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Home Equity and Refinancing
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Is the lender required to notify the debtor before repossession in Michigan?

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2014-02-06 18:33:21
2014-02-06 18:33:21

Michigan

TITLE STATE: 1975 and subsequent years. SECURITY INTERESTS: Shown on title held by debtor. LICENSE REGISTRATION: Michigan Bureau of Driver and Vehicle Records, 7064 Crowner Drive, Lansing, Michigan 48918. Tel:(517)322-1460. RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace. Repossesses must hold valid collection agency license & Regulation, Collection Practice Board, P.O. Box 30018, Lansing Michigan 48909, (517)241-9239. DOCUMENTS REQUIRED FOR LIQUIDATION: Title must be in lien holder's name. Forward application for title accompanied by a certified copy of the security agreement and an affidavit of repossession. PLATES: Remain with debtor.

Notification (right to cure letter) NOT required. Repo cos. need copy of loan contract, copy of title showing you as leinholder, copy of your wrongful repossession ins. The less professional the company, the less of the above you will be required to show. Its all about CYA.

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When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.

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Typically, one day past the grace period. Some lenders will only permit a debtor to be two weeks delinquent before starting the repossession machine.

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A valid repossession must not cause an unlawful breach of the peace - even if the debtor is the one instigating the breach. So if the debtor gets into the car, it cannot be repossessed at that time, you'd be kidnapping them essentially. In the USA, this actually happened, the repossession was declared to be non valid and the debtor awarded a cash settlement in court.

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If you are the debtor, you could ask the lender or the PD in the city/town where the repo occured.


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