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Repossession can happen any time after a payment goes late; it all depends what the initial contract states.
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∙ 17y ago
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When would a house be in danger of repossession?
Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.
If your loan is not 30 days over due and you have the money to pay the payment can the bank refuse your payment?
Yes. When a contract becomes defaulted, the lender does not have to accept payments or futher negotiate with the borrower unless they choose to. Most lenders will try to work with the borrower rather than resort to the expensive process of repossession or legal actions.
What happens if you can't make your first payment on a car loan?
You have to pay for it later. If you proceed to not pay them, the loans will build up. The same thing that will happen if you go 60 days with no payment on any of the loan payments, eventually they will repo you car. If you can't make the full payment, SEND SOMETHING. You can thing petition the court at a later day to prevent repossession (called an injunction) by proving you have done everything in your ability to pay for it. The company will also cut you a little more slack. Make sure you pay you loans, it will destroy your credit if you don't.
Is it better to have a repossession or delinquent payments on your credit report?
Although late payments (especially those over 60 days delequint) will have a strong negative effect on your score much like a repossession, the repossession will have a more severe, long-term negative effect than a late payment. Late payments dilute themselves relatively quickly as time passes - an initial 30 day late will hurt your score by about 50 points, but after a year this will diminish to about half, and will continue to do so over time, whereas a repossession's effects will take many more years to diminish. Also keep in mind that in the future, whenever you wish to purchase a new or used car on credit, you will have to disclose your repossession to the dealer. This may hinder your ability to attain such credit. If you feel you are unable to make a scheduled payment on your automobile, call your creditor and see if you can arrange a new payment plan. Repossession is a costly procedure and creditors would like to avoid it if at all possible. Communication is key - it never hurts to ask for assistance. Hope this helps!
How badly does it affect your credit if you surrender a vehicle to the financing credit union due to financial hardship?
== == http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.
When will repossession happen?
If can happen the day after a non-payment. Most of the time it's 60 days or more. Curse the person on the other end of the phone and it will happen real quick.
When you keep the promise to bring the car loan to current and pay to do so can the lender still reposess the car?
It can happen. If the order for repossession is already out when the payment is made, it may take a couple days for that payment to be processed, and that order for repossession will not be called off until the payment is fully processed.
When would a house be in danger of repossession?
Typically, a house can be repossessed after 90 days of non payment by the mortgage holder. However, it is not illegal for repossession to begin after a missed payment, though this is extremely rare.
Is it legal to reposes a car 8 days before the payment is due and five days after purchasing the vehicle?
That sounds odd, repossession is usually done when you've missed payments.
If i am 167 days delinquent on your car payment's. can you work something out with the lender to avoid repossession?
No one can answer this question except the lender. You need to contact them and ask.
How far behind in my car payments can I be, before I have to worry about repossession?
You can start to worry about repossession of your vehicle as soon as you miss your payment. Depending on the loan amount and the type of vehicle you have you may have up to 30 days from your last missed payment to risk loosing your vehicle. If you keep in touch with the lender of your car, you have a better chance of not loosing your vehicle right away.
Can a bill 30 days past due be sent to a collection agency?
Might be unusual to have happen just at 30 days - usually 120 days or more is the norm ... However ... if the payee has a history of consistently being 30 days late on making every single payment, then it could go to collections ... and quite possibly close and demand full payment.
Are there bombings - like 2005 - and riots in London - like 2011 - in every year that Christmas falls on a Sunday?
No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.No. Bombings and riots can happen at any time and are not based on days being on different dates.
What is the time limit to recover a repossessed vehicle in Texas?
Under Texas law, a vehicle may be repossessed even if payment was only late for 10 days. This means that is payment was due on the first day of the month, and payment has not been settled on the tenth, then, vehicle will be repossessed on the eleventh.
Is it against the law to repo someones car if there barely a day late?
This might help you to visualize this better.Let's say the car payment was due on the 10th of the month. At midnight, you still have not made that payment, and at 12:01 am on the 11th, the repossession agent hooks up to your car in your driveway and drives away. No, it is not against the law, PROVIDED:The lender has contracted the agent to recover the vehicle.The lender has provided a legal order of repossession.And, the repossession agent has followed the repossession and collection laws of the US and the state.It is not likely that this would occur though. The logistics of the situation take time. This is part of the reason most lenders have a five to ten day grace period.The more likely scenario is that the payment was due on the 10th, was not paid, the five day grace has come, and the payment has not been made. During the five days since the 10th, the lender has contacted the repossession agency, has sent them an order for repossession (electronically), the account has been entered into the repossession agencies system, the account has been assigned to an agent, and at 12:01 am on the 16th, the repossession agent secured the car in your driveway and affected recovery.Your car being repossessed is not the fault of the lender or the repossession agency in most cases. In the majority of cases it is the fault of the borrower, either from personal failure or unforeseen circumstance.
When can a vehicle legally be repossessed?
In Florida, they have to send you a demand letter, once that demand letter expired(30 days) and you didn't contact the the bank to make payment arrangements, they assigned your loan/car for repossession.
How many points does your credit score drop after an auto repossession?
http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.
