I don't know what state you are in, but in Illinois the bank by law has to provide you with a calculation of deficiency. We are battling the bank for the same thing. Had a truck repo'd was worth 15K, owed 15K, they sold it for 8K and now say we owe 6800. I want to know how and they keep denying any information saying it's confidential bank information. Write a letter of complaint to whatever agency oversee's this bank and look under your state's statutes for what the bank is liable for and what they have to provide by law.
Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.
No.
How long does a lender have to re-disclose to the consumer after a change in circumstance?
Any lender has to get a judgment before they can garnishee anyones wages.Then the debtor has to have wages before any lender can garnishee them. It is up to the lender whether or not they go that route in the collection process.
Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.
No.
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
How long does a lender have to re-disclose to the consumer after a change in circumstance?
IF the lender accepts it you can.
It is sooo SIMPLE, you CONTACT the LENDER for further instructions.
It's called repossession. The lender owns the property, the homeowner is making payments.
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.
Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.
In a repossession order, a lender can repossess one's home if the court approves and grants permission. The judge could either set the case aside or give a repossession order.
If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.