In the state of Texas if your car is voluntarily repossessed can they sue you for a deficiency judgment and charge it to your credit card without your permission?
Yes, they can sure you for any monies still owed on the vehicle. No, nobody can charge anything to your credit card without your permission. But beware, there may well be some clause worked into the mice-type on the agreement that you never even noticed was there. Go over any paperwork you have; if you don't see anything about implied permission given for them to charge your account, dispute the charge with your credit company and file a formal complaint.
In Ohio can child support and temporary alimony payments be garnished for a car that was voluntarily repossessed?
How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?
If you voluntarily give your car back to bank can they garnish your wages or put a lien on your home?
If you filed bankruptcy and are now facing foreclosure can the bank get a personal deficiency against you?
Yes, if the state and loan documents allow for a deficiency judgment, the bank can sue for one after the home has been sold at the sheriff sale and there is a deficiency. If the homeowners are sued after the public auction and the bank gets a deficiency judgment, then bankruptcy can be used to discharge the judgment. However, bankruptcy can not be used in advance before a deficiency judgment or other debt even exists…
The company who repossessed the car now has the collateral to make up for the amount of the balance of the loan owed to them. If there is more owed on the loan than the car is worth, it is possible to be sued for the deficiency. If a judgment is entered after this occurs, and that amount is not paid or settled voluntarily, the lender could seek to garnish a bank account or a…
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment…
Yes, deficiency judgments are allowed in the state of Florida. When the lawsuit is filed, homeowners have the right to a jury trial to hear the deficiency case. Also, the bank must have in-hand service of the lawsuit paperwork on homeowners in order to include a deficiency judgment action in the original case.
In very broad terms, the judgment creditor can apply to the court for a writ of sale and have the sheriff sell the property at a public auction. The exact time line will vary by state and will depend on whether or not you are entitled to a deficiency judgment. For example, California has two different time lines. If a deficiency judgment is not available or the creditor waives the right to get a deficiency…
If your mobile home is voluntarily repossessed can the finance company impose a judgment against your land even if the land is not a part of the finance package?
If they choose to file a lawsuit for monies owed and the suit is won, it might be possible for the plaintiff to execute the judgment as a lien against the property. State statutes regulate when liens can be placed upon real property. Without knowing the state of residency it is not possible to be more specific.
If the sellers sold the home for as much as they owed on the loan, there is no possibility for a deficiency judgment, since there is no deficiency. If the sale was through a short sale where the bank took less than it was owed but allowed the homeowners to sell and walk away, the bank would have to sue for the deficiency judgment.
If the civil judgment is due to not making payments for an auto loan on the car that is in question, then yes, that car may be repossessed as a result of the judgment. If there is a judgment against both owners of the car (i.e., if the co-owners are both listed as defendants), then the car is considered an asset and may be repossessed unless there is proof that the car is required for…
A homeowner who is foreclosed upon in the State of Maryland is exposed to the lender pursuing a deficiency judgment for the portion of the total debt not repaid from the proceeds of the foreclosure sale. The lender must pursue the in personum judgment (judgment against the person) within 3 years of the final ratification of the foreclosure.
If there is an agreement and an applicable waiting period is not waived, a deficiency judgment may be obtained on a mortgage in Indiana. This means that deficiency judgments in the state of Indiana are allowed by state statute if it is authorized by loan documents and if borrowers do not waive applicable waiting period.
A deficiency judgment is where the owner of a mortgage or deed of trust is awarded a judgment against the borrower in the amount of: the amount of money owed in the mortgage or deed of trust minus the amount of money the property sold for at foreclosure sale If the above amount is a positive number, some states allow the lender to get a judgment for that amount.
My understanding is that you are right and the deficiency judgment cannot be persued after the foreclosure action by the lender that did the foreclosure in California "IF THE LOAN is a PURCHASE MONEY loan (which means the loan was used to purchase the property). However, if the loan is a refinance or a HELOC than the No Deficiency Judgment Rule does not apply. However, if a Short Sale is done instead of a Foreclosure…
If a father owes back child support can money be taken from his banking account without his permission?
No. The custodial parent or state child support agency would need to file suit, obtain a judgment and then use the judgment to levy the obligated parent's bank account, or the account holder would need to voluntarily allow withdrawal of funds. A judgment is not necessary for an obligated parent's tax refund (state or federal) to be seized for back child support.
Deficiency judgments are allowed in Pennsylvania if the mortgage company files a separate lawsuit against the borrowers after the original foreclosure auction. If the mortgagee (usually the foreclosing bank) purchases the property at the auction, the amount of any deficiency judgment is limited by the fair market value of the property.
Is it legal in Texas if you had a car repossessed about 2 years ago and now the law office has put a lien against your home making it unable for you to refinance your home?
The lien is valid if due process of law was followed correctly. Meaning the party involved was sued, the plaintiff won the case, was awarded a judgment and executed the judgment as a lien against the defendant's property. During all these legal 'steps' the defendant should have received notification and time to respond. Undoubtedly the lien represents the deficiency and fees incurred when the repossessed vehicle was sold. There might possibly be an appeal on…
Do you still owe the balance on a car loan if you voluntarily have your car repossessed and the bank now owns it?
Cars, especially new ones become less valuable very quickly. A new car may suddenly lose thousands in re-sale value the moment you drive it off the lot. Also, during the early part of the repayment period, most of the payments are consumed by interest charges, so the consumer's equity will grow very slowly. The loan often becomes greater than the resale value of the car. Repossessed cars are typically sold quickly and cheaply at auctions…
This is an news story I stumbled across while looking for the same answer you were. The third paragraph explains it. In my case, they did not seek a deficiency judgment because I owed 64,000, they foreclosed and sold it for 34,000 and the fair market value was 30,900. I was negotiating on a very large problem mortgage today with a high-up executive at the servicing firm. He made a comment that I thought peculiar…
Are you likely to have to pay the balance if the finance company cannot get full amount for the repossessed car and how much does it hurt your credit?
What to do if your spouse has a car you co-signed and he has not made payments and they are talking about garnishemnt on my check?
Laws vary from state to state regarding repossessions. In general, unless the car has been repossessed and there is a deficiency owed on the vehicle loan which a company has obtained a judgment on, there is very little chance that wage garnishment would succeed. Sometimes creditors use scare tactics.