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What can you do when a vehicle is in your possession and subject to repossession but the lender has refused to recover the vehicle for the last three years?
Wiki User
∙ 17y ago
Lenders are not legally required to take possession of the vehicle nor will they if the vehicle has greatly depreciated. In such cases the lending institution will usually file suit against the borrower for the full amount of the loan plus all applicable fees and legal costs. The borrower has no recourse unless they are sued and then they should be certain to respond to the summons and to use their legal rights to protect personal and real property that is considered exempt from creditor attachment under the laws of the state where they reside. It might prove beneficial for the borrower to speak with an attorney about possible solutions to the problem.
Wiki User
∙ 17y ago
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Do you receive notification before auto repossession?
You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.
What has the author Richard A Canaday written?
Richard A. Canaday has written: 'Oregon foreclosure and repossession' -- subject(s): Repossession, Foreclosure
When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?
No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.
What happens if you can't pay your second mortgage?
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
What has the author David W Hercher written?
David W. Hercher has written: 'Foreclosure and repossession in Oregon' -- subject(s): Repossession, Foreclosure
What is the possession of the subject the tapes of jack?
jack
What happens if someone pays their second mortgage but not their first?
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
What is the possession of the subject toy of the puppy?
puppy's toy
What is the possession of the subject the club of the boys?
boy's i think
What is the possession of the subject legislation of the senator?
The senstors' legislation
Show the possession of the subject The guest of the hotel?
dum @$$
What has the author Berend J H Crans written?
Berend J. H. Crans has written: 'Aircraft repossession and enforcement' -- subject(s): Repossession, Aircraft mortgages, Arrest of aircraft
