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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

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โˆ™ 2010-04-12 14:51:30
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Q: What is the legal course that must be followed by a lender repossessing a car?
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Related questions

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 a legal document giving the lender a claim against the property?

mortgage


Can a lender take legal action against the homeowner?

It's called repossession. The lender owns the property, the homeowner is making payments.


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.


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 document giving the lender a claim on the property if payment is not made?

Lien


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 to eat a baby?

Of course it is legal.

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