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What can a creditor do if you stop payments on a secured loan that was not reaffirmed?
Repossess or foreclose on the secured property if the agreement is in default.
If I default on my personal loan agreement, can they repossess my collateral?
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.
Can a lender repossess a vehicle without reaffirming the original lending agreement with the borrower?
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.
Will the government repossess your home for student loan default?
No, they will not.
Can they repossess your car if your living in it?
yes, it is a default on a loan
Why does a loan become callable?
A Federal student loan is considered in Default at 270 days of nonpayment.
What is the synonym for the word default?
dodge, evade, neglect, deficiency, lapse, omission, dereliction, nonpayment
What circumstances other than overdue payment permit a creditor to repossess collateral?
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.
What do you need to repossess a vehicle in Nevada?
You have to posses the title on the vehicle and the documentation that there is a default in payments.
If you gave your son a vehicle and put yourself as a lienholder on the title can you legally repossess it?
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.)
How long does a creditor have until they repossess a vehicle?
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
Can they repossess your car if your bank account is in the minus?
To my knowledge, the lender can ONLY repo when the loan is in DEFAULT. Does your acct. being minus put you in default????
