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If the repossessed property did not sell for enough to satisfy the debt the lender may decide to seek the rest of the payment through the courts. The courts may decide to require that you sell assets to satisfy the remainder of the debt. If you do not have assets to satisfy the debt the lender may be allowed to require, by court order, that your wages be attached to make payment. While all of these are possibilities courts do not always grant all of these options.
What else can I help you with?
Can a lender garnish wages after repossession in North Carolina?
Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.
What are the FHA repossession guidelines for properties?
The FHA repossession guidelines for properties involve the lender taking back the property if the borrower defaults on the loan. The lender must follow specific procedures and timelines set by the FHA to repossess the property.
What is the process for an FHA repossession of a property?
The process for an FHA repossession of a property involves the lender initiating foreclosure proceedings due to the borrower's failure to make mortgage payments. The property is then repossessed by the lender and sold to recover the outstanding debt.
What is the process for an FHA repossession of an auto?
The process for an FHA repossession of an auto involves the lender taking possession of the vehicle due to non-payment of the loan. This typically occurs after multiple missed payments and a formal notification to the borrower. The lender can then sell the vehicle to recover the outstanding debt.
What are the FHA auto repossession guidelines?
The FHA does not have specific guidelines for auto repossession. Auto repossession is typically governed by state laws and the terms of the loan agreement between the borrower and the lender. It is important to review the terms of the loan agreement and consult with legal counsel if facing auto repossession.
Are the Lender of a repossession allowed to charge a storage fee and a repossession fee in the state of California?
In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.
Can a lender garnish wages after repossession in North Carolina?
Yes a lender can garnish your wages after a repossession. If the resell value of the item does not cover the cost needed to repay the lender, you are still responsible for paying the balance.
Can an auto lender use an investigator for repossession?
Yes, an auto lender can use an investigator for repossession. This is often done to locate the vehicle and ensure that the repossession is conducted legally and safely. Investigators can help gather information about the borrower's whereabouts and the vehicle's location, which can streamline the repossession process while adhering to relevant laws and regulations. However, the lender must still comply with state laws regarding repossession practices.
Can auto repossession be negotiated?
The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.
If you are threatened with a repossession can you pay the balance before they repossess the car?
IF the lender accepts it you can.
How do you get a car back from repossession?
It is sooo SIMPLE, you CONTACT the LENDER for further instructions.
What is the concept of repossession about?
Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.
Can a lender take legal action against the homeowner?
It's called repossession. The lender owns the property, the homeowner is making payments.
Can a repossession agent take a vehicle without waiting for the borrower to show proof that payments have been made?
Yes. It is perfectly legal for a repossession agent to take possession of a vehicle when they are acting on behalf of the lender. The repossession agency does not have the option of allowing the borrower to retain the vehicle even though proof is presented that payments have been rendered. Such issues are strictly between the borrower and the lender. The lender and/or court being the only parties that can rescind the repossession action.
What are the FHA repossession guidelines for properties?
The FHA repossession guidelines for properties involve the lender taking back the property if the borrower defaults on the loan. The lender must follow specific procedures and timelines set by the FHA to repossess the property.
What is the process for an FHA repossession of a property?
The process for an FHA repossession of a property involves the lender initiating foreclosure proceedings due to the borrower's failure to make mortgage payments. The property is then repossessed by the lender and sold to recover the outstanding debt.
What is a repossession order used for?
In a repossession order, a lender can repossess one's home if the court approves and grants permission. The judge could either set the case aside or give a repossession order.
