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Can you go to jail if you can't afford to pay the balance owed on a repossession and have no real property?
Wiki User
∙ 8y ago
NO, there are no more debtors prisons.
Wiki User
∙ 8y ago
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What does foreclosure in a house mean?
its like when you cant pay your rent in an apartment. the people that own it kick you out. or, in this case, the bank does it means that someone cannot afford to pay for their house. therefore the bank forecloses it or in other words takes it away and sells it for the remaining balance of the loan.
How do you know you are making good financial decisions?
you dont be stupid and go spend all your money on things you cant afford!
If you car is repossessed in Tennessee can they still collect any deficiency?
The first answer was pretty staright and to the point, but I feel you need to have a little more info. You need to call the Tennesee Department of Banking and ask them. You do have to pay a deficiency but they can tell you what the lienholder has a legal right to collect. There is a better answer lurking in your collection of paperwork for the loan. THE CONTRACT. You already agreed to certain fees, ect. being added to any balance due should repossession occur. You see, this is NOT the lenders first rodeo. Nor are you the first to be repoed. This process has been tempered and refined for about 60 years. Most states are the same as to what can and cant happen in the process. If one state became toooo PC or in favor of the debtor, the lenders would naturally tend to avoid lending in that state. Point blank, you could owe any or all of the following that remains after the resale of the vehicle: * The unpaid, outstanding balance of the principle. * Late fees accrued on the account. * Repossession fees. * Storage fees for the recovered vehicle. * Collection fees accrued in an attempt to recovered unpaid balances. * Legal fees accrued in an attempt to recover the unpaid balance. * Court fees as a result of judgment. * And, in the event you are reclaiming any personal property left in the vehicle when it was taken, a property recovery fee.
After voluntary repossession what is your credit obligation?
Keri, I suggest you think long and hard before you let it go back. The results are not nice at all on your credit rating. Read your contract where it mentions "deficency balance". Chances are that you will be responsible for any amount owed after the car is sold. If the payments are toooo high, ask the lender if they will lower the interst rate. If you have lost income but expect to regain it, ask the lender to defer a payment to the end of the loan. If you cant do anything else, try to sell the car yourself. You will get more for it than the lender will at auction. I totally agree with the above answer. Repossession should be the absolute last resort. A repossession is a repossession. The only difference in voluntary and non voluntary is that you will not have to pay the repossession fees. This will stay on your credit report for 7 years and will cost you dearly. Sit down with the creditor and work this out. Like the above answer sell the car yourself or see if you can get someone to take over the payments. Do not allow the car to be repossessed. This may seem like the easy way out, but in the end it is the hard way out.
What causes bank failure?
banks that lent money to people with little or no credit and then those people cant afford what was purchased. then they file bankrupt. that's one way
Do you need a licenses for repossession in ill?
yes you do otherwise you cant reposese
If the primary has let her insurance lapse due to non-payment is the cosigner in danger of being sued in the event of an accident?
The co-signor isin danger of having to pay the balance due on the loan at all times. If the signor cant afford ins, the notes will be the next thing they cant afford. NEVER CO_SIGN.
How are teen relationships effected by the economy?
credit crunch..you cant afford a house or other stuff so..ye.. cant afford transport..cant see eachother??
i have a laptop, but i can"t afford internet service. how can i get free wireless service?
i have a laptop, but i cant afford internet services i have a laptop, but i cant afford internet services. how can i get free wireless service
Was tv in the Victorian times?
no they cant afford it
Why there is no Mc Donald's in Nepal?
you cant afford it (:
Can you get a visit visa for Dubai with out money because you belongs to a poor family you cant afford the money you want to find the job there?
You have to show some amount of bank balance to cover flight and expenses
This is your first time this happens to you what should you do if you cant afford to go to the doctor?
i need to know how to go about this. when i cant afford to go to the doctor. am scared it will happen again.
Why cant you log onto your world of warcraft character?
because you cant afford to play
Can a motorcycle be repossessed if you cant afford the payments?
Of course.
What if you cant afford travel expenses?
Do not go to tour.
How much money does a bugatti?
You just cant afford it.
