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If you do a voluntary repossession on your auto can your house be taken by the bank if you have no equity in it?


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2015-07-15 19:33:25
2015-07-15 19:33:25

NO. They can't take what you don't have.

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Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.

I only know about the state of Massachusetts. And yes in our state they have one hour to report the repossession to the police department in the town of which the car was taken.

"equity receivership" may be taken to include allproceedings in which a receiver is appointed by an equity court for any purpose.

It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.

They can only take whatever it is they have an order of repossession for - if the trailer is not included in their order of repossession, they cannot take it.

They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.

there is no such arrangement possible. Non voluntary euthanasia is execution.

Pay the past due amount on the loan or pay the loan in full. In the event you are able to do this, it is a good idea to have the lender contact the repossession agency to cancel the repossession while you remain on hold. If you fail to do this, it could take several hours for them to notify the repossession agency, and your vehicle could still be taken.

A home equity loan can be taken out any local bank as well as any business that specializes in just giving out home equity loans. Loan officers specialize in this.

If one has a home equity loan, payments must be made on the loan. Usually a home equity loan is taken out for situations such as major home improvements, or financing a college education.

Ironically, bad credit isn't too much of an issue for Home Equity loans. Basically, people who seek a Home Equity loan put the equity of their house as collateral against the value of the loan they receive. Of course, it's generally not recommended for people with bad credit to take out any loans, unless they've taken credit counseling and have learned from their previous mistakes.

Only if you pay up all the arrears payments that caused the repossession process to begin in the first place. Partial payments will have to be negotiated with the original lender.

Repossession fees are variable for all auto lenders. Repossession fees are real costs that are accrued in the repossession of a vehicle, or based on these costs. Fuel, number of visits, wages, insurance, etc. are all taken into account. So the repossession fee on one vehicle may be vastly different, greater or less, than the fees on another.

A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.

No. Not if the circumstances are as simple as stated. Repossession is a civil law procedure, not involving criminal law -UNLESS- the vehicle HAD already been re-possessed and you went and took it back from the repossession impound lot, or the repossession agent or the bank. If it had already been taken and impounded then, yes, you could be charged with auto theft.

A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.

Shoot you in the foot??? NO. They can attach other personal property you own.

Compulsory deductions are taken from your check whether you agree or not, such as happens with taxes. Voluntary deductions are those you ask for, such as money to be deducted and placed into your retirement savings account.

Yes, it is possible that a house can be taken in a civil lawsuit. The house would have to be paid off.

Voluntar income deduction is money taken from your gross pay that you have control over.

(1) Make your payments. (2) Call the bank and work out the detales.

If they only have an order of repossession of the truck, then no. Otherwise, the trailer and backhoe would be considered stolen.

In most cases none. All things being equal, it will be your word against the word of the repossession agent. Most repossession agents are very familiar with local judges and law enforcement. You defaulted on your loan note. It is likely the word of the repossession agent will carry more weight.

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