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Where can one find out more about the process of home repossession?
Wiki User
∙ 10y ago
Foreclosures and repossessions can be complex, and vary from state to state. Since laws are in a constant flux of change, your best option is to locate a property attorney who specializes in those proceedings. (If you do wind up going this route, be sure and invest in someone successful by researching before you sign anything.)
However, if you would like to do a bit of research on your own before spending any money to see if you have a leg to stand on, check out this site. It has each state's proceedings listed so you can search on your own before spending money on an attorney you may not be able to afford.
Wiki User
∙ 10y ago
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Sample copy of a voluntary mobile home repossession letter?
A sample copy of a voluntary mobile home repossession letter will have a number of tips which can be used for drafting your own. This will include details of the property in question, ownership details, location and so much more.
What is the difference between repossession agencies and repossession forwarding companies?
Repossession Agencies are independent and corporate tow companies who may work directly with and for Lending Institutions while the Repossession Forwarding Companies are organizations that accept repossession work on a national level and then forward that work out to these Repossession Agencies. The benefit forwarding companies bring to financial institutions is access to a larger base of Repossession Agencies rather than dealing directly with each one across multiple jurisdictions. Repossession Forwarding Companies traditionally have lower rates of recovery due to the economy of scale they offer. Repossession Agencies may still have a competitive advantage locally as they will be more familiar with their territories in the similar fashion a small business will usually have the "home base" advantage over larger corporations.
What are the laws on mobile home repossession?
The law related to manufactured (mobile) home repossession varies greatly from state to state, and is typically pretty complicated. There are two types of loans that can finance manufactured homes. If the loan if financing a home on land that is owned by the homeowner the home is generally considered either real estate or an improvement to real property and can be financed by a mortgage, entitling the debtor to bother better financing terms and the protections of the full foreclosure process. Many homes are on rented land in land lease communities, usually known as parks. The financing is typically a personal property loan, otherwise known as a chattel loan. The repossession process, although varied, always starts with a default on the loan. Generally, due to the low recovery rate on value of repossessed homes, the lender wants to come up with a way to keep people in the home. However, lenders are also concerned that the home value will depreciate, and so will move though the repossession process rapidly. The typical process requires some form of notice of default and a period of time within which the homeowner can become current on the loan. The length of time varies from state to state, but is typically between 20 and 30 days. After the end of the notice period, the states diverge a bit. Some states the lender can repossess the home with no further notice or court action. Other state go though a process that is becoming much more prevalent in manufactured home repossession called replevin. They have to get a court order to gain possession of the home. Some states have additional reinstatement or redemption rights even after the court action is initiated. For instance, California allows redemption of the loan for 15 days after the court action starts. Your best bet for finding the most accurate information is to check the state law where you live. Every state has a different process and even something that is typical in most states may not apply in your state.
When does a repossession legally take place in California?
The California Business and Professions Code is very clear on this point. The code states the following: With regard to collateral subject to registration under the Vehicle Code, a repossession occurs when the repossessor gains entry to the collateral or when the collateral becomes connected to a tow truck. You can find out more repossession related laws by checking out the website at mparepos.com. They have a FAQ page that answers all related repossession law questions for the State of California.
In Georgia should you do a voluntary repossession or just repossession?
The second to last sentence should read - Never will a voluntary repossession cost you MORE than a forced repossession. A repo is a repo. Voluntary Repos will, in most cases, save you money due to the cut in fees associated with the repossession. In some cases these fees will not be any less and the cost of a voluntary repo and the cost of a forced repo are the same. Never will a voluntary repossession cost you less than a forced repossession. Either way, voluntary repossession is the decision I would make, due to the possibility of a lesser cost.
How long does it take to repossess a home?
To answer your question simply, a repossession order will typically be a 60 day repossession order. If however you do not contest the repossession or don't turn up to the hearing it is more likely to be a 30 day repossession order. However, you are not clear if you have even received a notice of intended court action or a court date. There is no hard, fast, rule which states when each lender will start repossession proceedings, they can be after just 1 missed payment - the average is between 2 and 3 missed payments. This answer above has been copy & pasted from http://www.repossession-stoppers.com/answers/how-long-does-a-house-repossession-take.htm which is a UK site So if you are from outside the UK it may be different...
What is considered an illegal repossession?
Repossession laws vary from state to state. States also have different provisions for different types of property. You would need to be more specific about the circumstances, the property and the state where the repossession would take place. Your question should be reformed to ask, "Is a repossession under the following circumstances legal"? Asking what is considered an illegal repossession is much too broad a question.
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In Texas how many months before repossession?
No months. It will be more like weeks or days. In practice, you can be one day past due and the lender can send your vehicle for repossession. It might be months before the actual repossession happens; it will depend on how difficult it is for the agency to secure it.
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