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Can A Car loan deficiency be owed in California if the Car is repossed?
Wiki User
∙ 14y ago
Yes. As the comaker on a loan, you are equally responsible for its payment. In the event the other party defaults, you either pay the loan yourself, convicne the other party to, or if able file bankruptcy.
Wiki User
∙ 14y ago
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Are homeowner liable for loan if home is foreclosed?
The one liable for the loan is the one who signed the loan note. Anyone else just looses rights to the home without regard to the loan. Some states, such as California, are "non recourse" states and a lender cannot pursue you for losses if then home is foreclosed and sold for less than was owed. This does NOT apply to non-purchase second mortgages. Other states allow lenders to pursue borrowers for a deficiency balance, or amounts owed above what the home sold for to match what was owed.
Do you have to pay back the loan on a car repo?
Yes and No... Once the vehicle is repossed you are afforded an opportunity to pay what you owe and retrieve your car... If you dont meet the requirements to satisfy the lien holder, the vehicle will go to auction. After the auction whatever is owed on the remaining balance is is the responsibility of the loan holder & or co-signer.
What is refinancing an existing loan?
Obtaining a new loan to pay off an old loan using the funds from the new loan. Any time you take old money owed and pay it off with new money owed you have refinanced.
What is difference between loan and debt?
loan is money borrowed and debt is money owed. :-)
Money owed when you buy something on credit or borrow is?
A loan.
What happens when returning a car to a financial institution and the car is of less value then the loan amount owed on the vehicle?
The lender will expect you to pay the deficiency which is the difference between the amount owed on the loan and the amount they get for selling the car.
In Florida are sellers of a home responsible for deficiency judgments?
If the sellers sold the home for as much as they owed on the loan, there is no possibility for a deficiency judgment, since there is no deficiency. If the sale was through a short sale where the bank took less than it was owed but allowed the homeowners to sell and walk away, the bank would have to sue for the deficiency judgment.
Are homeowner liable for loan if home is foreclosed?
The one liable for the loan is the one who signed the loan note. Anyone else just looses rights to the home without regard to the loan. Some states, such as California, are "non recourse" states and a lender cannot pursue you for losses if then home is foreclosed and sold for less than was owed. This does NOT apply to non-purchase second mortgages. Other states allow lenders to pursue borrowers for a deficiency balance, or amounts owed above what the home sold for to match what was owed.
Do you have to pay back the loan on a car repo?
Yes and No... Once the vehicle is repossed you are afforded an opportunity to pay what you owe and retrieve your car... If you dont meet the requirements to satisfy the lien holder, the vehicle will go to auction. After the auction whatever is owed on the remaining balance is is the responsibility of the loan holder & or co-signer.
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.
Can a bank sell a repossed vehicle for any amount they want?
Amount owed on vehicle- unless vehicle is damaged then they can auction to the highest bidder
Can you be arrested for not paying the deficiency owed after car repossession if you have a co-signer?
NO
What is refinancing an existing loan?
Obtaining a new loan to pay off an old loan using the funds from the new loan. Any time you take old money owed and pay it off with new money owed you have refinanced.
You filled bankrupcy over a year ago your grandmother was on the loan with you and has passed away the car was returned to the bank and you just wanted to know if they can go after your grandmothers e?
Yes. If there is a deficiency owed to the bank it can file a claim against your grandmother's estate. That's what happens when you co-sign a loan for another person. You are responsible for payment of the loan.
What is difference between loan and debt?
loan is money borrowed and debt is money owed. :-)
Can California garnish your wages in Florida for taxes owed in California?
Not directly. California is required to ask Florida's assistance with getting the money owed. info@usconsumerpros.com
Money owed when you buy something on credit or borrow is?
A loan.
