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Yes. You are responsible to repay every cent of the loan plus the stated interest rate and the default interest rate if any is stated in the loan papers. The lender is allowed to take possession of your property if you fail to make the scheduled payments on the loan. However, by the time the lender repossesses the property, the value of that property has usually gone down due to neglect or abuse of said property. The lender is bound to get the best sales price for the property. If you owed $10,000 on the loan and the property was sold for $12,000, the lender has to return the extra $2,000 to you. However, if you owed $10,000 and the property sold for $8,000, you would be responsible to pay the $2,000.

2006-08-17 22:50:11
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Related Questions

After bankruptcy and no reafirm can you let your travel trailer be volentary repossessed with no loan bal to payeven if trailer was on bankruptcy list?

reaffirm


Can a backhoe and trailer be taken with repossessed truck?

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


How do you buy repossessed tractor trailers?

Repossessed tractor trailers can be purchased from some tractor trailer dealers. If the rig was previously financed by a bank, the bank repossessing it will try to sell the tractor trailer to a dealer before selling it to the public.


Can a trailer be taken that is attached to a truck being repossessed?

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.


Can the bank repo a trailer when you're not home?

yes, if it's being repossessed, it is the banks property.


Can a truck be repossessed with a trailer hooked to it?

Only if the repossessor has an order for repossession of the trailer, as well. And even then, only under certain circumstances. If it's a commercial tractor trailer, and there's a load in that trailer, they may not take it, as the order of repossession does not cover the load, and they will face criminal charges if they do such.In the course of repossessing a vehicle, the repossession agency may not enter or move any vehicle (including a trailer) which is not in their order for repossession. They may detach a trailer from a truck being repossessed, but they can't actually take it.


Can a repo man take a truck and trailer?

Most usually they are empowered to take items where you haven't made the payments. If both the truck and trailer were being repossessed, then you are stuck.


What if your brother wrecked your truck and 5th wheel trailer your full coverage insurance paid for the truck but refuses to pay for the trailer damage are they responsible?

yes they are responsible


After repossession of a work inclosed trailer can the finance company keep the contents in the trailer?

I believe they can, when the trailer is sold and whatever in it they give you a bill for the balance of the loan


Who is responsible for damages if the repo man took an unsecured trailer and some of the contents were missing when returned?

The LENDER is responsible.


How can you get a repossessed trailer removed off of your property?

Contact the company that has supposedly repossessed the trailer to pick up what they have yet to repossess. Contact your local clerk of court or magistrate to find out how long you should give them. If they exceed that period of time, file a storage lean. You will have to get more info on that from the clerk or magistrate as well. These laws are very general nationwide and very particular state and countywide.


When a truck pulls a trailer the trailer and truck accelerate forward even though the action and reaction forces are the same size but are in opposite directions. Why don't these forces balance each o?

The action and reaction on the tow bar are forces which are internal to the system comprising truck+trailer. They therefore do not affect the motion of that system. The motion of the truck+trailer system is affected by forces acting on the system, not within the system,The fact that the action and reaction between the truck and trailer are balance explains why the trailer does not slam into the truck.


In South Carolina can your car be repossessed if a trailer is hooked up to it?

Yes, anything attached to the vehicle is consider additional property and can be returned to you upon your request...there may be additional storage fees. In the case of a trailer, the repossession agent is most likely to remove the trailer before securing the unit. If he is unable to and can make arrangements to take both, he may.


When a truck pulls a trailer the trailer and truck accelerate forward even though the action and reaction forces are the same size but opposite directions Why don't these forces balance each other?

these foces do not balance because both of the forces arent acting upon the same object


Is repossessing a travel trailer the same as repossessing a vehicle and can they demand the balance owed in full?

Pretty much, yes.


What kind of vehicle is usually referred to as an 18 wheeler?

An 18 wheeler is a semi-truck and trailer. A truck, and trailer, has 18 wheels, including 10 on the semi, and 8 more on the trailer. 18 Wheelers are responsible for the majority of products the user buys everyday.


When a truck pulls a trailer the trailer and truck accelerate forward even though the action and reaction forces are the same size but in opposite directions Why don't these forces balance each othe?

im not sure


Can repo company repossess a boat while it is on a trailer that is not in the repossession order?

Yes. The trailer is considered personal property, much like that rod and real you left in the boat, or the motor that was not part of the loan. You will be permitted to claim your personal property for thirty days after the boat is repossessed. You will be charged for the storage of it though.


Do you need windstorm insurance if you are renter?

I am renting a trailer and a limb falls on my vehicle while parked on the property who is responsible for the damages


What happens when one person buys a trailer from another and the first owner owes taxes?

In most countries, if the other person had clear title to the trailer (i.e they owned it outright and there was no loan or lien attached to it) then the purchase is legal. The taxes are owed by the person not the trailer. You would need to prove when you purchased the trailer and you would only be responsible for the taxes that accrue from the date of purchase.


Does a personal water craft repossession work the same as a vehicle repossession?

Yes, until the note is completely paid it still belongs to someone else and can be repossessed. If the transport trailer maybe also if it's on the same note.


How do fifth wheels balance?

As you didnot specify RV, Tractor trailer, Trailer dynamics or truck dynamics my question will speak directly to RV situations. The hitch loading on an RV fifth wheel hitch is designed to be between 10% and 15% of overall trailer weight. This is determind by trailer design and axle placement. In the Tractor trailer world they can move the trailer axles, The fifth wheel hitch location and plan the loading to achive the goal of roughly 1/2 trailer weight or less on the hitch. The Trailer looks like it balances on a pedistal and in a way it does. The trailer axles provide the stability side to side for the trailer. Just like a tricycle. The advantage of the Fifth Wheel set up is that the trailer does not have any leverage on the truck to make the truck turn or sway in cross winds or other poor conditions. I am sure you have seen video of trailers swaying out of control and pushing the tow vehicle into the ditch.


What is a cheater bar on the trailer dump on a 18 wheeler?

Maybe you're thinking of a Johnson bar, which is either attached to the steering column or on the dash, and is used to actuate the trailer brakes without actuating the remaining brakes? Real handy for extendable RNG trailers, where you must keep air supplied to the trailer, but have to apply the trailer brakes. A cheater bar is the bar used to tighten down strap winches and chain binders on flatbed and other open deck trailers.


What happens if your father dies your parents are divorced and he just purchased a travel trailer and still owes on it... are we responsible for it?

When a parent dies, a minor child is not held responsible for the payments of a purchased item. If the item was purchased after a divorce has become final, the ex spouse is not responsible for the purchase either.


If you own your land and have your trailer repossessed will they take your land If the land is still being paid for as well?

no,because it's your land and you own it. You have show them the contract you sign for your home or land.you have prove for your land so you can do whatever you want todo with your land. Actually, it is POSSIBLE to lose the land as well. It depends if the land was collateral for the loan on the trailer. If so, then the lender has a right to the land as well.