No, repo persons can not enter your residence without permission and an attached garage is your property.
Yes, with limitations. Repossessions usually take place on private property.
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.
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.
Yes, a repo man can take your car in any circumstances. He just needs to find a means to enter the property.
Absolutely not. Niether can they take your refrigator or vacum cleaner
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.
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
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.
In most states no. That is a breach of the peace and that is illegal.
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.
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.
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.
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.
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.
Yes, a repo is a repo whether you give it up or they take it.
Maybe the repo man was after something other than your car. Or, maybe the person was there to serve you with some papers.
NO THIS IS ILLEGAL! They cannot go inside your house, garage, or locked private property
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.
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.
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.
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.
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.
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.
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.