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Repossession companies are required by federal law, and the laws of most states to inventory and store personal property found in repossessed vehicles. As is permissible under most state's laws, the agency may charge a storage fee for this, and can require the payment of the fee before releasing it to the owner.
In the cases where the storage fee is unpaid, or the owner does not come to claim his property, the property is considered unclaimed, typically after thirty (30) days, and the agency may dispose of it as they see fit.
In the event a weapon or illegal substances is found among the property seized with the vehicle, typically the repossession agency will contact local law enforcement for confiscation. Recovery of such property becomes a mater for another category at this point.
Foreclosure is a different matter. In the event of foreclosure, the occupant of the home will be served an order to vacate. This can give you one week to thirty days to vacate the premises with all of your property. Anything that remains after the date on the order is the property of the home owner (the lender). The lender at this point may dispose of the property any way they see fit, typically it goes into a large dumpster.
What else can I help you with?
Is it legal for an automobile repossession company keep your personal belongings in Arizona?
Repossession companies must give you the opportunity to recover your personal belongings. That being said, they need not do so at the time of repossession. If they store your property for any length of time, the may charge a storage fee. They are not required to hold your property indefinitely either. If you make no attempt to recover you belongings, the repossession company will dispose of it after 30-45 days.
Can the mortgage company seize your IRA or annuity account in Florida?
My mother is 75 and is facing foreclosure on her property. She is concerned of what the mortgage company can seize of her personal property, especially her IRA, annuity and car. What are they legally allowed to take?
Can a finance company go on your property to retrieve a vehicle for repossession in NJ?
Yes
Can a repossession company keep your personal belongings for the storage fee in Wisconsin?
In most cases, a repossession can keep personal belongs for non payment. The company, however, must release them once payment is made.
Can a repo company charge you for retrieving your personal property and property that belongs to someone else in the state of Kentucky?
Yes. Any property left in the vehicle when it was repossessed is additional property, not part of the repossession. As private property, the repossession company is liable to inventory the porperty and store it so that it may be recovered. State laws vary a bit, but the standard storage limit is thirty days. During this time they may assess a storage fee. You, the property owner must pay this fee to recover your property. Property that is not recovered in the time alloted by law may be discarded as the company sees fit.
Where can one find foreclosure property in Scottsdale?
One can find foreclosure property in Scottsdale at the website "Every Scottsdale Home". It belongs to the company Real Estate Experts. They can locate the finest property and negotiate the best deals.
Can repo company repossess a boat while it is on a trailer that is not in the repossession order?
Yes. The trailer is considered personal property, much like that rod and real you left in the boat, or the motor that was not part of the loan. You will be permitted to claim your personal property for thirty days after the boat is repossessed. You will be charged for the storage of it though.
Is it legal in Florida for a repossession company to charge you 4500 dollars to recover the personal property from your vehicle?
They can charge a fee if they have processed your stuff ..that is bagged logged etc..If what you have posted is supposed to be $45.00 that is not unreasonable.....$450.00 that is.
What do you do if a repossession company damages your property while seizing the vehicle?
You need very good proof it was not damaged before the repossession. Nearly impossible to do as he can say it was damaged when he got it (and he will, believe me).
How long after repossession does the finance company have to garnish your wages?
They aint going to....They try to scare you with that, as long as they have there property there good!!
In simple terms what does it mean to receive a deed in lieu of foreclosure?
A deed in lieu of foreclosure refers to the process of handing over a property deed to the mortgage financier and no longer having to pay the mortgage. The property now belongs to the company who financed the mortgage.
What happens to my credit score when my investment property goes into foreclosure?
Foreclosure of a property hits your credit report in a very big, negative way. Lenders generally look very unfavorably upon foreclosures. Try to avoid it. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
