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You owe the difference I think.

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โˆ™ 2005-11-23 21:14:28
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Q: What happens if your repossessed house is sold for less than what is owed?
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If your house is repossessed and it sells for less than what is owed are you responsible for the balance?

Usually, yes. The same follows with cars.


Where do you stand if repossessed truck is sold for less then the loan?

You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.


Can a car be repossessed if money is owed to mechanic?

Yes


If YOUR car is repossessed what can the lender do?

In most states, the lender will sell the car. If they sell it for more than you owed, they keep the extra money. If they sell it for less than you owed, they send you a bill for the difference.


Is it legal for the car to be repossessed and still require payments to be made?

Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.


What happens if your repossessed car is sold for more than you owed?

Randy, IF it sells for more than the unpaid balance, you should receive the excess.


When a car is repossessed and the value is less than the amount owed can they garnish your wages for the balance since the car was the collateral?

Yes. Once they sell your car after ropossession, they can garnish your wages, for the rest of the balance owed.


How much does a repossessed vehicle sale at action?

Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.


What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?

The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.


When car repossessed can you pay the cars value?

Yes. And the payoff, will usually be less than the amount owed on the loan. Work with the bank. They do not want the car, only their money.


Is money still owed if leased car is repossessed?

Yes, and potentially more than was owed before the repossession due to accrued fees.


Can you be sued if you let your mobile home be repossessed?

You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.

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