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No, not unless you borrowed money on your home (listed it as colateral). The bank who has your mortgage(s) is the only one who can take your home if you default on payment. * The forced sale of a homestead for creditor debt is possible in almost every state. However, avoidable in most cases as the state's homestead exemption will generally protect the property and judges are very reluctant to allow such an action. If a lender sues and wins a judgment against the debtor the judgment can be executed as a lien against real property belonging to the debtor, this applies to all creditor/lenders, whether it is credit cards, vehicle loans, promissory notes, etc. The exceptions would be, married couples living in a state where real and personal property can be held as Tenancy By The Entirety, when the debt has not been jointly incurred, and those states (such as Texas) which have statutory law forbidding the forced sale of a homestead.
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Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
My car was repossessed over a yr ago Can legal action still be taken against you?
So here is an example of what can happen when a creditor repossess an item. "If an item such as a car or furniture is repossessed, the creditor can then sell it. The money from selling the item is applied toward the money you owe. The creditor can still try to get any money you owe after the sale of the item. The terms of your contract might even add charges for the costs of repossession and sale."
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
Can a paid off vehicle be repossessed over a repo fee?
no cos i aint tellin u u are an idiot find out in a book
What if the finance company after 8 months never get their vehicle one day the driver gets pulled over by the police will they take the vehicle?
This depends on where you are.If you are in an area where it is illegal to hide the vehicle from the finance company you will get arrested, the vehicle will be impounded and the finance company notified.Added: If you have been concealing the vehicle from the creditor and at the same time not beein making payments, the creditor may well have filed a stolen vehicle report with the police.You have wrongfully deprived the creditor of their property (i.e.: THEY own it - not you). If the vehicle turns up in the police records as stolen they will not only confiscate the vehicle - you could be facing criminal charges as well.
Repossession laws in Ontario?
To redeem collateral, the creditor sends a letter authorizing an employee or person to repossess the vehicle. The VIN number, as well as any amount owing must be displayed on the document. This way, if the client wants to pay the money owed he can do so. At that time, after paying all monies owed, the secured party can not repossess the vehicle, and the payment agreement continues for the duration. If not paid, after the vehicle has been seized, the police are notified that the vehicle has been repossessed. This way, if the person owned the car phones the police, the client is notified that it was repossessed. The vehicle is stroed for 30 days to give a chance for the client to pay off the amounts owed. If not paid, the vehicle is sold, and the creditor has to try to get full market value. If the vehicle is sold for less than the money owed, the client is on the hook. If sold more than the material value, then you receive any residual money left over after ALL creditors have been paid. I hope this answers your question.
If you sell a car and you owe the creditor do you have to pay them the amount the car was sold for?
If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer. Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it. If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.
What are the Quebec laws of repossessing a vehicle?
To redeem collateral, the creditor sends a letter authorizing an employee or person to repossess the vehicle. The VIN number, as well as any amount owed, must be displayed on the document. This way, if the client wants to pay the money owed he/she can do so. At that time, after paying all monies owed, the secured party can not repossess the vehicle, and the payment agreement continues for the duration. If the money owed is not paid, after the vehicle has been seized, the police are notified that the vehicle has been repossessed. This way, if the person who owned the car phones the police, the police can let them know that the car was repossessed. The vehicle is stored for 30 days to give a chance for the client to pay off the amounts owed. If not paid, the vehicle is sold. The creditor has to try to get full market value. If the vehicle is sold for less than the money owed, the client is on the hook. If sold for more than the material value, then the client receives any residual money left over after ALL creditors have been paid.
In California what happens if a vehicle has been charged off and it has been over a year and you still have it but there has been no contact or correspondence from the bank regarding a repossession?
It might get repossessed.
Does buying a repossessed vehicle raise your car insurance?
In this state buying a repossessed vehicle is no different from buying any other vehicle as far as insurance is concerned. The insurance agent checks over the car, takes pictures, checks the odometer, and quotes the rate just like any other used car. Of course if you have one car and you purchase a second car, your insurance goes up.
Can you sue for wrongful repossession of a vehicle when loan was paid in full over a month and a half ago?
Yes, if you have proof that your lender received your payment before your vehicle was repossessed. If you have this proof, you can sue them and get your car back and not be charged for any fees.
If a creditor sues in small claims court to repo a vehicle but doesnt contact you to arrange to pick up the vehicle can you charge them storage fees from the date of the order?
That's creative, but it's more likely that they would sue YOU for failing to turn the vehicle over to them.
