Repossession

I have seen it done, yes.

The salvage laws vary by country but generaly large items such as a car need to be abandoned for a year before they can be claimed by someone else.

Yes. If there is a deficiency owed to the bank it can file a claim against your grandmother's estate. That's what happens when you co-sign a loan for another person. You are responsible for payment of the loan.

The balance of a loan depends on the original contract rate, whereas the market value of the loan depends on the current market interest rate.

i bought a car and the previous owner never paidthe loan off now thereis a company wanting to repossess thecar from me what can l do

Your credit gets crushed and you start walking everywhere.

Absolutely! If the car is abandoned you can just call the towing company and tell them that someone left it and that you want it gone. If they try to charge you though, tell them to check out the title and registration.

In most US states, the same day or within a few days for the state to verify processing.

If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.

I think they can walk the premises but i don't think they can enter your home without a warrant.

You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.

yes and no the old sedans were over 5000 pounds now days its around 3000 to 4000 pounds with sedans but trucks like doulies weigh much more than the 60s and 70s trucks

No. That is ridiculous. you are talking about a credit union, which like a bank, will never turn you're payment away, even if its late. the contract, no doubt, states that you have a grace period for payments, that grace period ends on your monthly due date for payments. it also probably states the you would make the payments on time. and you are always allowed to make payments whenever you feel like it, but if its too late too many times, they have the contractual right to repossess the car. once you sign that contract, that is the contract, the only thing that would make it null and void, is if you had made your payments on time all the time and they took the car anyway. then you could file a lawsuit against them and get your car back and probably anything you paid if you knew what you were doing and maybe end up with a free car. but you went back on your end by not paying on time so they've done nothing illegal or unethical. and there's nothing you can really do except try to work with the bank. i wish you the best of luck.

Yes, if you have the money you can buy it. If you are searching for a car loan, you may have some difficulty in that. Paying cash, no problem.

Jam Recovery Inc.

The debt is transferred to your estate.

It still has to be paid, depending on the contract you signed of course, but is handled by the Executor along with any other debts you may leave.

Any creditor can make a claim on your estate but these claims may not all have the same legal standing. If there is a dispute it may need to be decided by a court of law. This should be avoided at all costs as it is expensive.

Yes, if other terms of the contract are breached, such as having no car insurance.

Yes I am here. You do not need to undersatnd that though.

Well your registration will expire, this might leave you open to a ticket by the police if you keep driving. Some states will charge you a little fine for reinstating but otherwise nothing earth shattering.

Chryslers cars

Most car loans accrue interest on a daily basis. The more you owe on outstanding principal (the actual loan amount owed on the car), the more interest you pay. Generally speaking, when you make a car payment, first the money is applied towards interest, and then the remaining is applied toward your principal.

The more principal you have, the more interest you accrue. When you make a payment, the compounded interest is paid down. Therefore, if you make a weekly payment, you are only paying on 7 days of accrued interest, instead of 30 days.

While it may not seem like a lot, look at it like this:

A $7,000 car loan with 7% APR will cost you nearly $900 in interest if financed over 36 months.

If you pay weekly instead of monthly, that interest is cut by 75%, meaning you will only pay $225 in interest.

Instead of paying $200 a month, try paying $50 a week. Set it up with automatic billpay so you don't have to worry about it. Most banks do not charge a fee for this service.

where can i sell my catering equipment

because I'm closing down my shop

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