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If you default on a car loan can a creditor take possession at any hour without notice to you?
Wiki User
∙ 15y ago
Yes, they can. One of the stories I've heard was that a car was repossessed from a mall parking lot--full tank of gas and purchases inside.
Wiki User
∙ 15y ago
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In Colorado does a private person have to follow the Notice to Cure Default repo timeline?
Under state law, where a consumer's default consists of nonpayment, a creditor may not take possession of the collateral (e.g., motor vehicle) without first providing the consumer with one notice of right to cure per 12-month period.I don't see where it defines "creditor" as business or private. Heres the pH # to the AG, call and get a real legal opinion.Consumer Complaint Line - in Denver and Out of State - 303-866-5189 Consumer Complaint Line - Outside of Denver but in Colorado - 1-800-222-4444
What is the Reposession Law for Florida?
Generally, your creditor has legal authority to seize your car as soon as you default on your loan. Once you are in default, your creditor may repossess your car at any time without prior notice and may come onto your property to do so. However, the creditor may not commit a "breach of the peace" by using physical force or threats of force. If this occurs, your creditor may be required to pay a penalty or compensate you for any harm done to you or your property.
Does a landlord have the right to collect rent on a home with a notice of default?
Yes, a landlord can still collect rent on a property with a notice of default. The notice of default relates to the mortgage payments on the property and does not impact the landlord-tenant relationship or the tenant's obligation to pay rent.
What is the law for a repo to happen on a car note. I thought it had to be 90days?
If you are in "default" on the loan and your creditor has sent you a repossession notice then they can take it back at any time.
In Missouri do the courts notify you when a creditor sues you for payment?
No, the creditor does by having you served. You may be served in person by a process server. If this is not possible. you may be served by certified mail. If you refuse to accept the mail. The creditor can have you served by public notice, often in the local newspaper. If you do not happen to get the paper, or do not see the notice, too bad. It is a legal form of service, and the creditor will receive a default judgment when you do not show for the court date.
What is a Notice of Rescission of Declaration of Default and Demand for Sale and Notice of Default?
A Notice of Rescission of Declaration of Default is a mortgage loan that was once in default, and a notice of default would mean that the loans are still currently foreclosed in a way.
What does default notice not entered mean?
What is next after notice of default is entered
Can you car be repossessed in Massachusetts without notice of default?
yess (don't know ) guess
What does the term notice of default mean?
A notice of default is used to notify a borrower that they have defaulted on their debt. To default on a debt means to fail to repay it. So a notice of default reminds the borrower that he has not made a payment on his debt on time.
What is NOD in a foreclosure notice?
NOD stands for "Notice of Default".
Can a creditor close a revolving line of credit account without notice when the account has been in good standing?
Yes. If you have no balance due or outstanding charges.
Does a creditor have to give written notice concerning repossession of your car?
NO
