Chiara King

Chiara King is an attorney located in central Michigan and licensed in both Michigan and Maryland. She received her J.D. from the University of Maryland Francis King Carey School of Law. During law school, she wrote for a national housing law digest, The Authority, and was a student attorney in the University’s Low Income Taxpayer Clinic. While she was in Maryland, she worked in private practice at a firm focusing on tax and business law and regularly took pro bono cases handling bankruptcies and tax controversies through the Maryland Volunteer Lawyers Service and its Low Income Taxpayer Clinic. Now in Michigan, Chiara's primary practice areas include bankruptcies, tax controversies, estate planning, and related matters, in addition to providing research and writing support for other attorneys.

All ArticlesCarsConsumer RightsDebtsHousing

Articles written by Chiara King

9 Ways To Get Out of a Car Title Loan Without Losing Your Car

Written by Chiara King.
Updated October 3, 2023

A car title loan allows you to get cash by using your car’s title as collateral. These loans are based on your car’s value, not your credit, so you don’t need to go through traditional loan approval processes to get one. Though these loans may seem like an ideal solution to an emergency need for cash, their high-interest charges and extremely short loan terms make them difficult to manage. They also increase your risk of having your car repossessed. If you currently have a title loan, the best thing to do is to get out of it quickly.

Written by Chiara King.
Updated July 28, 2023

If you have defaulted on your monthly mortgage payment, you could be at risk of foreclosure, but there are steps you can take to prevent this. Here are six tips for how to avoid or lessen the impact of a foreclosure.

Written by Chiara King.
Updated December 11, 2021

A car loan is "upside down" or "underwater" when the borrower of the loan owes more than the vehicle is worth. This negative equity situation can cause financial problems if a car is stolen or needs repairs that insurance won’t cover. Borrowers have options to flip their loans "right side up" or get them out of their upside-down loan obligations.

Written by Chiara King.
Updated November 30, 2021

Before a car that is not yet fully paid for can be sold, the lender's legal claim to the vehicle must be cleared. Paying off the remainder of the loan balance will clear that claim. A prepayment penalty may also become due if the loan is paid off early. If paying the balance remainder isn't an option, the borrower can speak with the lender about transferring ownership. If the lender is also an auto dealer, a trade-in opportunity may be available.

Written by Chiara King.
Updated November 29, 2021

A car payment is often one of the largest recurring expenses in a household’s monthly budget. Because of this, it’s not surprising that many car purchasers are now choosing to spread out the cost of a new car over extended periods of time using longer-term loans. These longer-term auto loans typically last 72 or 84 months and generally have lower monthly payments than shorter-term loans. This can make them an attractive option, both for budget-conscious car shoppers and for those who want to buy a more expensive car than they could afford with a standard loan length. Longer loans do have significant drawbacks, however, which car buyers should carefully evaluate before they make a loan commitment.

Written by Chiara King.
Updated November 26, 2021

The total amount owed - as shown on a loan statement balance - is almost always lower than the amount required to satisfy the terms of a loan. To figure out how much is owed to completely pay off a loan, a borrower must request a formal loan payoff statement from their lender.

Written by Chiara King.
Updated November 19, 2021

Liens secure debt by allowing the lienholder to take and sell your property if you don’t repay your debt. Lienholders can recover what they're owed by foreclosing on your property and selling it. Foreclosure sale proceeds are generally applied to liens in the order they appear in the public record, which means that lower priority lienholders may not get paid at all from a sale.

Written by Chiara King.
Updated November 11, 2021

State laws determine things like whether a mortgage holder must file a lawsuit to foreclose or if the borrower can be held liable for the shortfall if the property sells for less than what they owe. State law also determines whether borrowers have any reinstatement or redemption rights. In short, how a homeowner experiences a foreclosure is highly dependent upon where that foreclosure occurs.

Written by Chiara King.
Updated November 6, 2021

Car title loans are a fast and easy way to get cash, but they should be used only as a last resort. These loans are risky because their short loan terms and high APRs make them difficult to pay back, which increases your risk of repossession.

Written by Chiara King.
Updated October 31, 2021

You may be able to get a lower interest rate and a smaller mortgage with a loan assumption, but you may be required to pay a higher downpayment. An assumable mortgage can be helpful to a seller when interest rates are high, but assumable loans tend to lose their appeal when rates are low.

Written by Chiara King.
Updated October 31, 2021

In some states, your lender can sue you to collect a deficiency if your unpaid balance was more than the foreclosure sale price. But, if the unpaid balance is less than the foreclosure sale price, any surplus funds belong to you – not the lender.