REPOSSESSION CHECKLIST 1. Is the account 10 days or more past due? If not, you have to wait until it is before you can proceed. 2. If the account is 10 days or more past due, have you sent the NOTICE OF DEFAULT & RIGHT TO CURE? If not, you must send it before you can proceed. 3. Did the NOTICE OF DEFAULT & RIGHT TO CURE give the customer at least 20 days to cure the default? If not, you have to send the borrower one that does before you can proceed. 4. Did the customer cure the default by paying the account up to date? If so, and the account is again at least 10 days delinquent, you will have to send a SECOND NOTICE OF DEFAULT & RIGHT TO CURE, and give the customer 20 days to cure the default before you can proceed. 5. If you sent the SECOND NOTICE OF DEFAULT & RIGHT TO CURE, did it again give the customer 20 days to cure the default, and did it have the required additional language? If not, you have to send the borrower one that does before you can proceed. 6. After you repossessed the collateral, did you send the customer the NOTICE OF OUR PLAN TO SELL PROPERTY? 7. If you sent the NOTICE OF OUR PLAN TO SELL PROPERTY, did you give the customer at least 10 days to redeem the collateral? If not, you have to send the borrower one that does before you can proceed. 8. Was the sale handled in a commercially reasonable manner, e.g., advertising for bids, contacting various dealers, etc.? 9. Does the file contain complete information concerning the sale, include at the very least the nature of the sale (private or auction), the price obtained for the collateral, the name of the purchaser, etc.? 10. Does the file contain receipts for all expenses incurred in the repossession, including the repossession fee, repairs, storage, etc.? 11. If there was a surplus from the sale of the collateral, did you return the excess funds to the customer? 12. If you intend to pursue a deficiency balance, did you send the NOTICE OF SALE AND POSSIBLE DEFICIENCY?
Need to know if South Carolina is a Right to Cure State when it comes to repossession of vehicles.
yes
yes
The repossion lasw in Missouri are "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement.
Depends on which state you live in. Most states do not require a Right to Cure letter prior to repossession but a few of the states do.
Not sure what yoou are asking so TITLE STATE: 1975 and subsequent years. SECURITY INTERESTS: Shown on title held by lienholder. LICENSE REGISTRATION: Missouri Motor Vehicle, 301 W. High St., Jefferson City, Missouri 65105. Tel: (573) 751-4509. RECOVERY REQUIREMENT: After Twenty Day Right To Cure Letter from lienholder to debtor, repossession allowed without committing a breach of the peace. DOCUMENTS REQUIRED FOR LIQUIDATION: Affidavit of Repossession, Application for Missouri Title. PLATES: Remain with the debtor.
This site really needs to put a "state" field in the ask a question thread.....it depends on your state. Some states give a certain amount of time to "cure" the repossession after that time is up, they are free to sell the collateral. Check with your state attorney general's office to find out what that time period is in your state. It is called a "Right to Cure".
If a bank has a lien on a unit and you are not paying they have the right to repo it. You need to talk to them and work out payments. A cure letter is them giving you 20 days to either pay the delinquent amount or they will take other actions such as a law suit or repo.
No, Missouri has no laws that require the creditor to notify the debtor that a vehicle is subject to repossession.The lender can have the vehicle repossessed without notice as long as the repossession does not commit a breach of peace as defined by the laws in the jurisdiction where the vehicle is seized.ADDED: While the above answer may have been correct at the time it was written - it is no longer applicable.Quote: "As per the UCC, repossession is allowed and permitted as long as it is peaceful, after a Twenty Day Right To Cure Letter from lienholder to debtor. One time cure law in effect in Missouri; all others per contractual agreement." unquoteSee below link:
New York state does not have a right to cure or opportunity to repair law. In New York, a creditor may repossess your vehicle with no prior notice, once you are behind in payments. They must notify you by first class mail within 24-hours of the repossession, and notify the nearest motor vehicle office.
You can "self help" yourself, but it is better to ask a government official of that state.
Approximately 25 states have some sort of right to cure law. Go to your states Attorney General's website for information about your states laws. half of the states have enacted "right to cure," or "notice andopportunity to repair" legislationhalf of the states have enacted "right to cure," or "notice andopportunity to repair" legislationhalf of the states have enacted "right to cure," or "notice andopportunity to repair" legislation.