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No. If they do, that would be considered theft and that is obviously against the law.

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โˆ™ 2015-07-15 18:39:22
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Q: Can a repo man take property other than that used for collateral?
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Related Questions

Can a repo take my car out of my garage?

No, repo persons can not enter your residence without permission and an attached garage is your property.

Can repo on private property?

Yes, with limitations. Repossessions usually take place on private property.

Can you have the repo man get a car that is taken by someone who borrowed it and moved if you only have their drivers license and SSN?

IF the loan is in DEFAULT that has the car as collateral AND the LENDER issues a repo order, YES, the repo man can take the car from a 3rd party in possession.

Can they break into your home to repo a car?

No a repo person can not break into your home to repo your car. Repossession persons can not damage or destroy any property in attempts to take possession of a vehicle.

Can a repo man take your car from a locked fence?

Yes, a repo man can take your car in any circumstances. He just needs to find a means to enter the property.

In Texas if the car is not on the property can they take another car for collateral?

Absolutely not. Niether can they take your refrigator or vacum cleaner

What are the pros and cons of collateral loans?

Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.

Can they take your car at work?

Yes! a repo agent can legally repossess collateral anywhere, as long as he doesn't breach the peace or break and enter into a locked garage or gate

Can my furniture be used as collateral for a loan?

There may be some signature loan companies that will take furniture as collateral. Most loan companies will want other collateral such as titles to vehicles.

Can a repo man cut a lock to get on private property to take a vehicle?

In most states no. That is a breach of the peace and that is illegal.

What is the procedure for repossessing property from deal gone bad?

You must have documents stating that you own the property. and then you can feel out a repossession form or hire someone to repo the property. You can only do this if you have documents stating that the property is yours and that you are a lien holder. If you don't have this you will have to take it to small claims court and prove that the defendant owes you money on the said property. after that you will be able to get a lien put against the said property and be able to repo it.

Can a repo man proceed with repo after being ordered off property if he does not have a court order?

They can if they have an order for repossession. You can ask to see the order, and if they do NOT have the order, then they can not take the car. The repossession would become invalid without the order to take the car.

Does a repo person have the right to open up your garage door and take out the motorcycle in the state of Michigan?

A repo man is not allowed to move a vehicle or open gate or anything to get what he wants. If the garage dor was open it would be a different story. depending on the state a repo man can open a garage door to get collateral as long as he does not committ another crim in the process! i know Ohio, Indiana, and Tennessee you can for sure.... Michigan i think it depends on how the loan was writen! In NJ, they cannot.If the car is in sight and where they can tow it, that is, without damage to the property. They cannot sneak around the property looking for the vehicle.

If they repossess your vehicle can anything happen to the other vehicles that you own in your name?

No, Not unless you used one of the other cars as collateral for the loan that bought the car the was repossessed. Then they can take the collateral too.

What actions can a lienholder take if collateral cant be produced?

The alternatives of a lienholder on a property that no longer has collateral, are limited. One measure might be to renegotiate the contract, or find a buyer of the lien and suffer, usually, a large loss.

Does a repo show on your credit when you voluntarily return it?

Yes, a repo is a repo whether you give it up or they take it.

Why did the repo man not take my car after not answering the door?

Maybe the repo man was after something other than your car. Or, maybe the person was there to serve you with some papers.

Can the repo man cut locks on gates and take cars?

NO THIS IS ILLEGAL! They cannot go inside your house, garage, or locked private property

Can a repossesser come on to your gated property to take a vehicle in North Carolina?

Legally probably not,that assumes you do not own the propery or the property(like a private road) to get to your property so that would be trespass.But someone has to call the police to enforce the trespass violation.After the repo guy has the car there is not much you can do except to sue the lender or repo guy. Gated,YES.Gated and locked no.

Can the repo man bring the police to your work to get the car if you hide the car?

It isn't your car. If you defaulted on the loan, you are no longer the owner. The repo man can take numerous steps to re-claim the property up to seeking law enforcement assistance. He is the agent of the owner and reclaiming the owner's property is how he gets paid.

Can a repo man come to your job and take your car while you are at work or can you stop him?

I worked with a guy that had the repo man come to work to take his vehicle, so yes they can come to your work. If you haven't been making the payments and they decide to repo your car that is that and I don't believe they have to go through any sort of legal procedures to come and take your car. You didn't pay so they come and take back their property, simple as that unfortunately for you.

What is Mortgaged property?

Mortgaged property is real property that has been used as collateral for a debt. The mortgage lien remains on the property until the debt is paid. Generally the legal agreement signed by the mortgagor gives the lender the right to take possession of the property and sell it if the loan is not paid. That process is called a foreclosure.

If you can't afford car payments anymore will they put a lien your my house?

Don't think so , unless you used your house for collateral when you bought the car. Generally they will repo (take it) it and you may be responsible for the remaining balance that is owed.

Can the repo man take your car if you leave your car locked behind a gate in your backyard?

No.Not if the gate is locked. They would have to get a warrent. * The repo man will not come with a warrant. The Sheriff might if the bank has sued and a court has issued a Writ of Replevin. They can come on your property and as long as they do no damage they can take the car.

Can you use land as collateral for a loan if it is owned by three siblings?

You can only mortgage your own interest in the property. Generally, the lender requires that all owners consent to a mortgage so that in the case of a default, it can take possession of the property by foreclosure. Therefore, it is likely the lender will require that the other owners join in the mortgage.