What
Happens After A Repossession?
A
lot of times people think the debt is
done after a repossession. That is not
the case in most situations. This
article explains your what happens after
a repossession...
From: Kate Rieger,
President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Monday 07:19pm
Kate Rieger
Understanding What Happens After
Repossession
|
By
Derek Rogers
Unfortunately, there may be
circumstances that occur when you are
unable to pay for certain properties
such as your home or car. If you do not
make your payments on the property for a
period of time, it can be repossessed.
The repossession of the property is
where the owner or lender can take back
the property you are purchasing for lack
of payment. So exactly what happens to
your property after repossession? Below
is a breakdown of what to expect from
the day of repossession until the
property is sold.
-
Keep in mind your property cannot be
repossessed without advance written
notice. If they repossess your
property without advanced written
notice, you then have 15 days in
which you can buy back the property
by paying the payments you are
behind on, such as well as the
storage fees if applicable, and any
charges for repossession or defaults
that are in compliance with your
contract.
-
If the letter followed the proper
procedure and gave you written
notice, you can still get your
property back but only if you and
the lender agreed to the same
arrangement. This may require you to
refinance the entire property
immediately to pay off the old debt.
You may be able to keep the property
by calling the lender and working
out a payment arrangement. If they
do not work out a payment
arrangement or you are not able to
come up with refinancing, then the
property may be sold.
-
It is in your best interest to
contact an attorney to help you
through this process so you know
exactly what your rights are and if
they are being violated. Once the
sale is completed the lender will
take the money that was made from
the sale to pay off your debts and
if there is any money left over,
then that money must be returned to
you. That is why it is important to
seek the advice of an attorney to be
sure that they're doing what is
right by you and the property. In
the case of repossession of a car,
the lender can sell the car and if
they do not get the amount to cover
the debt you owe them, you may still
owe them additional money. You would
owe what is left after the sale of
the item. If the car is worth 5,000
but you owe 10,000 on it, you would
then be responsible to pay a
difference of what you owe and what
it was sold for.
-
If it is a home that is being
repossessed then the lender must
either sue you for the money or sell
the property, they cannot do both.
They must also give you 10 days
written notice as to when the sale
day is. You can still get your item
back up until the date of the sale.
This allows you to work out some
type of arrangement with the lender
or creditor or by refinancing the
entire property and paying off the
old debt.
About the Author: Derek Rogers is a
freelance writer who represents a
number of UK businesses. When it
comes to helping individuals
stop house repossession, he
recommends Property Buyers.
Source:
www.isnare.com
Permanent Link:
http://www.isnare.com/?aid=233336&ca=Real+Estate
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What others are saying...
Hi Kate,
I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your
program is terrific.
You give an awful lot of personal attention that can never come from a computer
program.
Thanks for everything - I mean it!
Melissa
Louisville, KY
__________________________________________________
Dear Ms Rieger,
God Bless You!
You treated me like I was someone
important. I thank you for that and for showing me how to improve my FICO
scores. You are truly amazing!
Sincerely,
Roberta D.
Jeffersonville, IN
__________________________________________________
Credit Rejuvenations Rocks!
Dave
P.P.S.
Remember, if you haven't done it yet, make sure you
get your free Special
Mini-Course entitled "Extreme Debt Reduction &
Credit Score Boosting Strategies That 98% Of Borrowers Will Never Know --
And How You Can Learn These Strategies Too..." by completing
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Warmest Regards,
 |
