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Can the bank repossess a vehicle even if the payments are current?
Not IF you reaffirmed the loan with the creditor.
Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
What makes a loan a secured loan?
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
What does secured loan?
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
Does a stock-secured loan constitute a secured creditor in a criminal forfeiture proceeding?
It should, since specific property is contemplated as security for the loan. The burden might be on the creditor to prove in court that such a loan existed to establish his claim. Written loan agreements setting forth the security interest of the creditor in the stock should be sufficient, if signed by the debtor.
Is a secured loan expungable in chapter 7 discharge?
The liability on the note itself can be discharged, but the lien on the property remains- in other words, the creditor cant use the courts to collect the debt, but he can take the secured property if you stop making payments.
What is a reaffirmed mortgage?
A reaffirmed mortgage is one that was included in a bankruptcy but the homeowners get to keep the home instead of losing it back to the bank. The payments and length of loan may be adjusted.
What is different about a secured loan application?
A secured loan application is different because the person who takes out the secured loan pledges an asset. An asset must be something of value such as a home or car. They then use that as the collateral, so that way if one does not pay the secured loan the creditor takes possession of the asset.
What does secure loans mean?
A secured loan is a loan in which the borrower declares an asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who issues the loan. The debt is thus secured against the collateral - in the event that the borrower defaults on the loan, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
What is a reaffirmed loan?
A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.
Do you still owe the lender if the court rejected your reaffirmation agreement?
Yes. The reaffirmation agreement allows you to continue to make payments on a secured loan and retain the secured property. The rejection of the agreement simply means the creditor can apply for relief from stay and repossess or foreclose on the property. If you have been making post-filing payments, the creditor may not bother and, in some states, under state law cannot proceed against the property.
If a car is reaffirmed and the secured to lender amount is 7500 and 3086 is unsecured is the secured paid under bankruptcy or owed by the buyer?
Reaffirmation of a secured loan means the borrower is responsible for repaying the entire debt. Not certain what "3086 is unsecured" means.
