If you don't reaffirm the debt, then the creditor has the right to repossess the car and sell it at auction to recover the debt owed to them, irregardless of what equity that you've paid. If you wished to keep the car, then you should have demanded that your attorney reaffirm the debt with that particular creditor.
Yes
There's no rule. It may not be worth it for the lender to repo or take the vehicle. To be safe, you may want to send the lender a letter, certified return receipt, giving a time, date and place to pick the vehicle up. If the lender does not, be sure to keep the letter and green card to prove the lender abandoned it. Then you will want to get the title. You may have to sue the lender for it.
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
First of all you call the repo company. After that keep trying to call the bank. As long as they don't sell the car you can still get it back by paying the reinstatement amount. * A repossession agent/agency is contracted by the lender, they have no authority to release a vehicle unless the lender orders them to. The lender has no legal obligation to reaffirm the vehicle loan or make any other financial arrangements for the person to recover the vehicle unless state laws allow a time limit for redemption or other applicable remedies.
An equity loan calculator helps determine the actual value of your home compared to the amount of income you receive to determine how much you should take out on it to make affordable payments back to the lender.
When you finance (or refinance) using your house as collateral (aka security) the lender is using the available value of your house to get back the loan(s) if you default. If this happens it will cost the lender money (thousands or even tens of thousands) for the process of getting it back. For this reason a prudent lender will only lend you a percentage of the current sale value of the house. If you already have a mortgage, the difference between your property's value and what you owe on it is your equity in the property, and that is the value on which they will lend. You said in your question that the value and the amount owed are the same; this means that your equity is zero, so you would not expect to get an equity line as well as rewriting the original loan.
If you own a home and have some equity in it, you can get a reverse mortgage. You select how you want to be paid and you can get a monthly payment. The lender gets their money back when the house is sold.
The difference between a mortgage and a home equity loan is that with a mortgage you're just being "loaned" the money and will be paying it back over a period of them and with a home equity loan you can withdraw funds on a needed basis.
You get back whatever was left over from the auction after the lender pays the auction fees, lawyers fees, miscellaneous collection fees, and the outstanding balance of the loan.
All property in BK that is not exempted by state and/or Federal law has to be surrendered to the trustee. A vehicle is secured property and will be returned to the lender, or sold depending upon the circumstances. A car which is covered by exemptions, but is in default for payment, is usually returned to the lender. In some cases the lender will allow the debtor to reaffirm the loan and establish terms to catch up on missed payments .Property is not automatically returned to the person who filed BK.
Most finance/lease contracts allow the lender to either take the car back or purchase insurance and then charge the customer for it on their loan. The insurance the lender would buy is very expensive. As far as I know, there is not a grace period. Find out what car dealers don't want you to know at www.dealertricks.com
If your home goes into foreclosure and you have an equity line of credit, the lender who holds the equity line will typically be paid after the primary mortgage lender from the proceeds of the foreclosure sale. If there is not enough money from the sale to cover both loans, the equity line lender may pursue you for the remaining balance. It's important to consult with a legal or financial professional to understand your options in this situation.