Repossess or foreclose on the secured property if the agreement is in default.
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Yes. Once the original contract is in default the lender can begin repossession proceedings under the UCC laws. In the majority of US states the lender does not need to notify the borrower or obtain a replevin order from the court.
No, they will not.
yes, it is a default on a loan
A Federal student loan is considered in Default at 270 days of nonpayment.
dodge, evade, neglect, deficiency, lapse, omission, dereliction, nonpayment
The answer to this question depends on your contract terms. Usually, a contract will spell out what constitutes a default. The contract should also say that if you default, they can repossess the collateral.
You have to posses the title on the vehicle and the documentation that there is a default in payments.
Do you have a contract or agreement that says he will repay you? Has he breached that agreement and is he in DEFAULT of it by not paying? If so, yes. (General rule for the future: Have your child sign a contract for any money you "give" him, like any lender would do.)
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
To my knowledge, the lender can ONLY repo when the loan is in DEFAULT. Does your acct. being minus put you in default????