Whether the property at risk is a car or your house, you can take steps to prevent repossession even if you are late with payments. Nearly all lenders and creditors will be happy to work with you as long as you don't wait till you are hopelessly behind. Contact them first; a bakruptcy should be your last option.
no
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.
Yes. If the property is found it can be retreived.
Of course the best way to avoid repossession is to stay current with your payments. If that is not possible, don't just ignore it. Call you bank or loan company and explain the problem. Quite often you can reach an agreement that will forestall repossession.
No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.No. The co-signer has no power of "repossession" unless they are on the title of the financed property. In that case they can "take possession" of the property and pay the loan.
Yes. If you don't remortgage, you can almost be assured that your property will be auctioned off to the highest bidder. The goal is to delay the repossession as long as possible so you will be allowed to prepare for reminders about payments, solicitors, and--when the time comes--upcoming court dates.
yes
Repossession agents can enter a property to repossess an item if they have permission to do so or if the property is not under the control of the owner. They are not allowed to engage in breaking and entering to repossess an item. If a repossession agent unlawfully enters a property, they can face legal consequences.
Repossession laws vary from state to state. States also have different provisions for different types of property. You would need to be more specific about the circumstances, the property and the state where the repossession would take place. Your question should be reformed to ask, "Is a repossession under the following circumstances legal"? Asking what is considered an illegal repossession is much too broad a question.
can my car be repossesed from my locked back yard
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.
Yes it is a crime! In NC depending on what the automobile cost it could even be considered a felony. It's called "secreting property", thats when the property has had several attempts to collect on it and its nowhere to be found. Then a criminal charge of "secreting property is taken out against the borrower. The borrower is then arrested.