NHB planning to set up mortgage finance company [mortgagegoal.blogspot.com]
Question by candice v: Is there car lease/financing help like mortgage companies are helping lower payments in hard times? I lost my job, and my mortgage company is willing to refinance me and work it out so I don't miss a payment or lose my house. Is there help like that for my car lease? I have a lease for $ 370 on a minivan that is too expensive for me now, and I don't want to voluntary-repo it. Best answer for Is there car lease/financing help like mortgage companies are helping lower payments in hard times?:
Answer by peterthegreat
Yes, some loan/lease companies are willing to work with customers on helping with payments. But some are not. The only way to know is to call your finance company and explain your situation. Explain that if they don't help you, your only alternative is to let the car go back to them. They don't want that to happen any more than you do.
Answer by jeffrey h
pete is right, they are in the loan business so if they are not too far in the red and you have a good record with them, they are much better off working with you than letting it repo and auctioning it off. another thought is why not ask what the penalty would be for an early lease termination at the dealer you leased it from. Or why not advertise it for sale to take over the lease but this deal HAS TO GO THROUGH the lease company so you dont end up giving your car to someone then getting stuck paying for it too, there are a lot of weasels out there that would not hesita te to basically steal your car and let you pay for it
Answer by ridewithgdotcom
There is gov't assistance for auto purchases: http://blogs.consumerreports.org/cars/2009/02/economic-stimulus-bill-includes-tax-break-for-car-buyers.html
We've all heard and seen over the past 3 years the issues with a lot of Finance companies, how many have not survived and how a lot of people have lost money by investing it with these types of lenders. Finance companies are divided into two broad categories when it comes to how they gather funds in order to lend them out: 1. Contributory funded -- where the company gathers in small to large amounts from the general public with the promise of high returns commensurate with the risk that is taken with the on-lending of these funds. These are Finance companies that were often high profile as the more exposure they had, the more people invested in them. 2. Privately funded -- where wealthy individuals or groups of individuals pool their money in order to lend them out. These companies do not solicit investments from the public and get to decide when and where to invest. Where there are large sums of money put up by the i ndividuals behind these companies they can often get Bank funding lines to complement their own deposits Where does a Finance Company fit? Finance Companies have always occupied the space which the trading banks see as too risky. As a result they enable projects, both large and small, to go ahead and develop to a stage where the trading Banks can see the merit in taking the deal over. When would you use a Finance Company? Finance Companies provide a great alternative to more conventional funding lines. • They are short-term funders -- generally 6 months to 2 ...
mortgagegoal.blogspot.com Short Term Borrowing From New Zealand Finance Companies - Jon Purdey, Edge Mortgages
The National Housing Bank (NHB) plans to set up a mortgage finance company in association with two or three partners including development banks by the end of this fiscal.
To start with, NHB has already identified Asian Development Bank and Washington-based International Finance Company (IFC) as prospective partners and is looking for a third strategic partner for technical expertise, who will have a 36 per cent stake in the proposed entity, according to Chairman R V Verma.
Briefing reporters, he said, "we are hoping for approval from Foreign Investment Promotion Board (FIPB) by December-end and the company will be set up by March 31 next year with initial capital of Rs 120 crore and authorised capital of Rs 750 crore."
Currently, NHB is wholly owned by Reserve Bank of India (RBI) and is in the business of refinancing to banks and housing finance companies (HFCs) in case of default by home loan mumbai borrowers.
The application for mortgage finance company will be sent to RBI by January next year and the new company expected to start operating from April 1, 2012.
NHB's net profit was flat for 2010-11 at Rs 279 crore, against Rs 280 crore a year ago. Even as NHB's net and gross non-performing assets were ‘nil', its collection efficiency was 100 per cent, said Verma conceding that net interest margin was under pressure in 2010, which affected the bottom line.NHB will focus on market infrastructure development to bring stability in the housing market.
NHB Residex, the residential property price index launched this year, will include five more cities from January next year â€" Ludhiana, Vijayawada, Indore, Guwahati and Bhubaneswar.Meanwhile, apex housing finance institution granted registration to five new housing finance companies in 2010, taking the total number to 52.
The application for mortgage finance company will be sent to RBI by January next year and the new company expected to start operating from April 1, 2012. NHB's net profit was flat for 2010-11 at Rs 279 crore, against Rs 280 crore a year ago. Even as NHB's net and gross non-performing assets were ‘nil', its collection efficiency was 100 per cent, said Verma conceding that net interest margin was under pressure in 2010, which affected the bottom line.
NHB will focus on market infrastructure development to bring stability in the housing market. NHB Residex, the residential property price index launched this year, will include five more cities from January next year â€" Ludhiana, Vijayawada, Indore, Guwahati and Bhubaneswar.
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