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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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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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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10 years ago I bought a mobile home for 49,000. I lived there with my daughter for 7 years. 3 years ago, I married a wonderful man, and moved into his home. For the last 3 years, I have rented my mobile home to deadbeat tenants, who refuse to pay, and racked up many attorneys fees filing for evictions and garnishments. The entire time I was trying to sell the house, but the bank said I still owed 50K, and no one wanted to pay more than 30K. 6 months ago, my husband and I built a house, sold his home. We have since had 2 children, with another on the way, and neither his old home or the mobile was big enough for our growing family. After completely exhausting our savings trying to keep current on the mobile, and being unable to find anyone who would buy the house for an amount the bank would accept, it was finally repossessed. They say I still owe $60,000, and whatever they can’t get in auction I will still owe. I know they won’t get this, and I don’t have it…what now?
I am not currently employed.
The MH has already been repossessed. I have always made my payments by the 15th of the month, which was my due date. They said that even though the statement said the payment was due on the 15th, late on the 20th, that unless I was paying it by the 1st every month, the payment would not cover the interest. Interest rate was 14%. With the exception of the new house, I own nothing. I don’t work, and we have used my husbands name and credit for everything. Since I bought the house several years before I met him, his name is not on it. 3 years of deadbeat tenants is not one set of tenants, and we built the new house and moved in before selling either house. His house sold, and we barely broke even, mine didn’t, and it was repossessed. The MH was recently appraised at $25K.

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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Me and my husband financed a new car in 2007, at the time I was working and so was my husband, and we were able to afford the payments for about 6-7 months then I lost my job, and my husband was paying the note but began to struggle, and we put a couple payments on the the rear. Well the car eventually got repossessed, and we could not afford to get the car back with all of the fees and everything. They sold the car at the auction for like $10,000, now we have a balance of a little over $18,000, and I am still not working, but should be within the next 2 months, and my husband only makes $1800 a month. My question is should we file for bankruptcy, b/c we will never be able to pay off that much money in the 7 years it will be on our credit report. We actually got the loan from the dealers finance company and not from the bank, if that makes any difference, which I doubt. Any advise as to what I should do. My credit report really does not bother me that much as I am not trying to buy a house within the next 10 years. I can always buy a car, just not brand new.
@doctor deth, if you read what I wrote you would understand what I said. 1st of all, I CAN buy a used car on the street, or a car lot, NOT through financing,but buy saving up for it. 2nd I said I was NOT trying to buy a house within the next 10 years. I already have 4 older model vehicles, but I wanted a newer vehicle for going out of town on vacation.

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Here is the situation. My boyfriend is about to buy a house, we will be signing the papers sometime this week. He has a $406.00 a month truck payment. needless to say, that money going toward the truck will need to be used for the house payment. now- he is going to sign for the house, and right after, get a voluntary repossession on the truck. when he does this, the truck goes to auction, correct? and after the auction, he will need to pay the balance that is left, right? Now the main question is… how does he go about paying off the remaining balance on the truck? does he still have to make the 406 dollar a month payment until the balance is payed off?! OR is there a special credit card that he can get beforehand ( to make sure he has a good intrist rate before his credit goes down the drain due to the repossession) that he can put the balance on, and make smaller monthly payments?!?!?! someone with actual knowledge or experience in this situation PLEASE HELP! =(…. THANKS!

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