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If the creditor is attempting to make a recovery on a secured loan and the property is the security of that loan, then yes, definately; however, to do so the creditor must seek a judgment to secure the repossession or foreclosure. It is possible in some states that a court can order the liquidation of property to cover payment of debts under judgment. If a creditor is attempting to take possession of your property and there has been no ajudication (court proceedings), they may be attempting to act in an illegal manner. Just be very certain that no judgment has been entered before you try to prevent the recovery. Most creditors are willing to work with debtors in the resolution of loans. Contact the creditor and find out the current status of the property.
What else can I help you with?
Can a lien take your child support?
No. A judgment creditor cannot take possession of child support payments to satisfy a lien.No. A judgment creditor cannot take possession of child support payments to satisfy a lien.No. A judgment creditor cannot take possession of child support payments to satisfy a lien.No. A judgment creditor cannot take possession of child support payments to satisfy a lien.
Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
Can a collection agency take possession of a vehicle in Maryland?
If your vehicle is the collateral for the loan, then yes.
In Utah when filing for bankruptcy can the creditor legally take your one and only vehicle?
The Utah vehicle exemption is $2,500.
Can they break into your home to repo a car?
No a repo person can not break into your home to repo your car. Repossession persons can not damage or destroy any property in attempts to take possession of a vehicle.
If the primary borrower in Colorado is not defaulted on the payments can the co-signer take possession of the vehicle?
The only way that a co-signer can take possession of the vehicle is if they are listed on the title as a co-owner. Even if they are a co-owner, they cannot just take the vehicle. They would need to sue the primary borrower in court to gain possession.
If I haven't signed any financial paperwork besides agreement of price of car but haven taken a used vehicle home am I obligated to buy the vehicle?
You do not have to take possession of the vehicle in Florida. There are 49 other states in the Union.
Can a co-signer take possession of a vehicle if the payments are a few days late?
It depends onwhat's in the contract. * The co-signer would need to be on the vehicle title as a co-owner or a lien holder before they would be able to take possession of the vehicle.
Do you have the right to take possession of a vehicle you cosigned when the person not making payments?
Yes.
How do you take possession of a co owned vehicle?
A co-owned vehicle can be taken into possession by either owner at anytime they wish...If the co-owner has a key to the vehicle then they can legally get in and drive the vehicle...If the co-owner does not have a key then they must have a copy of the certificate of title,the registration or other proof of ownership and then the vehicle can be towed. Also if the vehicle was manufactured in the last 12 years and the co-owner does not have a key they can take the proof of ownership to a local dealership and request a copy of that vehicles original key,then go and take possession of the vehicle.
If the cosigner has possession of vehicle and all payments are up to date can person named first take the vehicle at any time?
Whomever is named on the TITLE has equal rights to the possession of the car.
What are cosigner rights in California?
Unless your name is on the vehicle or you reside in the apartment in which you co-signed, you have no rights in the state of California. If your name is on the car or home, then you can take possession and pay the note.
