No. If they do, that would be considered theft and that is obviously against the law.
Yes, you can use property as collateral for a mortgage. This means that if you fail to repay the loan, the lender can take ownership of the property to recover their money.
No, repo persons can not enter your residence without permission and an attached garage is your property.
Yes, with limitations. Repossessions usually take place on private property.
To use property as collateral for a mortgage, you would need to offer the property as security to the lender in exchange for the loan. If you fail to repay the mortgage, the lender can take possession of the property to recover their money.
IF the loan is in DEFAULT that has the car as collateral AND the LENDER issues a repo order, YES, the repo man can take the car from a 3rd party in possession.
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.
Absolutely not. Niether can they take your refrigator or vacum cleaner
To use your property as collateral for a mortgage, you would need to apply for a home equity loan or a home equity line of credit. This involves using the equity in your property as security for the loan. If you fail to repay the loan, the lender can take possession of your property.
Collateral loans are secured loans. They depend on the ownership of a house or vehicle. Collateral loans can be very quick to obtain. If a borrower defaults on a collateral loan, the lender can take the property or vehicle that had been borrowed against.
Yes! a repo agent can legally repossess collateral anywhere, as long as he doesn't breach the peace or break and enter into a locked garage or gate
You can use real estate as collateral for a loan by offering the property as security to the lender. This means that if you fail to repay the loan, the lender can take possession of the property to recover their money. It's important to have the property appraised and ensure that the loan amount does not exceed the property's value.
A repo man is not allowed to move a vehicle or open gate or anything to get what he wants. If the garage dor was open it would be a different story. depending on the state a repo man can open a garage door to get collateral as long as he does not committ another crim in the process! i know Ohio, Indiana, and Tennessee you can for sure.... Michigan i think it depends on how the loan was writen! In NJ, they cannot.If the car is in sight and where they can tow it, that is, without damage to the property. They cannot sneak around the property looking for the vehicle.