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If car is impounded than auctioned do you still owe your lender and if so how should they be approached if still demanding full loan amount?
Wineskel7
if you auction the car off and it sells for less you owe the lender you must pay the differenceif it sells for more then you owe the lender nothing
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∙ 13y ago
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When a house is auctioned do you owe the balance of the mortgage after it is sold?
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
You surrendered your home in a chapter 7 bankruptcy It has been sitting empty for 2 plus years It is not even for sale Is it possible to repurchase your home?
YES. Most likely what happened is the bankruptcy trustee auctioned the residence to somebody who is holding it till they can get a better resale price on the market. Find the owner of record and contact them or their agent for real estate. If the bankruptcy trustee has not auctioned the residence yet, then the bankruptcy procedure might not be complete and they probably are waiting till some time in the near future when the residence can be auctioned for more than the bankruptcy exemption value (which the bankruptcy trustee should provide to you upon sale of that asset). A bankruptcy trustee should not have reservations about reselling an asset back to the bankrupt person, but it would be a cash sale for some amount (determined by the trustee) in excess of the exemption figure (set by state regulation). If your bankruptcy procedure has been completed officially, and the residence has not been auctioned by the court yet, then there may be some legal problem with the handling of your bankruptcy and you might inquire with the court about the disposition of the residence in that bankruptcy case (if the bankruptcy trustee was wrong to take the residence for auction, then that decision might be changed).
Does a creditor need to notify you in writing if they are going to garnish your wages for a voluntary repossession?
Yes, if you gave the car up, and there is a deficit balance after the car was auctioned/sold. That balance is still due and payable. A registered letter should have been sent out. The creditor should be able to provide proof that it was "signed for" or was returned "not delivered". I would try to make arrangements or "settle on amount" agreeable with you both before they garnish your wages--if you don't have the money to do so, borrow it from a relative before things get worse---because--- Depending on which state you live in, the garnished amount could take a very painful bite out of your paycheck.
What does writ amount mean?
The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.The amount of a court issued judgment.
What is a principle amount?
The amount of a loan or investment that does not include interest. It's the amount borrowed, or the amount currently owed in a loan (including mortgages) and the amount invested (for investments.)
Do you really have to pay the difference between the amount owed and the auctioned amount?
YES
What happens after your vechicle is auctioned?
If your vehicle is auctioned off you will have to pay the difference from what the vehicle was sold for vs the actual loan amount left over. Plus the towing fees and auction fees.
How can one claim a deduction for a car donated to charity?
A person can claim a deduction for a car donated to charity depending on whether the car was auctioned off or given to a needy person. If the car was auctioned, the deduction can only be the amount the car was auctioned for. If the car was given to a needy person for no cost, you can claim a deduction for the fair market value of the car.
How many factors affect the amount of money an individual is capable of demanding?
the answer is 7:)
How many factors affect the amount of money a individual is capable of demanding?
7
What options do you have if your car was repossessed in California you paid the overdue balance but they auctioned it anyway?
Was the lender demanding the BALANCE DUE when you paid only the overdue amount? IF so, your recourse is to pay the balance due. IF not, contact a local attorney for state/case specific advice. None, just because you paid the overdue balance don't mean nuthin to the lender.
Will an impounded vehicle be turned to the lien holder?
Not unless the lien holder goes and retrieves it from impound themselves. The reimbursement of government fees (federal, state, or municipal) outweighs the priorities of the lienholder. When a vehicle goes into impound, the agency which impounded the vehicle puts their own lien on it, and that lien takes priority over the original lien. If the vehicle is not retrieved from impound, it will be auctioned off, and the lien holder basically gets shafted in the process. The person who took the lien out on the vehicle will owe the remaining balance still, and one of the money the agency auctioning the vehicle makes will go towards reducing the amount owed to the lien holder. To that end, you're better to let the lien holder repossess the vehicle and auction it, rather than have it impounded.
Can I save on my taxes by giving a vehicle donation to charity?
You can take a deduction for the price at which the donated vehicle was auctioned on behalf of the charity. The charity to which you donate will arrange to have the car auctioned. The charity will be notified of the money raised by the sale. You will then receive this notification. This is the amount you can use as a deduction.
Can they make you pay the difference between what the car brings and the amount you owed if your car is repossessed and auctioned in Arkansas?
YES, read the contract you signed.
Do I get money for car being auctioned off?
Yes, if you own the car being auctioned, you get the proceeds of the sale, minus the auctioneer's commssion. No, if your car was repossessed and auctioned by the lender, it would be rare that the proceeds, minus the auctioneer's commission would exceed the amount you owed on the loan. However, if it did, you would get the remainder. On the other hand, if the auction doesn't cover your loan, then you could still be sued for the remaining payments.
In Wisconsin how do you get a reposed car back?
If the car has been auctioned off after you got notice of the auction and how much you needed to pay to get it back, you can't get it back. If you are lucky, you may be able to get some of your personal property from the car back. If it has not been auctioned, you can pay the amount owed or file bankruptcy.
Why did the colonist boycott tea?
The English were taxing the colonies a high amount for their tea.
