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The lender can obtain a court judgment and a lien can be recorded against your real estate. The property can't be mortgaged or sold without paying the lien. If the debt is large enough the creditor could force a sale of the real estate. You need to check your state laws.
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∙ 15y ago
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why is it so hard to get a loan for a house that is only 25,000 but i can go buy a car for 30 to 40 thousand and get approved?
It is faster and easier to repossess the car if you default on the loan, but it is more difficult to get you out of your house if you are not making payments.
Can credit union hold title on car if car used as collateral and loan is default?
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
Can they repossess your car if your living in it?
yes, it is a default on a loan
Are you in default of a car loan if the vehicle is not registered?
Registration of the vehicle has nothing to do with the loan or financing of the vehicle. The only was to "default" is to not make the payments.
Can you get a car loan if a student loan is in default?
Auto finance companies are very leary to lend to people that owe the government, so the answer is most likely no. Yes of cours you can get car loan if a student loan is in default there are many online sources which provide car loans for students.
What do you do if you lose the title to your car and it has a lien on it that you are default in?
You didn't have the title to begin with. The loan company or bank does. So, you didn't loose it, but you may loose the car since it is in default . The loan company/bank owns the car, not you.
What happens if you Car title loan in default and car is totaled?
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
What happens if you are in default on a car title loan?
The creditor reposseses the car, and you take the bus.
If a car loan has been approved and first payment has been made on the loan can the lender change their mind and repo the car?
If there was any fraudulent information on the credit application, the loan may be in default. Check the loan agreement and the credit application for terms of default/recision.
After a car is voluntarily reposessed can a collection agency threaten legal action if they have accepted payment arrangements from one signer?
roosta Once the loan is in default, the lender can seek payment from ANY signors to the loan. After the car is sold, there is NO collateral for the loan except the ones who promised to pay . It is now time for them to pay.
What happen if default on car loan?
The loan company takes the car. You loose it unless you make up the missing payments and pay the fees.
How does defaulting on a car loan affect your future credit?
Any default on any loan will damage your credit in the future.
