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NO, they can attach a lien to be paid FIRST if/when the home is sold.

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โˆ™ 2011-09-12 21:58:44
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Q: If you have a voluntary repossession can they take your home?
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Related questions

How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


Sample copy of a voluntary mobile home repossession letter?

A sample copy of a voluntary mobile home repossession letter will have a number of tips which can be used for drafting your own. This will include details of the property in question, ownership details, location and so much more.


Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?

call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.


In Georgia should you do a voluntary repossession or just repossession?

The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.


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

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


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


Can you be arrested for a voluntary repossession?

NO


How long does a voluntary repossession stay on your credit report?

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.


Is a voluntary repossession better than a repossession?

neither looks good on your credit.


Will a voluntary repossession from your spouse affect your credit?

Yes, but perhaps not as adversely as an involuntary repossession.


If I voluntary give back a Motocycle for repossession will you have to pay the total owed on the loan to take back the motorcycle?

Probably.


What is an involuntary repossession?

Voluntary repo is you call the loan holder and tell them to come get it or you take it to them. Involuntary they have to come & get it.


What are car repossession laws in Missouri regarding notification to auction a vehicle?

what are the legalities of voluntary vehicle repossession


What is willing repossession?

a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com


If you call in a voluntary repossession do you have to keep paying on the car until its picked up?

If it drives, take it to the finance company and hand them the keys.


What are the consequences of a voluntary repossession of a mobile home?

Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.


If you bought a used car and want to return it and buy a cheaper one will it ruin your credit?

What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.


Can a lender take a house after a voluntary repossession of vehicle in Pennsylvania?

Yes. I would say because it just should. Who r u? LOSER bye...


How long does a voluntary repossession affect your credit rating?

7 years.


Does voluntary repossession hurt your credit?

YES, on a CR, a repo is a repo.


When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?

No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.


How long does the state of Florida have to file a voluntary repossession claim against you?

There is no specific time limit for a repossession in Florida. Florida law does not require a creditor to give notice before starting a repossession.


Can wages be garnished for the balance of a loan in a voluntary repossession?

Yes, they can be garnished for this reason.


Is it better to do a voluntary repossession?

It will save you some money BUT you will still have a repo on your CR.


How will voluntary repossession of my home in Texas affect my credit?

The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.