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If you can no longer afford car payments and you turn car back in are you liable for debt?
Wiki User
∙ 15y ago
Yes. The lender will sell the vehicle (probably for less than market value to get a quick sale) and you will be liable for the remainder of the loan PLUS some pretty hefty fees as they will add on late charges and their expenses for selling it. If at all possible, sell the car yourself BEFORE it is repossessed. Of course you need the bank's permission, but if you can find someone to pay almost as much as you owe on it, you will be better off.
Wiki User
∙ 15y ago
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DO you get your payments back on a land contract?
No, you will not get your payments back. If you do not complete the purchase, you have essentially been renting the property.
You can no longer afford your mortgage It is for sale and you have another place you are moving to you have a co signer if it does not sell and you have to walk away or get foreclosed on?
Dont know how to use this forum very well, but here is the rest of my question: If the house gets foreclosed on or can not sell, is the co signer than liable and if so can he come back and sue us for the loan ammount? I hope it sells, but i can not afford this place anymore after losing my job, but if I walk away from it, it won t damage my credit any as my ex has already done that for me.
Your mom is a co-signor on your car loan and is filing bankruptcy you have always made the payments and still owe money on the car What happens to the car Do you still make payments What happens?
(Depending on where you live) You can: 1. She can elect not to include the car, and retain property of it. 2. If you are 1/2 way finished of payments you can contact the lending agency and request sole responsibility of the lien 3.Return the car to the title company If you keep the car, you will still be held liable for the payments. If you no longer want the car or to make payments, you will need to release it back to the title company. Another thought too....your credit is tied up in this deal. Her credit will be affected by the bankruptcy but if you keep the car and keep the payments up you'll get the credit and benefit by doing the right thing by paying it off. You'll be much better off doing that. If you turn the car in I think it will hurt your credit. You still have to pay if you keep the car.
How do you give your home back to mortgage company when you can no longer afford to pay?
u can phone the provider and request a home visit to see some one face to face and if they cant or wont help see citizens advice
Can you get back a repossessed car if you pay the missed payments?
You get it back after meeting the terms of the contract. the LENDER will tell you how much it costs to get it back.
Can you be arrested for owing a title LOAN anD longer have the car?
No, you will not be arrested but you are still liable to pay back the loan.
Can I have sum 1 take over the payments on my car and not be liable?
I don't think you can the car is still in your name ,and anything that happens to it will always come back to you.
If you have been late on payments several times but never sixty days past due can car be repossessed?
You would have to read the contract to see if someone can "legally" repossess it. But ultimately, there is someone, somewhere who makes a decision. This person can continuously let is slide, or they can just get fed up one day and take, or have someone take your car. They also know that if you cannot afford payments then you will definitely not be able to afford back payments, penalty payments, and current payments all at the same time. Nor, can you afford an attorney.
How can anyone afford to pay back a chapter 13 the payments are outrageous?
All chapter 13 payments are scrutinized for ability to pay. If the plan payments were outrageous, it is highly unlikely that the court would approve a plan that a debtor would be unable to pay.
You bought a car with gmac through finance after one month you realized that you made a mistake as you could not afford to meet the monthly payments what should you do?
First see if you can get the vehicle financed for a longer period of time, thus lowering your payments. If you can not do that then call the finance company and see if they can help some other way. Last, you may have to give the vehicle back.
How can I consolidate my student loans without going bankrupt?
make the payments a little late, call creditors and tell them your situation, negeotiate the amount that you can afford to pay after adding in your other bills, get an agreement in writing so they cannot go back on their word, and start making payments.
What happens to child support payments if the father is jailed?
If the father was paying you directly, the payments will, of course, cease. If this is the case you must contact the state for assistance. If you were receiving the support payment from the state, then nothing will change and his payments to reimburse the state will become an obligation/lien against him for which he will eventually have to pay the state back.
Would I be liable for my husband's divorce settlement debt upon his death?
No one assumes the responsibility for ongoing support payments. If there are back monies owed, a claim can be made against his estate. That will have to be resolved prior to inheritances being distributed.
DO you get your payments back on a land contract?
No, you will not get your payments back. If you do not complete the purchase, you have essentially been renting the property.
You live in Florida you bought used car with an APR of 16 high monthly payments you have had the car for a year and you can not afford payments anymore Without ruined credit how can you get rid of car?
You have to sell the car. If you give it back, it will still look as a repossesion...a voluntary repossesion. You do not want someone to take over the payments,as there is no guarantee that the payments will be made on time. Sell the car or try to refinance the balance, it is the only way. Good Luck..
You can no longer afford your mortgage It is for sale and you have another place you are moving to you have a co signer if it does not sell and you have to walk away or get foreclosed on?
Dont know how to use this forum very well, but here is the rest of my question: If the house gets foreclosed on or can not sell, is the co signer than liable and if so can he come back and sue us for the loan ammount? I hope it sells, but i can not afford this place anymore after losing my job, but if I walk away from it, it won t damage my credit any as my ex has already done that for me.
If you give up rights the child will you still be liable for back child support owed?
First, only the courts AND the mother can allow you to give up parental rights, provided the mother is not now, or in the future, collecting AFDC. It would stop current payments, but not previously owed payments, especially if she had had collected AFDC. They have override power.
