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If you had a car loan that included a 4000 credit card debt and the car was repossessed and there is a 13000 deficiency do you have to pay the full amount or do you have any recourse?
LoriBarlow
Yes, you still own the debt.
Wiki User
∙ 17y ago
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Can a lien be placed on a home if the owner owes a loan deficiency amount when a vehicle is repossessed?
Yes.
Can they take income tax check if get repossession in Arizona?
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
Is Florida a nonrecourse state?
No, Florida is not a non-recourse state. If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc.
Is the State of Florida a Non recourse state?
If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc. which is being Forclosed upon in the State of Florida, which I understand to be a Recourse State. Since the loans are Non Recourse so I 'm not protected against them comming after my assests for any deficiency, even though the state of Florida is a Recourse State?
How do you reacquire your car after its been repossessed?
You contact the LENDER. Very simple. Have the bank /lender fax the exact amount you need to pay and tell them you want the repo fees included in that number.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
What is recourse funding?
Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.
I live in Houston Texas. my car was repossessed from a auto repair shop. can they keep my car forever.?
yup The creditor who repossessed the car has to sell it (usually at auction) within a reasonable amount of time (2-3 months). They have to notify you that it will be sold. They have to give you any amount above what you owed plus reasonable attorney and other fees, or if there is a deficiency (the sale price and fees was less than what you owed), they can sue you for the difference.
What happens if you sell your house for less than you owe?
You need to find out the following first 1) is your loan recourse or non-recourse? 2) look up your state laws on forclosure. Does your state alow lender to sue for deficiency? Well if you are in foreclosure you should let your bank know that you are selling your home for less than you owe on the mortgage and see if they will except "A Short Pay or Short Sale" whereby they will except the lesser amount and forgive the remainder of the debt. However if they do not agree to except, there will be a Deficiency in the amount owed and you will be liable for. Check your Mortgage and or Note depending on what state your in for the "Deficiency Clause" and it will explain in further detail. Hope that helped Andy Brignoni President First American Mortgage Services, Inc. abrig.com
Can you still owe money after your car is repossessed because of the recall?
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
I recently had a leased vehicle repossessed. Now the bank is trying to collect a large lump sum deficiency amount from me. If they get a judgement against me for this amount can they take the money from my bank accounts?
No, they can't. They can put a judgement on your home, so if you try to sell it and do. They will get the money owed to them, and then you will get the rest. Yes, they can seek a garnishment for the amount. However, garnishments can be filed for your paycheck as well.
Can bank put a lien on a new house if the former house was repossessed?
If they have a deficiency judgement, generally because the repossession did not develop enough money to fully pay them the amount you owed, that amount is still your debt and responsibility. Like any creditor, liening assets you have is one of many methoids of collection or assuring payment they have.
