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What is the legal course that must be followed by a lender repossessing a car?
Wiki User
∙ 14y ago
After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo
Wiki User
∙ 14y ago
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Can you pull a gun on a repo man on your property?
A gun cannot legally be pulled on someone who is repossessing property on behalf of a lender. In general, it is not legal to pull a firearm on someone unless they are demonstrating a clear and present danger.
What is a foreclosure property?
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property
While repossessing your vehicle the driver used his car to hit you and threatened you and your husband with being arrested if you did not give him the car is this legal?
No what he did is called assault.....is this a repo co. or a private individual? If your car is up for repo the police will not arrest you it is a civil matter between you and the lender.
Can they move another car while repossessing a car?
Yes As long as they do no damage to it and put it back, it is legal. Per U.C.C.
Is repossessing a car from an open private parking lot legal in new York?
Yes, as long as they dont break anything to get to it.
What is the legal term for being found guilty?
If it is a criminal trial - depending on the type of trial and court - usually it is followed by a sentencing hearing - followed by the pronouncement of the sentence - followed by the imposition of the sentence. Of course, for traffic offenses, and civil cases the procedure is somewhat different.
What is the legal definition of self-cert mortgages?
The legal definition of a self-cert mortgages is where the owner/buyer transfers to the lender an interest in real estate allowing the lender to secure a repayment of their debt.
Can a lender take legal action against the homeowner?
It's called repossession. The lender owns the property, the homeowner is making payments.
Does having the title to a repossessed truck give you any legal rights?
NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL
What if you win lottery and stop paying mortgage?
The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.
Is it legal for a lender to sell your charged off debt to another lender?
Yes, it is a common practice especially when it relates to credit card debt.
What is a legal mortgage?
A legal mortgage is a security interest granted to the lender by the owner of property as a condition of the loan. A note details the specifics of the money being loaned to the borrower. The mortgage refers to a security interest which the borrower grants the lender. The lender takes the security interest so that if the borrower defaults on the loan, the lender can seize the underlying asset (the real property, or home).
