Repossession

Leasing a car is much like leasing an apartment or home. Usually the user is under contract and pays monthly payments. Although they do not actually own the property, they own rights to the property for a specified amount of time. Leasing a car can be likened to renting a car for a long period of time. This may be an attractive option for people who trade-in to buy new cars often.

First, pay the past due total on the notice, and get to your mortgage company without delay. Then call your mortgage servicer and get on a repayment plan, request a modification, or explore a short sale if you cannot afford your home.

If the impound releases it to you then it is okay, otherwise it is theft.

Yes

Usually they allow a grace period for an arears payment, but they do not have to.

Yes, it goes onto your credit report that you cosigned a loan because you could become responsible for the loan if she defaults. So, that amount of money does show up on your credit and could affect your credit worthiness .

No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.

For clarification, you purchased a mobile home on someones property, then either leased or rented the land underneath the home. Anyway you cut it you have been a victim of fraud and should take legal if not criminal action against the person that sold you the home.

There can be only be two scenarios at the time of sale, either the home has a title, possible two if the home is a double wide or the home is attached to the land by way of deed and the home is considered real property.

If the home is titled, the Seller should have presented you with the titles to the home after payment. Which you should have taken down to your local county or DMV to transfer title into your name. By selling you a titled home and not giving you the titles, the Seller(s) have committed fraud.

If the home and land are combined by way of deed, then the Seller(s) sold you a home fraudulently, as the Seller(s) cannot sell only the home unless it is titled.

I would first call the county tax assessor and find out if the home is titled or deeded. My next call would be to local law enforcement, then an attorney.

For more information, visit: http:www.chattelmortgage.net

You could take over the car and the payment or sell the car and then pay the loan. I recently found out that the family doesn't have to pay the bills of person who died. This is an option, but the credit card companies don't want you to know this. It is the same with the car loan.

there is no method to check bal online..either you have to send the sms from your registered mobile no. or you have to call the tata sky helpnine nos..

If you exchanged insurance and have a valid claim plus evidence of said claim, then yes you could.

Yes you can, but you have to owe less on the car than the trade in given. In other words if you owe 2,000 on the car and they give you three that means the loan on car 1 gets paid off and you have a 1,000 towards the price of car 2. But if you owed 5,000 on car 1 and they gave you 3,000 you would still have a balance due on car loan 1.

No, because you are meeting the requirement's of the loan. It is when you stop paying the loan payments that you loose your house. Then, they have a reason to get their money back.

If your the one who pays the bills and you are the owner (co owner does not count) then no she cant get a lawyer

If your name is on the Title and her name is no where on the title, you can file civil suit if she causes any damages. If she holds no ownership to the car, you can call the police and report it stolen. If she made any payments or was in any partake of the loan as a co-signer or sole owner of the loan, she can take you to court. I do not know what proof she may have or case to put to the forefront but she can file civil suit and may if she has made any payments for the car. It all depends on the agreement you both made with the car.

Yes you do. You can file for bankruptcy and may be afforded some consolation, but by law you are responsible for the difference between what was owed and what the lender was able to wholesale the car for.

No, you can't, since you have to give up your title or authorize them to put a lien against it, you can't take out a title loan if it isn't in your name.

No, they wouldn't. That's a stupid proposition, moron. ok you don't have to be a jerk about it, I've been paying that car for several years now, but the payment is more than we can afford right now, we are considering repossession as an option so i taught that if we can come up with an offer they would consider it, is either that or repo. By the way no i dont have $4000 laying around i am trying to get a personal loan to avoid repo

They can issue a warrant for a repo if they have gone to court and determined that you are trying to steal the car. They would have to file theft charges against you first.

Article 1165 of the Civil Code of the Philippines states that when a person obligated to do something fails to perform, the creditor has the right to demand the fulfillment of the obligation. The debtor is held responsible for damages if there is non-performance, delay, or defective performance of the obligation. This article ensures that parties are held accountable for their obligations under contracts.

no

oiuo

yes

This depends on what kind of loans you had on the home. The law in non-recourse states such as California states:

1)The lender may only take one action against any borrower to satisfy or collect on a debt when that debt is a real estate loan. This means they can sue you or foreclose or take a settlement offer, but whatever they choose is the only thing they can do.

2)The lender must act against the property first. This means a mortgage company can not sue you instead of foreclosing.

This is assuming it was a non-judicial foreclosure (which most are) where they invoked the right to sell the house at auction and did not take you to court to posses the home.

The tricky part comes up when there is a second mortgage involved. Lets say you have a first mortgage of $200k and a second of $50k and your home is now worth $100k. If you stop paying both loans, the second will likely NOT foreclose on you because they would have to pay off the first from the proceeds of the sale. This means the first would loose $100k when the house sells for $100k (ignoring costs and commissions), and the second would have gone to all the time and money to take the house and received no money for their efforts. They can NOT take another action against you because they have to act against the property first. Now say the 1st mortgage decides to foreclose. They auction the house and you no longer own it. They took a loss, but the second lost everything. Now there is no home to take an action against, so the second mortgage company is free to attempt to collect the debt.

Now we have to think of this from their perspective. They've lost a lot of money. They don't want to let that go, but they also want to stop loosing money. Suing someone takes time and money, and they can't be sure you'll ever pay. So, they may sue you, may send the file to collections and have an agency try and get money from you, they may wait until they have a large batch of such loans and send them off at once, or they may decide to cut their losses and do nothing. They are less likely to haunt someone over $5,000 than $75,000, and less likely if the person is unemployed or retired....there are quite a few variables.

At the end of the year any debtor that charged off a loss will send you a 1099c form for forgiven debt that you theoretically have to pay taxes on. Check with your CPA, you may have a "negative net worth" (liabilities totaling more than assets) and may be able to get out of paying those taxes by claiming insolvency.

So the short answer is: after a normal foreclosure the 1st mortgage company can NOT persue you for money in a "one action" state. A second mortgage company can. They will both send you a 1099c and you may have to wotk with a CPA to avoid paying taxes on that amount as income.

yess

Yes, I think it is. We have so many laws concerning things like that.

it varies across the country but they typically make around 6% to 10% of the planes total value