I want to trade up and will put a 5% down on the repo home, but they need to take my current home for its loan amt. Is it possible?
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.
I have missed about 5 payments on my autoloan and the bank has “charged-off” my account and according to them, the account is dead. Also according to the bank, I am a Maryland resident so I have one last chance to make the account ACTIVE/CURRENT if I pay them all the payments that are overdue. But it looks like they have changed the terms an conditions e.g. I cannot make a payment over the phone or by check. I have to wire them the amount every month. I am not getting a straight answer from them as well and the representatives I am talking to are acting like as if I have borrowed the money from the representative and they are extremely furious at me. The account manager keeps on saying one thing “I want 2577.00 by April 30th” and I have been telling her that I can pay $2000 right now and when I get my paycheck on May 1st, I will wire the rest of the money, is that acceptable? and the answer I get is “Your car will be repossessed”. This makes me think that they have made up their mind and they will repossess it anyway and the reason why I am not getting a straight answer from them is because they just want to get as much out of me as possible before they repossess.
Also according to the statement they sent me in Feb 09, I owed them 700 dollars (payment = $350/mo). The backdue amount does not exceed $2000 but they are demanding $2577. Upon asking, the answer that I got was “Thats what you owe!!” and no further explanation was given.
The reason for avoiding these people for 5 straight months was because I was dealing with a lot of financial issues for the past two years and everytime I have tried working with them, I have just heard threats of repossession and they have always managed to get payments out of me by threats (they should since I promised to pay back the loan, its their right). This time I am in a better situation because I have paid off my all other much more serious obligations and this car loan is the only loan left and because of this I was hoping that I can work it out but when I called them I was informed that the account has been charged-off and a tow truck could be at my house any minute.
Can anyone shed some light on it? should I forget about this car and let it be repossessed? because it looks to me that the threat of repossession is going to be there even if I make regular payments.
The amount due at this time is $2577 and I must pay it by April 30th. On May 1st, another $350 will be due and the tow truck will be on its way. My payments used to be due on the 20th of each month.
LogicBoy, I know what you saying but a straight answer from the bank would help me in making the decision with more confidence. They are telling me that I can save my car if I catch up on payments but they cannot guarantee it.
This makes me think that either they are:
“Just threatening me” OR
“They will repossess the car but they want to get some money out of me before they repo it and they are trying to get more money by giving me false hopes”
I have missed about 5 payments on my autoloan and the bank has “charged-off” my account and according to them, the account is dead. Also according to the bank, I am a Maryland resident so I have one last chance to make the account ACTIVE/CURRENT if I pay them all the payments that are overdue. But it looks like they have changed the terms an conditions e.g. I cannot make a payment over the phone or by check. I have to wire them the amount every month. I am not getting a straight answer from them as well and the representatives I am talking to are acting like as if I have borrowed the money from the representative and they are extremely furious at me. The account manager keeps on saying one thing “I want 2577.00 by April 30th” and I have been telling her that I can pay $2000 right now and when I get my paycheck on May 1st, I will wire the rest of the money, is that acceptable? and the answer I get is “Your car will be repossessed”. This makes me think that they have made up their mind and they will repossess it anyway and the reason why I am not getting a straight answer from them is because they just want to get as much out of me as possible before they repossess.
Also according to the statement they sent me in Feb 09, I owed them 700 dollars (payment = $350/mo). The backdue amount does not exceed $2000 but they are demanding $2577. Upon asking, the answer that I got was “Thats what you owe!!” and no further explanation was given.
The reason for avoiding these people for 5 straight months was because I was dealing with a lot of financial issues for the past two years and everytime I have tried working with them, I have just heard threats of repossession and they have always managed to get payments out of me by threats (they should since I promised to pay back the loan, its their right). This time I am in a better situation because I have paid off my all other much more serious obligations and this car loan is the only loan left and because of this I was hoping that I can work it out but when I called them I was informed that the account has been charged-off and a tow truck could be at my house any minute.
Can anyone shed some light on it? should I forget about this car and let it be repossessed? because it looks to me that the threat of repossession is going to be there even if I make regular payments.
The amount due at this time is $2577 and I must pay it by April 30th. On May 1st, another $350 will be due and the tow truck will be on its way. My payments used to be due on the 20th of each month.
the autoloan was provided to me by Citi (Citi Financial Auto).
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.
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.
We have been waiting for over 30 days for an answer on a short sale property offer we made on a house that the current owner will abandon as part of filing Chapter 11bankrutpcy. The bank (Homecomings Financial) has been totally unresponsive whenever our Realtor makes contact with them–their consistent reply is: “we don’t know when it will be approved, it can take 30-60 days and sometimes 90″.
The basic question is: what are they doing? The only explanation is that our file is sitting somewhere on someone’s desk waiting to be worked. It baffles me that in light of the escalation of defaults and foreclosures in the market that lenders are caught unprepared to quickly evaluate short sale offers that, relative to entering foreclosure or repossession and resale (REO) of the home, could save them tens if not hundreds of thousands of dollars. We are about to give up as we won’t be able to sell our home quickly enough before the fall slow down if we don’t get a decision soon.
