Legal action depends on state laws and may vary. Visit your Circuit Court Clerk or small claims court. One of these should inform you of some sort of writ this lender would have to answer to in court. On a personal note, find the address to the office of the better business bureau. Write a letter of complaint outlining clearly the problem with the lender, and send the lender a copy. This may shake the party up some. Further, I am suprised that a payment book, if one exists, does not have that information.
It's called repossession. The lender owns the property, the homeowner is making payments.
No, but the lender can take action against you to pay back. your lender can mess up your credit.
The LENDER provides nothing the LENDER requires YOU to provide the evidence before they will lend you any money.
no
California is known as a one-action rule state, meaning that the lender must choose one action (and one action only) in order to recoup any losses from non-payment of funds. The lender may choose to foreclose, then that lender may not bring a lawsuit against the borrower for any deficiency between the value of the note and the amount the home is sold for. The lender may also chose to bring a lawsuit against the borrower, whereby they lose the right to foreclose, however, a judgment against the borrower may result in a forced sale as part of the civil proceedings (in order to get the lender paid), effectively evicting the owners from the home. Now, only the first (primary) mortgage falls under the one-action rule. Any home equity loans or lines of credit are recourse loans.
No, you can have a judgment against you for a default.
This is totally up to the lender. If the lender refuses, you would need to refinance the loan in order to change it. If you have special circumstances beyond your control, you may qualify for an equitable grace period to change the loan. Your state office of financial institutions will be able to provide state-specific info.
No. The cosigner will still be equally responsible for the debt
A vehicle is a "secured debt". The lender does not have to take back the car if it is not "worth the effort." Because it is a secured debt they can, in most cases, follow legal procedures to collect what is owed. The lender can file suit obtain a judgment and then garnish wages, place liens against real property, levy bank accounts, etc. Honestly, if you can drive it.. take it to the nearest office of the lender and drop it off.. throw the keys at them and go home.
A secured creditor does not need to file a such a claim, the lien against the property is sufficient proof. Generally the lien holder/lender will ask for the automatic stay to be lifted so foreclosure or repossession action can continue or be implemented against the property. In a chapter 7 bankruptcy the borrower must be able to reaffirm the secured debt to avoid recovery or litigation action from the lender.
It will depend on the original terms of the loan. But you need a lawyer to advise you regarding your options.
The lender must first look to the property to be paid. The lender can only go after the person who signed to note. If the spouse is not on the note they can not seek recovery against her. If the lender completes a nonjudicial foreclosure (no court involvement) it can not look to the borrower for additional monies owed on the debt. The one action rule requires the lender to elect to seek recovery by foreclosing or suing the borrower. The only way the lender can go after the borrower and the property is if the lender files a judicial foreclosure action with the court and seeks a deficiency judgment against the borrower. If the wife did not sign the deed of trust in California or states that have deeds of trust, the non signing spouse can seek to have the deed of trust voided entirely as both spouses must sign the deed of trust to bind community property.