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Financing -- Loans/Questions Answered by Expert Mike Weikle
| Subject | Date Asked |
| Home Equity versus 401K | 5/16/2011 |
| Q: We are looking to do some home improvements ($10,000) and can't decide if we should take out a Home ... A: iF YOU PAY IT BACK TO YOUR 401k WITHIN THE REQUIRED TIME, THERE ARE NO ADVERSE TAX RAMIFICATIONS. ... | |
| bank loan | 5/12/2011 |
| Q: What should be done if someone finds out that their mother forged their signature on a vehicle loan ... A: Take action, go to the Bank and report the forgery. It could mean their mother could be charge with ... | |
| Pushed into being a Cosigner of a Loan | 5/2/2011 |
| Q: I am diagnosed with Bipolar and have been hospitalized several times. I was taken advantage of by a ... A: Since the bank was not aware of your illness, and no doctor is willing to state you did not know ... | |
| Pushed into being a Cosigner of a Loan | 4/22/2011 |
| Q: I am diagnosed with Bipolar and have been hospitalized several times. I was taken advantage of by a ... A: Did the bank have any basis of knowing you are bi-polar? Will your doctor give a medical opinion ... | |
| 2nd mortgage with Chase | 2/16/2011 |
| Q: I have an equity loan with Chase home finance that has been modified. My husband is an auto ... A: What state is your home located? Do you owe more on the home than it is worth? Have you contacted ... | |
| Loan | 2/15/2011 |
| Q: I have 10k savings where and how can I get credit am just out off study A: I suggest you go first to the bank where you have your savings account and request to borrow against ... | |
| Getting small loan with bad credit | 1/9/2011 |
| Q: Weikle I am a 24 year old male, and my parents own a small produce business. Recently we opened a ... A: Given your situation with your credit rating, you have very few financing options. I take it you ... | |
| car loan of a person that died | 11/15/2010 |
| Q: My boyfriend died Halloween eve unexpectedly. He had no will, was living with his brother and has 3 ... A: Who is the executor of his estate. The executor needs to sell you the car. If there is no ... | |
| Credit company calling when paying on time | 10/22/2010 |
| Q: My son is now in the military before he left he and myself were getting phone calls all the time. He ... A: If your son is on active duty he is protected by the Servicemembers Civil Relief Act (see below). ... | |
| Type of finance | 9/17/2010 |
| Q: Outline the various types of finance necessary for the purchase of a restaurant. Give reasons for ... A: I think it would be best for your educational endeavors for you to do your own research and answer ... | |
| financing car and debt | 8/1/2010 |
| Q: I have two questions. First, if my balance is $18,600 on a car loan with an interest rate of 10.25% ... A: To answer your question I need more information. What was the original amount of the loan? How ... | |
| prime rate | 7/22/2010 |
| Q: Can you tell me how often the prime rate changes? And do you know of a web site anywhere that I can ... A: If your credit card rate changes with the Wall Street Journal Prime Rate (a/k/a "WSJ Prime")it will ... | |
| contacting Americredit about car loan | 6/13/2010 |
| Q: My husband and I separated a year ago. He got the truck I got the SUV. Our divorce was final in ... A: It sounds like the loan is still in your husband's name (and the loan too). If he has not made the ... | |
| Online loan for $5000 | 5/20/2010 |
| Q: I applied online for a loan and was approved for $5,000, the lender called me and wanted a fax ... A: No, this is not how legitimate lenders operate. Good for you for not sending the money as many ... | |
| can credit union keep loan overpayment | 4/21/2010 |
| Q: At the end of January, I lost my job. I already have a part time job and will have a full time job ... A: What the credit union or any creditor can do is stated in the loan agreement. Generally, they have ... | |
| solution | 3/22/2010 |
| Q: FINANCE AND LEASING ASSOCIATION I am Hassan Salami a Loan Lender and a cooperate financial for real ... A: Sir, in my opinion you are likely a rip-off artist with no place of business other than a mail box ... | |
| loan on RV lemon | 3/19/2010 |
| Q: I am the sole signer on a 20 yr bank loan for a used RV which has been out of service as much as in ... A: Before you contact an attorney, place the RV for sale and find a qualified buyer willing to pay its ... | |
| Loan Payoff | 3/10/2010 |
| Q: I currently own a restaurant and the financial loans are structured as follows. First position, ... A: The short answer is you do not need an attorney, however, if you do not have any experience or ... | |
| DEFAULTED STUDENT LOAN | 2/20/2010 |
| Q: I HAVE 32 YEAR OLD STUDENT LOAN IN DEFAULT. I HEARD ALL STUDENT LOANS 30 YEARS OLD ARE FORGIVEN.IS ... A: I am not aware of any mass program that would forgive student loan debt. I did some research (hence ... | |
| balloon 3 year interest only residential loan bank fraud | 2/5/2010 |
| Q: i had a s.c. bank in beaufort, sc finance my land loan. It was a residential land loan, i was going ... A: Your Bank was acquired by South Carolina Bank & Trust. Since the foreclosure was completed prior to ... | |
| balloon 3 year interest only residential loan bank fraud | 2/3/2010 |
| Q: i had a s.c. bank in beaufort, sc finance my land loan. It was a residential land loan, i was going ... A: Without seeing the paperwork, I am in the dark like you. Find out who regulates the bank and make a ... | |
| loan on RV lemon | 2/2/2010 |
| Q: I am the sole signer on a 20 yr bank loan for a used RV which has been out of service as much as in ... A: Write to the bank and explain your situation with the RV and your desire to sell it and pay the ... | |
| small loans | 1/27/2010 |
| Q: This may be the other side of the coin from what your usual questions are. I work with a small loan ... A: Nothing you can do but sue for non payment, which is unlikely to get you much or anything. It could ... | |
| loan | 12/22/2009 |
| Q: I ask a question last week, but All Experts didn't let me ask another follow up question. here are ... A: Have you been operating the restaurant? How long in operation? When did it shut down? Why did it ... | |
| collateral loan | 12/20/2009 |
| Q: who will loan money in NYC and use new restaurant equipment as collateral. ANSWER: Follow-up: ... A: Are you going to operate a fish n chips restaurant? If so, do you own this equipment now? Have you ... | |
| collateral loan | 12/19/2009 |
| Q: who will loan money in NYC and use new restaurant equipment as collateral. ANSWER: Follow-up: ... A: Are you using the equipment in a restaurant now? What are your plans for the $5000? Where is ... | |
| collateral loan | 12/19/2009 |
| Q: who will loan money in NYC and use new restaurant equipment as collateral. A: Follow-up: Jeff, I do know a person who buys and sells used restauraunt equipment all the time, and ... | |
| Could I have been wrong about how I was added to loan? | 11/18/2009 |
| Q: My Husband and a friend of his started a small business with rental property some years ago. ... A: This sounds like more of a question for Dr. Phil rather than me. That said, I would take your ... | |
| bank responsibility | 11/14/2009 |
| Q: I have moved from the state where my car loan is held and need a copy of the title in order to ... A: Send a letter to the State Agency that handles consumer complaints in the state where the bank is ... | |
| Credit Defamation | 11/13/2009 |
| Q: My fiance and I tried to purchase a car this year and his credit report showed that the car he paid ... A: You may have a viable case if you have suffered any damages as a result of the error. Do you have ... | |
| bank responsibility | 11/13/2009 |
| Q: I have moved from the state where my car loan is held and need a copy of the title in order to ... A: Did you list the auto loan as a creditor in your bankruptcy petition? How was it treated in the ... | |
| car loan | 11/3/2009 |
| Q: i got a loan on my car when i was in GA state and bought a second car at the same state from the ... A: Even if the loan agreement allows such a charge, I doubt you had any idea they would ever charge ... | |
| RESPA-Mortgage Fraud question | 10/31/2009 |
| Q: After learing about RESPA requests, I requested and received a complete copy of my 1st mortgage loan ... A: You may have a case but what damage do you have as a result of the fraud. Tell Countrywide you want ... | |
| RESPA-Mortgage Fraud question | 10/31/2009 |
| Q: After learing about RESPA requests, I requested and received a complete copy of my 1st mortgage loan ... A: If you want to get a loan modification, contact Countrywide and tell them you did not sign the ... | |
| Payday Loan Prosecution | 9/29/2009 |
| Q: Can failure to repay a payday loan be criminally prosecuted in Texas? For a bad check? A: In short, the payday lender in Texas is violating the law with a threat of criminal prosecution to ... | |
| credit dispute issue | 8/30/2009 |
| Q: good afternoon! i believe that either my mother or father opened an account with an electric company ... A: In addition to what I said in my prior answer you should write another letter to the electric ... | |
| discussion on the topics. Kindly help us | 8/24/2009 |
| Q: What are the different types of Exchange Rate Exposures? Explain the techniques used to manage these ... A: Exchange Rate Exposure in international transactions is really not my area of expertise. My ... | |
| car held hostage in hawaii | 8/12/2009 |
| Q: I own $14,200 on my car. I got an offer to move from hawaii to arizona. The hi bank is trying to ... A: Go ahead and negotiate the purchase of a new car before you suffer a drop in credit rating if you ... | |
| Follow-Up on Fax | 8/10/2009 |
| Q: Were you able to determine anything after reviewing my fax from last Friday? We also received a ... A: Unless you got a sincere apology and an explanation for the no show, I would stay away from that ... | |
| car held hostage in hawaii | 8/6/2009 |
| Q: I own $14,200 on my car. I got an offer to move from hawaii to arizona. The hi bank is trying to ... A: If the Bank is claiming they have the right to refuse to release title, it is likely set forth in ... | |
| ATV Loan | 7/29/2009 |
| Q: I have a loan out on an ATV for about $5,800 and my question is what would happen if I stop paying ... A: The credit union can still require you to pay for the ATV since they were not involved in the ... | |
| dwelling coverage | 7/28/2009 |
| Q: Our mortgage bank is in Troy, Michigan, and they recently became our new mortgager after a ... A: Yes, you may have some avenues available to correct the problem. The mortgage lender may be going ... | |
| Equity Loan Fraud | 7/22/2009 |
| Q: A residential property with clear title had been issued to one individual. A HELOC loan was issued ... A: This one is easy. If the owner did not sign the loan documents and the loan documents were signed ... | |
| Bank says I owe money I don't | 7/14/2009 |
| Q: A bank I formerly did business with now claims that I owe them over $7000.00 in loans. I had three ... A: In short, the Bank has the burden of showing you documentation that you borrowed the money (unpaid ... | |
| Enron and AIG | 7/10/2009 |
| Q: .My question is . How many, if any, of the Enron cast of characters {employees} were hired after its ... A: The information you want is not public information. You may need to contact your Congressman or ... | |
| Liens and Foreclosure | 7/4/2009 |
| Q: Weikle, My mother and grandmother bought a townhouse in July 2000; both names are on the mortgage ... A: Since the lien is against your grandmother, the State of Washington cannot go against your mother to ... | |
| SBA loan | 6/19/2009 |
| Q: I am considering opening a small business and have been approved for an SBA loan in CA. My home ... A: Yes, under the terms of the SBA loan agreement, the Bank whose loan is guaranteed by the SBA could ... | |
| car liens | 6/16/2009 |
| Q: I'm not sure I have the right expert, but I was unable to find a car lien expert on site. I have a ... A: I cannot answer the question without knowing the state in which the judgment debtor resides. ... | |
| Auto Loan Contracts | 5/29/2009 |
| Q: I have fallen behind on my loan payments, just hit 100 days. I finally have the funds to bring the ... A: I apologize being so late in responding. I am not sure why I did not receive notice of your ... | |
| Direct Pay letters of Credit | 5/8/2009 |
| Q: I understand that you can finance commercial real estate acquisitions with taxable floaters if you ... A: Yes it is feasible as DPLOC provides a credit enhancement that will lower the borrowers overall cost ... | |
| finance | 5/5/2009 |
| Q: The first I wanted to ask you is that during investment appraisals the NPV and IRR techniques ... A: NPV and IRR techniques assumes tomorrow’s money has less value than today…..is this always true? ... | |
| When must a loan financer accept payment? | 4/18/2009 |
| Q: Our car loan to Wachovia Dealer Services was due on 3/13. We couldn't pay then, but mailed 52% of ... A: Are you aware Wachovia Bank was recently bought by the Bank of America? In my opinion it is ... | |
| Raffle a car | 3/20/2009 |
| Q: I don't want to have my truck repossessed but I cannot afford these payments. My payments are a ... A: You really do need to see if there are any attorneys in your area that can take your case on a ... | |
| Raffle a car | 3/19/2009 |
| Q: I don't want to have my truck repossessed but I cannot afford these payments. My payments are a ... A: What is different with your circumstances since you bought the truck? Why are the payments ... | |
| Vehicle Voluntary Turn Over | 3/2/2009 |
| Q: We have a car that we have purchased March of 2008, I've been trying to get the car re-financed ... A: Why have you been unable to get the car refinanced? I assume your credit was good enough to get it ... | |
| equity loan | 2/23/2009 |
| Q: i took out a equity loan for a good friend who was in financial trouble. He has not paid be back ... A: Did your "good" friend sign the home equity line note? Did you just hand over the money to your ... | |
| bank drafts | 2/12/2009 |
| Q: My wife and I have a pretty basic question. How can a company go into a person's checking account ... A: Your issue is not really with your Bank. I expect the credit card company represented to your bank ... | |
| Small Business Loans | 2/10/2009 |
| Q: If a person draws a line of credit agreement with a bank under his/her incorporated business name ... A: I assume each of the owners personally guaranteed the debt or co-signed with the company to get the ... | |
| Getting a loan with bad credit & co-signer | 2/2/2009 |
| Q: Any recommendations of where to get a personal loan for debt consolidation (about $5k) with a ... A: When the co-signer has good credit, the best place to go is the co-signer's bank where he has ... | |
| rude creditor | 1/31/2009 |
| Q: We bought an used van in the summer of 08. A few days later we started having problems with the ... A: CALL THE POLICE AND REPORT WHAT THIS PERSON IS DOING AND THAT HE MAY HAVE SOLD YOU A STOLEN ... | |
| My vehicle loan...big problem | 1/30/2009 |
| Q: I financed a new truck with my bank 2 years ago. I didnt have any established credit therefore my ... A: Your Bank may have created a problem for itself in handling your loan in this manner. This just ... | |
| Collection Law | 1/22/2009 |
| Q: Where can I obtain a listing of maximum allowable collection fee by each state? ANSWER: To answer ... A: Is there a written contract for the student loan? Is it a federally insured student loan? Is the ... | |
| 50M | 1/15/2009 |
| Q: I would like to know what you would expect the interest rate would be on a loan of 50M for a ... A: 100-150 basis points over prime may be available. However, there are a number of variables that ... | |
| Collection Law | 1/14/2009 |
| Q: Where can I obtain a listing of maximum allowable collection fee by each state? A: To answer the question, I need to know what type of collection fee you want this information : ... | |
Financing -- Loans
Answers by Expert:
Mike Weikle
Top Expert on this page
Expertise
Banking Lender Liability; Insurance Coverage; Consumer Rights; Bank Fraud; Criminal: White Collar Crime; Fair Debt Collection Practices Act; Directors and Officers Liability
Experience
Commissioned National Bank Examiner 7 years; President of Two Community Banks; Division Claims Specialist for American Bankers Association Sponsored Insurance Program; Carter Member of the Bank Fraud Team of the Office of the Comptroler of the Curency "OCC" (National Banjk Examiners); Attorney previously representing FDIC and Resolution Trust Corporation as well as consumers and commercial borrowers in claims against the banking industry; Former Data Processing Systems Examiner for the OCC; Expert Witness on variety of banking issues in both state and federal court.
Education/Credentials
Certified Public Accountant;
JD -- West Virginia College of Law - Order of the Coif
Data Processing Training Old Dominion Bank and IBM
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