House Repossession Help

I had a mobile home repo’d in 2001. I was never contacted by the company for the difference after the sale at auction. So I never worried about it. I’ve since found out the dept was sold to a collection agency after the auction. Again, no attempts to collect for 5 years. Now I get a letter saying pay in full or legal action will be taken. How does the statue of limitations work with this? Does the statue start at the time of the default on the loan, or at the time of the sale of the dept to the new company? The original creditor is not reporting to the credit bureaus, but the collection agency is? I live in Illinois, and the statue is different for contracts vs. collections? Does the signed contract for the mobile home purchase still stand, even though it’s with an entirely differnt company now?

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I know a repossession has a negative affect on your credit score, but can you request a lesser penalty on your credit report from the credit union? I just learned about charge-offs, is that better or worse on your credit score than a repossession? My boyfriend got a repossession recently and we are going to work to build up his credit in the next couple years so we can get married and hopefully purchase a house or condo. What would be the best way to raise his score in the next 18-24 months. I know the repossession will probably be on his credit for at least 5 years but is there anything we can do to better our chances to get qualified for home loan?

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I know I’m going to get a lot of flack for this. So here goes. High interest rates are given to people with bad credit or no credit. Or not enough credit. I understand the risk with bad credit. Why such high rates with the no credit or not enough credit? The banks shouldn’t be surprised if some of these accounts result in default. People get into trouble when their interest rate is so high. Then they lose their cars and their houses. Doesn’t it make more sense to give these people a lower interest rate to begin with? I realize it is a business and not a charity. If they are going to default. It doesn’t matter what the interest rate is. A low interest rate is better than losing any profits from a repossession or foreclosure.

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I do not have a house to get a home equity loan. I don’t know WHAT to do! What can I do? Who can I call to prevent me and my baby from walking and making my poor credit even worse? PLEASE HELP!

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My husband’s car was repossessed six years ago. It has since passed the SOL and it will fall off his credit report in one year. Mistakenly he may have reset the SOL by talking to the collection agency and acknowledging the debt. Maryland law is a little confusing in regards to resetting SOL. When his car was repossessed he owed the original creditor about $7000 the balance has now gone up to $39000. We REFUSE to pay that amount on a repossession. They were willing to settle for $13000 which still seems like a lot for a old debt. My questions are, Did he rest the SOL by acknowledged debt, we have not sent off any payment or put anything in writing all communication has been over the phone? Since this is the only thing on his credit should he settle in order to buy a house now? Or should we play the waiting game and wait a year for it to fall off his credit report before buying a house? The main motivation in buying a house now is that the market is good for buyers and we have the money now to buy a house. Any answers would be helpful.
Good Advice so far and to Cat Dad it seems that sometimes during the day are more active than others. So that is why I asked the question again, hoping to get more responses. I really don’t see the problem with wanting to reach more people for more advice : )
Just because I repost does not mean you have to REspond. But Thanks!!!

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I need to find out a way to work on drastically improving my credit. I really made a bad decision to get a vehicle about 2 years ago that ended up in a repossession. Along the way of struggling to make the car payment, alot of bills got sent to collections. I paid off my first vehicle, which i used to trade in for a truck because of mechanical issues.
Bottom line is by getting the truck, i miscalcultated the dept/income ratio.
my credit score is very poor. I beleive i owe around 8-9K for the truck still.
I am making payments to everything that is current. I have learned a lesson that you have to earn respect to get a good loan.
However, I want to consolidate all my collections (2 credit cards, 1 personal loan, 1 cell phone, 1 truck repossession) Is there a good company out there that i can talk to? I am military, so i want to clear this up within 5 years cause i want to eventually get a house. I have a respectable job and have held it for a little over 5 years. Thanks!

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I had my loan set up on auto debit. My house was broken into and though everything forgot to call and switch my account info with my bank. My truck is now in repossession (or the letter said I had until 4 days ago to bring it current). I called they day it was due and asked to send cash via Western Union (so the payment would post faster) and the lady said you need to make it by phone. I called by that evening to do a check by phone (the first lady said call before 9pm) and when I did she said I could only pay for it via Western Union! I explained at this point that it was 8:00pm and that they bank was closed to get cash and send and that I was simply doing what the first lady had asked (paying via phone). She told me that it HAD to be paid by 9pm and that is the only option I had. I called back the next morning and explained the situation and the lady promised to call me back and didn’t. I have all the Western Union information and have the cash to bring the loan current and could send next months payment as well. My question is, if I send it though Western Union (though bill pay) so that the account is current will that stop the repossession? I don’t want to send $3,000 cash and still have the car repossessed tomorrow. In that case I’d rather keep the cash and work it out. I’m thinking that if I send it Western Union and then it posts to my account they can’t still take my car correct and how can they refuse the payment if I pay cash at West Union? Please advise. I’d like to take care of this and send if off today.

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In 2002 a family member had a auto accident (their fault) and was in a bad financial state. She came to me for assistance because she needed a co-signer. When we went to the dealer co-signing wasn’t good enough because even with my signing her credit was so messed up that her interest rate was through the roof. So I decided to sign as the primary and not use her on the loan. Well fast forward about 1 year, I decide to join the US Army and while in basic training I find out that the vehicle will be repo’d and that she had missed three consecutive payments. So I tried to fix the situation the best I could over the phone however due to my circumstance at the time I wasn’t in a position to clear the issue up as I really wanted. So I phoned a friend who went to her house and picked up the car. He then took the car to the bank, basically a voluntary repossession to avoid any additional charges. The vehicle was sold at auction and after about 6 months the loan showed charge off on my credit report. I have attempted to collect the difference ($6,052) from her but have had no such luck. It’s my understanding that it will disappear from my credit report in approx. 7 1/2 years after the repossession. My question is am I required to pay the balance for it to disappear or will it just go away. The particular financial institution has made no attempt to contact me and according to my credit report it was turned into collections. However on another portion of my credit report it shows no accounts have been turned into collections. I am very confused by this and wish for this situation to leave my life. Should I dispute this or will I be opening a pandoras box?

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about a year ago, i purchased a bike loan for 15000 for my friend. i purchased it for him because i had very good credit. he agreed to pay the loan and switched the payment to his house address. he paid some payments but stopped paying in september. now the bike has been repossessed. he did not tell me about it. but i was not notified at all on my address that i had given when i had signed the contract with the bike creditor bank. i recently found out when my credit limit on a credit card was lowered and they sent me a letter. but nothing was sent to me by the bank that i had the loan from. is there any way to fix this problem or dispute with creditor or anything. any suggestions

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Basically: (before she met me) she bought a used car, it was a lemon. Didn’t have the money to repair it and it got impounded. Didn’t have the money to pay the impound fees, so the lender or whoever told her to let them auction it. However, she still had the pay the remaining balance, it was a bad deal, and she thought she was being responsible but it ruined her credit. That was in mid 2004.

Problem now is she has a red flag for 7 years. Everything else on credit report is fine, she could probably get 700+ score with a little work – but the repo will affect our ability to get a mortgage in a couple years when the house prices drop more and we decide to move. What can we do? She can’t dispute that it happened, but we need to remove it somehow.

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