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Fathers credit app denied at bank for unsecured loan.

Customer Question
Fathers credit app denied...

Fathers credit app denied at bank for unsecured loan

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Pennesylvania

Lawyer's Assistant: What steps have been taken so far?

None

Submitted: 3 months ago.Category: Legal
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11/15/2017
Lawyer: LegalKnowledge, Attorney replied 3 months ago
LegalKnowledge
LegalKnowledge, Attorney
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Lawyer: LegalKnowledge, Attorney replied 3 months ago

Good morning. Can you please share with me what your question is about this?

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Customer reply replied 3 months ago
Is their process ethical or legal - if he meets all the parameters I was given and they wont make the loan based on debt in the name of the trust being attributed to him personally
Customer reply replied 3 months ago
My understanding is that a trust is set up to separate assets from personal name etc
Lawyer: LegalKnowledge, Attorney replied 3 months ago

Thank you for the reply. A lender/banks has the discretion to provide and give an unsecured loan, to an applicant. It is not something they have to just approve and if they have any issues or concerns, they can deny the request to loan the money. Since it is unsecured, they have to know and make sure that if the borrower fails to pay, they have money or assets that they could go after, that are not protected, so be made whole and satisfied. The bank may feel that the trust and the money and assets in it, would be protected from a creditor and prevent them from collecting and going after what is owed, if he defaults and they need to sue. The application should be based upon him and what he owns and has at this time, so they may not want to consider the trust, since what is in it, could be protected.

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Customer reply replied 3 months ago
Thats my point. They ARE considering the debt(Payment for his retirement community living) as his debt even though it is billed to and paid for by the trust. I have told them that his application should not include any part of the trust relationship as it is separate from his personal ability to pay. They did not originally decline due to lack of ability to pay. They declined based upon income to debt ratio
Customer reply replied 3 months ago
because they included the debt in the trust as part of his personal debt.
Customer reply replied 3 months ago
plus... thats why its called an unsecured line.
Lawyer: LegalKnowledge, Attorney replied 3 months ago

Even though it is billed and paid by the trust, if he were to fail to pay where he lives, for whatever reason, they would still sue him. You can try and bring them his lease agreement where he lives, to show that he is not liable to pay and if that is true, they may not consider that.

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Lawyer: LegalKnowledge, Attorney replied 3 months ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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Customer reply replied 3 months ago
I think we are confusing a couple of facts. As clarification all assets that are in a trust are separate from assets that a person they own individually correct?If that assumption is correct then when my dad makes application individually the bank cannot include or take into consideration any debt or any income from the trust? That means that any review of qualifications on the application are strictly his personal income and his personal debt. What is confusing me about the situation is that I provided his portfolio information for his ability to pay through the trust as well and they won't include that but they will include the debt in the trust. My opinion is this should be strictly with his personal assets income in debt
Lawyer: LegalKnowledge, Attorney replied 3 months ago

You shared that they are considering the debt, from where he lives, since he has an obligation to pay each month. I understand that the trust may pay this but he MAY be personally liable, when he signed the lease and agreed to live there. The community where he lives does not necessarily care if he pays them directly from his bank account or if it is a trust that pays his monthly rent. If his rent is not pay, they would go after him and whoever else signed and is liable. That is why the bank is considering this a debt.

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Customer reply replied 3 months ago
They did not approve his entry into the community based on personal assets. They based his approval on his assets in the trust and the trust assets are what is used to pay at the community they did not consider personal assets such as his home which was not included on the application
Lawyer: LegalKnowledge, Attorney replied 3 months ago

Yes, I do understand but he is still personally liable for the debt/obligation to pay. If you go back and look at the application, lease agreement and anything else which they had him sign and guarantee, I likely believe it holds him personally liable. That is what he signed for, so that is why they are considering this a "debt". Yes, he can afford to pay the unsecured loan based upon everything which you shared, from whatever is in the trust but the bank does not have to approve him if they do not want to. That is what is important to know and understand. If you have POA over his finances, you can speak with the bank and present your evidence and try and show them that your father can pay and that what they are considering a debt is not a debt and present to them whatever is needed,to be approved. If they refuse ( which they have a right to), he can apply at another bank or you may want to consider co-signing with him, if that will help. I know it is not ideal but the bank is not forced to provide the loan and their underwriting can decline the application, if they desire.

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Lawyer: LegalKnowledge, Attorney replied 3 months ago

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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