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If your trailer home was repossessed and sold are you responsible for the remaining balance of the loan?
Wiki User
∙ 17y ago
Yes. You are responsible to repay every cent of the loan plus the stated interest rate and the default interest rate if any is stated in the loan papers. The lender is allowed to take possession of your property if you fail to make the scheduled payments on the loan. However, by the time the lender repossesses the property, the value of that property has usually gone down due to neglect or abuse of said property. The lender is bound to get the best sales price for the property. If you owed $10,000 on the loan and the property was sold for $12,000, the lender has to return the extra $2,000 to you. However, if you owed $10,000 and the property sold for $8,000, you would be responsible to pay the $2,000.
Wiki User
∙ 17y ago
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Do you need windstorm insurance if you are renter?
I am renting a trailer and a limb falls on my vehicle while parked on the property who is responsible for the damages
Can your utility trailer be repossessed with your equipment inside if you are current on your payments but you owe them a personal loan?
The only way that they can legally repo your trailor is if you default on that loan or if you listed the trailor as calateral for the personal loan! if you didnt put the trailor as calateral then no they cant touch it!
Can a trailer home count as a first time home buyer?
No
Who can qualify for a reverse mortgage?
Applicants for a reverse mortgage must be 62 years of age and a home owner. The home cannot be a trailer or cooperative house, and it must meet the U.S. Department of Housing and Urban Development standards.
What are some manufactured goods in North Dakota?
Machinery manufacturing is the top manufacturing sector in North Dakota, followed closely by food, beverage, and tobacco product manufacturing. North Dakota's manufactured goods also include petroleum and coal products; fabricated metal products; motor vehicle body, trailer and parts manufacturing; wood products; computer and electronic products; chemical manufacturing; and plastics and rubber products.
After bankruptcy and no reafirm can you let your travel trailer be volentary repossessed with no loan bal to payeven if trailer was on bankruptcy list?
reaffirm
Can a backhoe and trailer be taken with repossessed truck?
If they only have an order of repossession of the truck, then no. Otherwise, the trailer and backhoe would be considered stolen.
How do you buy repossessed tractor trailers?
Repossessed tractor trailers can be purchased from some tractor trailer dealers. If the rig was previously financed by a bank, the bank repossessing it will try to sell the tractor trailer to a dealer before selling it to the public.
What happens if your father dies your parents are divorced and he just purchased a travel trailer and still owes on it... are we responsible for it?
As the child of a deceased parent, you are generally not responsible for their debts unless you co-signed for the loan. The responsibility for the remaining balance on the travel trailer would typically fall on the deceased parent's estate, which would need to be addressed during the probate process. It's advisable to consult with a legal professional to understand the specific implications in your situation.
Can a trailer be taken that is attached to a truck being repossessed?
They can only take whatever it is they have an order of repossession for - if the trailer is not included in their order of repossession, they cannot take it.
Can the bank repo a trailer when you're not home?
yes, if it's being repossessed, it is the banks property.
Can a truck be repossessed with a trailer hooked to it?
Only if the repossessor has an order for repossession of the trailer, as well. And even then, only under certain circumstances. If it's a commercial tractor trailer, and there's a load in that trailer, they may not take it, as the order of repossession does not cover the load, and they will face criminal charges if they do such.In the course of repossessing a vehicle, the repossession agency may not enter or move any vehicle (including a trailer) which is not in their order for repossession. They may detach a trailer from a truck being repossessed, but they can't actually take it.
Can a repo man take a truck and trailer?
Most usually they are empowered to take items where you haven't made the payments. If both the truck and trailer were being repossessed, then you are stuck.
What if your brother wrecked your truck and 5th wheel trailer your full coverage insurance paid for the truck but refuses to pay for the trailer damage are they responsible?
yes they are responsible
After repossession of a work inclosed trailer can the finance company keep the contents in the trailer?
I believe they can, when the trailer is sold and whatever in it they give you a bill for the balance of the loan
Who is responsible for damages if the repo man took an unsecured trailer and some of the contents were missing when returned?
The LENDER is responsible.
How can you get a repossessed trailer removed off of your property?
Contact the company that has supposedly repossessed the trailer to pick up what they have yet to repossess. Contact your local clerk of court or magistrate to find out how long you should give them. If they exceed that period of time, file a storage lean. You will have to get more info on that from the clerk or magistrate as well. These laws are very general nationwide and very particular state and countywide.
