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How long after a payment being missed can a lender reposse your car?
Wiki User
∙ 18y ago
1 day after the grace period as spelled out in the contract. Talk to the lender if you are having problems making the payments. Its generally about 35 days but call them or answer your calls from them.
Wiki User
∙ 18y ago
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Can a co-signer call for payment in full if the loan is not being paid?
The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.
Can you just pay interest on a mortgage to avoid default?
No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.No. You must make your full payment to avoid being in default unless you make other arrangements with the lender.
If you have reaffirmed your house in bankruptcy but then got behind again after being discharged what happens?
The borrower should contact the lender as soon as possible and try to find an equitable arrangement to catch up on missed payments. If the lender is not agreeable to such, foreclosure proceedings will likely be implemented.
Can a car be taken if it is still being paid on but is one payment behind?
If one payment is missed, the vehicle is subject to repossession. That is probably in the fine print that most people ignore or fail to read in a written contract. Missing one payment is interpreted by the lender that you no longer want the car, and they will start the proceedings to recover "their" car. Don't forget, it's not "your" car until it is fully paid for ... the lending institution is the "owner" of the car and if someone skips payments, they will just reclaim what they already own.
Can a cosigner ask a lender to garnish the wages of the primary borrower?
A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.
What can I do if my motorcycle is being repossessed?
You should contact the lender and try to work out a payment plan. Lenders will use repossession only as a last resort, so there is a good chance you can get something worked out.
How do i know if my car is in danger of getting repoed?
If you have missed 1 payment, it may be in danger of being repossessed. Depends on the agreement you signed when you borrowed the money to buy your car. Read the agreement you signed. If you have missed 2 payments you can be sure repossession is a distinct possibility. If you have missed 3 payments, they are more likely than not looking for your car right now. Do not allow your car to be repossessed. Once they repossess your car they will sell it for what they can get. Usually less than it is worth. You will then be responsible for the difference in what it sells for and the balance on the loan. You may also be required to pay the repo fees. Your credit will be ruined for 7 years. Talk to the lender and work something out. They do not want to repossess your car, but you will force them to do so, if you do nothing.If you have missed 1 payment, it may be in danger of being repossessed. Depends on the agreement you signed when you borrowed the money to buy your car. Read the agreement you signed. If you have missed 2 payments you can be sure repossession is a distinct possibility. If you have missed 3 payments, they are more likely than not looking for your car right now. Do not allow your car to be repossessed. Once they repossess your car they will sell it for what they can get. Usually less than it is worth. You will then be responsible for the difference in what it sells for and the balance on the loan. You may also be required to pay the repo fees. Your credit will be ruined for 7 years. Talk to the lender and work something out. They do not want to repossess your car, but you will force them to do so, if you do nothing.
Can a second lender on a property stop the sale?
A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.A second lender (junior lienor) must be paid off if the property is being sold.
If you have not paid the full down payment can you take the car back without it being considered a repossession?
Rachelle, try to make a deal with the lender to return the car without the repo. At least ASK them to do it. It is their choice.
Can your lender foreclose on your mortgage if you are paying your principal and interest payments on time but not the PMI and escrow amounts?
Yes. Escrow and PMI all factor into your mortgage payment. If the payments are short, its as if they are not being made at all.
What are lienholder rights regarding the repair of an uninsured car?
Call a car lender. It depends if there is a registered owner, they shoud repair the car, but if they don't then you can hold them peronally responible for the repair. However if the payment are made on time then your vested intrested in being paid for. You can sue for depriceiation. But call a lender or the DMV to be sure.
Who benefits the most by the inclusion of a subordination clause in a mortgage?
It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.It depends on what is being subordinated. Generally, the lender. Homestead exemptions are often subordinated to a mortgage and that benefits the lender.
