your HOA cannot directly kick you out of your home. There is a bit of a legal process. The HOA can do this because while you own your home, the HOA owns the neighborhood in which your home lives. That means you are responsible to pay dues to the HOA which controls your neighborhood. If you break HOA rules, you may get fined. If you fail to pay fines or HOA dues, the HOA can put a lien on your house for the dues and fines and lawyers fees owed. You cannot sell or refinance your home until that lien is paid.And if the lien goes unpaid for long enough, the HOA can choose to foreclose on that lien, which means that the home will be sold to pay the outstanding liens against the house.You must, as a homeowner, maintain your financial obligations that you agreed to when you bought your home. Remember that stack of papers you spent an hour signing (and you never knew you could sign your name that many times)? One of those was the covenants on file with the City which says that you agree that the HOA runs the show in your neighborhood and you have to play along or face financial penalties. You also agreed that if you don’t pay, the HOA can take what you owe out of the cost of the home. You agreed that the HOA would be the primary non-mortgage lienholder, and could use your house as the collateral for unpaid HOA debts. The bank may be the mortgage lienholder, but the HOA is usually the first non-mortgage lienholder in line behind any mortgage liens. So even if you’re paying your mortgage on time but you fail to pay HOA dues or fines, you can still have a lien foreclosed, and you can be evicted and your house can be forcibly sold in a foreclosure sale to cover what you owe.I oversaw two foreclosures for failure to pay HOA dues and fines during my tenure on our Board of Directors. It’s a very lengthy process, but we worked as closely with the homeowner as they would allow. In one case, we worked out a payment plan with the homeowner which allowed him to stay in his house. In another, the homeowner simply wouldn’t play nice at all. Tangentially, he ended up going to jail on a DV charge. A real sweetheart, that one. We threatened to foreclose, and while we were preparing to file, the bank decided to foreclose which meant we got paid without paying for the foreclosure. Phew.