Three payments in arrears is the usual time allowed for starting the foreclosure process. There is a little more leeway now by some mortgage companies, especially local banks holding the paper, but mortgage service bureaus have little mercy.
Typically, it is difficult to get a home equity loan if you are behind on your mortgage payments. Lenders may see this as a risk and may be hesitant to approve the loan. It is important to catch up on your mortgage payments before applying for a home equity loan.
They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
1(ONE) DAY, not months.Read your contract.
They should since they are just as responsible for making payments as the primary.
No, they will not.
As soon as you have defaulted on the loan, a creditor can repossess your car. So 24 hours after you have failed to pay, they can repossess your vehicle without notifying you.
You have to be behind on payments for 3-4 months before the bank will do anything usually. 3-4 months is the industry standard, but every loan is different. A bank can put stipulations of any type on any loan, within the law. So the answer would be it depends on your loan.
Typically, it is difficult to get a home equity loan if you are behind on your mortgage payments. Lenders may see this as a risk and may be hesitant to approve the loan. It is important to catch up on your mortgage payments before applying for a home equity loan.
They can take whatever the security for the loan was. For example, if you have an auto loan, they can repossess the auto. If you have a home loan, they can repossess the home. If the loan was a recourse loan and the value of whatever was repossessed was less than the amount still owed on the loan, they can get a deficiency judgment in a court of law. If the court grants a judgment, they can they take other assets.
A bank can repossess a car at any time the loan has defaulted. Many times a bank will wait until a payment is 2 to 3 months behind before repossession.
They usually repossess when you miss two or three payments. They seldom repossess if you've just missed one.
CHECK THE LOAN PAPERS. SOME 30 DAYS SOME ARE LONGER. IT ALL DEPENDS ON YOUR LOAN.
Yes. However, if you default on your loan, they are legally entitled to repossess and sell it. Always be careful before committing to anything!
Yes. The terms of the loan were defined when you signed the paper. Most loans state that they can repo the vehicle if the loan is in default and they can declare the loan to be in default at any time after you have failed to meet one or more conditions of the loan. When you didn't pay on time, you were in default. Once you were in default they can repo the vehicle and sell it to dispose of the loan.
yes, it is a default on a loan
Check your copy of the contract that you signed for the loan. If this action for failure to pay is in the contract then they can do it.