The legal term is foreclosure. Anytime a mortgage agreement is defaulted on the lender has the legal right to begin foreclosure procedures to seize the property and sell it for the fair market value. States establish laws that control the way a lender can implement forclosure proceedings. Some states allow the lender to use the self-help method, meaning no court procedure is necessary. Others states require the lender to use the due process through the court as prescribed by state laws.
if i get my car repossessed, can they put a llien on the house?
no i dont think any body would like their house repossessed because that will mean your a tramp, then u will be put in a dangerous place .. :'(
Most likely not depending on what financial situation you're in.
then theyre out of a home
Your husband's name is not on the deed, but is he on the loan? If yes, then it cannot be foreclosed and repossessed if the property is listed on his bankruptcy filing, and, as long as his bankruptcy payments are current. If he defaults on bankruptcy payments, then you can lose the property. If he is not on the loan, then your house can be foreclosed and repossessed.
It is possible to work out a deal with the bank after it is repossessed. However, a new loan or legal agreement will have to be signed.
In general, yes, if you haven't files bankruptcy.
No. The house is attached to the land, so, the land is included in the repossession.
You owe the difference I think.
A home can get repossessed in many ways, the most common reason is that they owner of the house has not payed the bank the loan that they took out so as to by the house, or that the person hasn't pay many bills so they take the equivalent of the unpaid bills.
If you don't pay your car payments, people go to your house and take it away.
once you are 90 days down they can start with a foreclosure.
Yes your furniture can be repossesed without a warrant, but those who are repossesing your furniture must have permission from a owner or guardian of the house to be in the house.
Usually, yes. The same follows with cars.
No In Texas your wages can be garnished by the IRS or Child Support only
The local sheriff will have you moved bodily if necessary. If it comes to that you may be arrested.
NO, they can "attach" the house so that IF you ever sell it, they will be paid FIRST out of the sale proceeds. READ your contract to see what you agreed to when you borrowed the money.
A lean is a deduction on how much you can pocket from the sale of your house or property. Having your house or property repossessed is a different matter. That normally comes from not being able to pay the mortgage.
The duration of Repossessed - film - is 1.33 hours.
Check out this link: http://www.texascollections.com/collecting_judgments.htm
You should immediately, if not sooner, make plans to move to a more cost effective place.
No, but your car can be repossessed if you don't make the payments.
I have a welding machine on the truck they repossessed can they keep that?
Your car was probably repossessed by the lender who owns the car until you pay for it. Call your lender and they will be able to tell you how to locate your repossessed car.
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.