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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


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.


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.


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.


Do you have to pay the whole vehicle off if it is repossessed?

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.


Can you still owe money after your motorhome is repossessed?

Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.


What happens to a person if they hide motorcycle that is being repossessed?

Nothing will happen to a person if they hid a motorcycle that is being repossessed. Eventually, the company that is trying to repossess will either give up or find you. They will use all tools at their disposal depending how much is owed at the time.


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.


When a car is repossessed does the finance company have to sell it for the amount it is worth?

no, they will sue you for the balance owed after the sale


If you live in the state of Georgia and there is a lien against your vehicle but no money is owed can they repossess the vehicle?

A lien means that money is owed on your vehicle. If there is no more money owed, then there is no longer a lien, and the vehicle cannot be repossessed.


What if your car is repossessed in NC and it is not sold for the amount you owe?

Will, that's usually the case. Then you pay the difference owed.


What happens if my car is repossessed and then I file bankruptcy?

Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.


When a vehicle has been repossessed and then resold for more than what was owed does the previous owner receive the difference or does the car dealer?

The debtor GETS the surplus, the debtor PAYS the shortfall owed.


What happens in Texas if you voluntarily have your car repossessed and money is still owed after the car has been sold at an auction?

Chris, I dont know the answer to the question YET. I will find out today. Email me latyer on and Ill have it for you. What does the lender "say" they will do???


Is there a statute of limitations on repossessed debts owed or are they indefinite after the court has found you in default?

Yes the SOL varies by state.


I live in Houston Texas. my car was repossessed from a auto repair shop. can they keep my car forever.?

yup The creditor who repossessed the car has to sell it (usually at auction) within a reasonable amount of time (2-3 months). They have to notify you that it will be sold. They have to give you any amount above what you owed plus reasonable attorney and other fees, or if there is a deficiency (the sale price and fees was less than what you owed), they can sue you for the difference.


Why would you get a refund for overpayment on a repossessed car?

When a vehicle is repossessed, it will eventually be sold at auction. Occassionally, the amount received from the sale is greater than the balance owed. On these occassions, the excess is sent to the debtor.


The bank repossessed your motorcycle what will you still have to pay?

the bank will sell the motorcycle normally at auction what ever it sells for is taken of what is owed and you pay that balance if it makes more then is owed a refund is payed