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Would you have to pay the difference on what is owed and what they sold it for in Kentucky?
Wiki User
∙ 10y ago
You would have to do that anywhere.
Wiki User
∙ 10y ago
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If you surrendered a RV can you be held responsible for debt after it is sold?
Yes, you are responsible for the difference in the balance you owed and the amount they sold it for. i.e.: owed 50,000, they sell it for 30,000; you still owe them 20,000.
What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
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.
Is the bank suppose to let you know it auctioned your car?
Whatever the bank sold the car for they deduct that from the balance owed, and you pay the difference
What might happen if you voluntarily relinquish your car to the lender and cannot afford to pay the difference in the loan balance after the vehicle is sold?
The lender would have the option of filing suit to recover monies that are still owed.
If your car is repossesed what happens?
they take the car and sell it at an auction then send you a bill for the difference between what they sold the car for and how much you still owed on it.
What is a judgment mean in a reposession?
It is the difference between the amount owed and the amount the collateral sold for, then minus all applicable fees. It is what you will be required to pay to the creditor.
What can be done when auto is sold and not paid in full?
It depends on the state, but generally, in the U.S. the lein holder will eventually sue you for the difference of what the vehcile sold for and what you owed on it. Generally speaking, you will either have to pay it or file bankruptcy.
If a house is sold in a short sale who pays the difference between sale price and amount owed?
The owner of the property may be asked to sign a note for the balance of the money owed or the lender may just forgive the debt entirely.
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 a bank sue you after repossesion of a car?
After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.
If a car gets repossessed can the seller refinance it to someone else or do they have to auction it for as much as they can get?
The answer depends on what state you live in. In Florida, it used to be the vehicle would be auctioned off and normally could not be sold for more than what was owed. If it was sold for less than what was owed, the defaulter of the loan would be held liable for the difference. If the car was bought at a "buy here, pay here" lot, the car lot could resell the vehicle for whatever price they could get. Not sure if the laws have changed.
