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Can a husband be held responsible for the amount owed on a repossesssed vehicle that is solely in the wife's name when she has no job or assets?
Wiki User
∙ 17y ago
Wiki User
∙ 17y ago
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If you and your husband are joint tenants on credit cards are you responsible for the debts if he has passed away?
Yes. When an account is jointly held, all parties are equally responsible for the entire amount owed.
If you cannot pay your car loan and they take your car as collateral do you still owe on the loan?
Yes. The borrower is responsible for any deficiency between the amount of the loan plus applicable fees and what the vehicle sells for at auction. The lender is legally required to get a sale amount as close to the vehicle's real value as is possible. Therefore, the sale price is used to determine the amount owed by the borrower not the blue book value of the vehicle.
If you surrendered a vehicle in chapter 7 and it was not recovered by the lending agent and was later totaled who gets the insurance money?
The lender, and the borrower is responsible for any remaining discrepancy amount and the applicable fees.
Does the repossession debt get immediately charged off?
No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.
Are you responsible for the difference of equity on an upside down mortgage?
Yes, you are responsible for the loan amount (you signed the papers for the loan)
What happens when your truck is repossessed and both your name and your husband's name are on the title?
It may depend on your state. In Oklahoma, the vehicle (if not retrieved) will eventually be sold at auction, and the original contract holders (husband and wife in this case) will be responsible for any amount below "payoff".
If the lien holder reposses the vehicle and sells it are you legally responsible for any remaining balance?
Yes. That's a common misunderstanding by a lot of people. You are responsible for the entire loan amount. The vehicle title is held as security for the loan but any amount that is not covered when the vehicle is auctioned off is still owed.
In Texas is the wife of a deceased husband responsible for the husbands debt?
She is not directly responsible. The estate is going to be responsible. And since she will likely be getting the bulk of the estate, paying off the debt will reduce her amount.
If you and your husband are joint tenants on credit cards are you responsible for the debts if he has passed away?
Yes. When an account is jointly held, all parties are equally responsible for the entire amount owed.
Who is responsible a married couple in Louisiana enter a mortgage contract the wife lied to the husband for the amount he can not read or write and it was his property put up as collederal?
She has committed fraud against her husband. They are both going to be held responsible and he should consult an attorney.
If you are involved in a collision and your policy is only 10.000 but the other vehicle is totaled is the insurance company responsible for the amount over the policy?
Nope.
If you cannot make the payments on a vehicle which was 38000 on purchase and is now worth 28000 what happens if you take the vehicle back to the bank?
you are responsible for the whole of your loan, no matter the depreciated value of the vehicle. the amount of your loan does not change. That's it, you owe 38000
What date is used in cancellation of debt the last payment or when the vehicle was given back?
The debt is not cancelled simply because the vehicle was repossessed. The borrower is still responsible for the existing amount of the loan (if any) after the vehicle has been sold at public auction.
Is it legal for the buyer to be charged the full price of their repossessed vehicle?
When a vehicle is repossessed it is sold at a public auction for the fair market value (or as close to such as is possible). The borrower/debtor is responsible for any deficit in the amount between what the vehicle is sold for and the remaining balance of the loan contract plus additional fees such as cost of the repossession action. So, in that context, the person is responsible for the "full price" of the vehicle.
If you cannot pay your car loan and they take your car as collateral do you still owe on the loan?
Yes. The borrower is responsible for any deficiency between the amount of the loan plus applicable fees and what the vehicle sells for at auction. The lender is legally required to get a sale amount as close to the vehicle's real value as is possible. Therefore, the sale price is used to determine the amount owed by the borrower not the blue book value of the vehicle.
Can a bank sue you after repossesion of a car?
After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.
If your car is repossessed do you still have to pay for it?
The vehicle will be sold at auction, the proceeds will be applied to the loan and to the repo fees, then you will still be responsible for any remaining amount owed to the loan.
