You owed more money than the car was worth and they wish to collect the balance.
The repossess the car, can get a judgment against you and your credit is badly damaged.
The lender will come after you for the remaining balance after the car is auctioned.You can either declare banckruptcy or work out a payment plan...or thelender can seek a judgment to garnish your wages.
In the event the loan defaults, and the lender obtains a judgment against you, AND the judgment is also defaulted on, the lender could petition the court for an order to sieze or liquidate other real property. The likelihood of this is small, and the occurrence of it is rare, but it is possible.
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
Yes. If you fail to pay a loan the lender can sue you in court and if successful it can obtain a judgment lien against you.
The lender will get a judgment against both of you and collect from whomever has the money.
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
Generally, the co-signerdoes not have any authority or means to remove their name from a loan. That would involve altering the loan documents and the lender's records. The loan is owned by the lender.
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
as long as you keep making payments the lender will probably not repossess the property. however, if you miss one payment the lender can repossess the property at any time.
the lender can seek a deficiency judgment against the homeowner in court
Any unpaid loan will remain on your credit record for seven years from the last date of payment. In the event the lender obtained a judgment against the debtor, it will remain on the record for ten years past the date the judgment was issued. In some cases, if the lender obtains a judgment, the account is not paid, and the lender obtains an extension, the record will remain for an additional ten years past the first ten.