Repossess or foreclose on the secured property if the agreement is in default.
Ask the creditor what they will take as a settlement. They don't have to settle but they might.
If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.
Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?
As long as the contract is NOT in default, NO. Read the contract. Payments current, ins. current, no other defaults?
As long as the contract is in default, the lender can repossess the collateral. Which would mean no? correct?? If the payments have became current the loan would no longer be in default? I am I right or wrong? You are wrong if the bank has already sent you a "notice of right to cure default" demanding full payment of the loan. Then they may (probably will)consider all the caught-up payments as part of that full payment and you have not satisfied the default. I guess it depend what state you are in, because I know in MD you can have the right ot get the car back one time, by simply becoming current with your payments and any of the repo fees.
You can either try to modify your 13 plan payments, convert to a chapter 7, or dismiss your BK.
No, you cannot transfer the loan until you bring the loan payments to current.
Yes, most judgments can be discharged in a chapter 7 bankruptcy.
As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.
If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.
It depends how are you in default.... is it because of insurance coverage??Need a little more info here to give you a better answer.
Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.
Yes, although mortgage companies are more likely to modify a loan in default.
No they do not
Yes, Default Management Services, Inc is a great company that helps people which may be late on their payments, in default, or current. Click on the link below if you need help.
When even one payment is missed the agreement is considered in default, and the lender has the legal right to take whatever action they deem necessary to secure their financial interest in the property. Unless all missed payments and applicable fees are brought current and the creditor agrees to allow the borrower to continue with the agreement, the vehicle can be repossessed.
Technically yes - the vehicle can be repossessed if you are 'in default' of your obligations under the contract. So while the usual way to default on the contract is by missing payments, it is possible for you to be in default by another way, outlined in the contract you agreed to.
Yes a creditor can donate whatever they want to charity. It is up to them what they would like to do with the money that is owed them.
It would depend on what the term "trying to pay" means. Once a debt goes into default it is due and payable in full. Any creditor that takes payments on a defaulted debt is doing so outside of the bounds of that contract as a courtesy. So, if the debt in question has been defaulted, then yes, the creditor may sue you and take all remedies available to them under law.
The creditor reposseses the car, and you take the bus.
A creditor can repossess a vehicle at any time after a default(late payment, lack of insurance, etc.) occurs on the contract.
If you are in default, you are no longer eligible for a student loan or any other kind of student aid. If you want to return to school and receive aid, you must get our loan "rehabilitated." Call the creditor that is pursuing you. You can make an arrangement to make payments, the amount of which will vary, depending on how much you owe. After 9 (or 12) on-time payments, you loan will be current, penalties removed and negative credit reporting removed. It's a really great deal. Once your loan is rehabbed, you can then apply for aid, return to school and put your loan in deferment (no payments) while you remain in school at least half-time. If you don't know who the creditor is, call the Dept of Education. The number is on the statements you receive. Call the number and you will routed through a voice response system to get the phone number of the creditor that can help you. They will press you for a large payment, etc. but tell them you are on disability and can only afford the minimum. Be aware that now that
Your creditor most likely holds the car title and/or there is a lien on your title. So, you will be unable to transfer title without paying the lien. The easiest thing to do is to bring your payments up to date and then to sell the car if payments are too high for you to manage on a regular basis.