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When does a repossession legally take place in California?
The California Business and Professions Code is very clear on this point. The code states the following: With regard to collateral subject to registration under the Vehicle Code, a repossession occurs when the repossessor gains entry to the collateral or when the collateral becomes connected to a tow truck. You can find out more repossession related laws by checking out the website at mparepos.com. They have a FAQ page that answers all related repossession law questions for the State of California.
The meaning of repossession?
Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.
Is a collateral loan considered a repossession if you don't pay it back?
Failure to repay a loan which has been secured by means of collateral may result in the seizure of that collateral. This would constitute repossession only if that collateral was something that you had purchased with the borrowed money. It could be something entirely different, though. Any valuable possession can be used as collateral, if the bank agrees. If it is, let us say, a piece of jewelry that you had inherited from your grandmother, it would be something that the bank had never previously possessed or financed, hence, the seizure would not technically be a repossession. You can only repossess what you previously possessed.
What is the process of house repossession?
House repossession refers to the process by which a financial organization takes ownership of the house as collateral due to failed payments or inability to pay.
If I default on my personal loan agreement, can they repossess my collateral?
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
What are the main causes of property repossession?
The main causes of property repossession is for nonpayment of the mortgage or any loans where the property was put up as collateral. If nonpayment occurs the lend has the right to repossess.
What will happen when a loan on a motorcycle has been defaulted and the finance company will not reprocess it?
If guess you mean "refinance" when you say "reprocess", the answer is repossession. Loans in DEFAULT are subject to repossession of the collateral and payment of the balance owed by voluntary or legal means.
How can you contact an auto repossession business in the Milwaukee area?
Look in the phone book under "collateral recovery","repossessions","towing & recovery", ect.
Books by Jack S Barnes?
Collateral Recovery, (original & revised) and The Repossession Process.He lives in Tulsa,OK on a mountain with his wife Brenda
What rights does a cosigner have if he was never told the loan was delinquent until seven months after the repossession?
You HAD the right to keep an eye on collateral that you were standing good for and to make sure it was being paid for in a timely manner. Now you have the right to PAY for that collateral after it sells at auction.
Can my car be repoed because I don't have driver license?
No. Repo (or repossession) occurs only when payments are not made on a car loan, or if a collateral conversion is done by a lender with whom you have another unpaid loan, or if the courts permit a collateral conversion in the event of an unpaid judgment.
How will a repossession affect your credit report?
A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this, report it on your credit report and sue you to recover the amount.
