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A Consumer's Perspective On Auto Repossession Laws
from:Knowing auto repossession laws for your state is important, even if you are not in the position of possibly having to deal with repossession of your vehicle. It is reported the repossessions are up over 21%, and this number continues to grow every year as more and more consumers find it harder and harder to make monthly payments on mortgages, cars, student loans and general living expenses in the decreasing economy. Having a general knowledge of auto repossession laws will allow you to direct and support your friends and co-workers that may find themselves in this unfortunate situation.
Some key perspectives and concepts that consumers need to keep in mind with regard to auto repossession laws include:
• Each state has different laws on how repossessions can occur. Some states don't require that the creditor needs to let the borrower know that the car is going to be repossessed, while other states do require this notification.
• The auto repossession laws are designed to protect the lender and the borrower and there are specific rules that each must follow to fulfill their legal requirements. While many people feel that the laws only help the lender, they also protect the borrower from property damage or any types of illegal actions that could potentially be used to attempt to seize the vehicle.
• There are attorneys that specialize in helping consumers that are facing some type of repossession or have had their property repossessed. If someone is worried about repossession, talking to an attorney that works in the area of auto repossession laws can really provide detailed and specific information to help avoid repossession.
• Lenders can work within the auto repossession laws to avoid having to move to actually seizing the car. The more that the borrower or consumer is willing to work with the lender the more likely that some type of repayment plan can be developed. Borrowers that try to hide the vehicle or thwart repossession often have limited options when it comes to negotiating with the lender or car dealership.
• If your creditor or lender has previously accepted late payments on your loan he or she, under auto repossession laws, may not be able to repossess your vehicle. This is because they have previously accepted the change in the payment plan, basically invalidating the original contract. If you know that this has happened, be prepared to show the dates where late payments were accepted.
There are many little details that can occur during the repossession of a vehicle that may make the repossession open for a counter legal action. Talking to an attorney and understanding your rights as a consumer is the first step in ensuring you have been treated correctly through the process.
Repossession News
Irish woman buys back brother's home from bank who repossessed it - IrishCentral
 Irish Times | Irish woman buys back brother's home from bank who repossessed it IrishCentral Orla Mulvey beat the banks this week when she purchased back her brother's repossessed property at an auction for just €76000. Her purchase is now considered to be the first time a family has bought back a repossessed property. Woman buys back brother's repossessed house at auction |
DATA SNAP: UK Property Repossessions Steady, Mortgage Arrears Fall-CML - Wall Street Journal
 Mortgage Introducer | DATA SNAP: UK Property Repossessions Steady, Mortgage Arrears Fall-CML Wall Street Journal By Ainsley Thomson Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The number of property repossessions in the first quarter of 2012 held steady, while the number of people falling behind in their mortgage repayments declined, data from the Council of ... Figures due on repossession numbers Housing minister comments on repossession figures Home repossessions remain steady, says CML |
Councils repossess share scheme homes - Irish Examiner
Councils repossess share scheme homes Irish Examiner By Claire O'Sullivan An increasing number of houses bought with the help of local authorities during the boom are being repossessed in Dublin and Cork, while councils nationwide face mortgage arrears on up to 45% of loans. In Dublin City alone, ... |
Rental repossession leads to $1.1M lawsuit - Jackson Clarion Ledger
Rental repossession leads to $1.1M lawsuit Jackson Clarion Ledger The single mother of four teenagers, however, became delinquent in her monthly lease payments and the appliances were repossessed. But Roddy said she never gave Aaron Rents employees permission to enter her Glen Erin Street home to retrieve the ... |
Expats face elevated repossession risk - Stop-Repossessions.co.uk
Expats face elevated repossession risk Stop-Repossessions.co.uk By Karen Eliot British expatriates living in Spain could be more likely than their Spanish neighbours to face repossession action should they fall behind on mortgage repayments. The Express and Star reports that these individuals are being targeted by ... |
Tampa Bay leads nation in foreclosure filings - Tampabay.com
 ABC News | Tampa Bay leads nation in foreclosure filings Tampabay.com By Mark Puente, Times Staff Writer The number of bay area properties receiving a notice of default, scheduled auction or bank repossession jumped nearly 18 percent from March to April according to a RealtyTrac report released today. Foreclosures Hit a Record Low Realty Trac: foreclosures dropped to lowest level since 2007 Foreclosures Reach 5-Year Low |
Forced home sales on the rise as slowdown bites - The Canberra Times
 The Canberra Times | Forced home sales on the rise as slowdown bites The Canberra Times The number of repossessions of land cases lodged in Victoria's Supreme Court has risen to 1696 in the 10 months to April this year. If the pace is maintained, the tally will reach about 2035 for the 2011-12 year. That total would be the most since ... |
T-Boz Facing Repossession Of 2005 Honda Odyssey - Hip-Hop Wired
 Hip-Hop Wired | T-Boz Facing Repossession Of 2005 Honda Odyssey Hip-Hop Wired In the suit—filed in a Georgia court—Honda asked permission to repossess the vehicle. While the amount which she owes has not been revealed, the fact that the 42-year-old never completed necessary paperwork when filing for bankruptcy protection, ... T-Boz, Honda: Car Company Sues Singer, May Repossess 2005 Vehicle Honda Car Company To T-Boz: "Pay Up Or We're Taking The Car Back!" |