In the states of Nevada and Arizona, if a home is repossessed, will the bank go after your money in order to make up for the loss of a short sale? What effects will it have?
In June I signed a contract with my then boyfriend, lending him $2000 to buy a motorcycle. He never paid, then left me (3 weeks from having our daughter) and said that he didn’t want the bike anymore. The title is in his name with me as the lienholder. He brought the bike to my house about 2 weeks ago to sit until he paid me for it, but that night when I came home I found the bike in the yard on it’s side, the clutch bent and the handlebar broken off. When I confronted him about it, he said that he didn’t know what happened to it, and when I asked about his insurance covering it (he had full coverage) he informed me that he had canceled it the night he brought the bike over. It is still in his name, but totaled and sitting in my garage. He wants to sign the repossession papers back over to me, but then I’m left with a broken motorcycle and without the $2000 that I was counting on to help out with the new baby. Is there anything I can do to get any of the money or somehow not be stuck with a broken motorcycle? Like I said, the title is still in his name, he hasn’t signed any repossession papers yet and frankly, I don’t want to be stuck with the bike.
The license office advised me to file respossession papers, which we would both have to sign, and would get his name off of the title as the owner. I don’t know whether to do that or try to get the money for the bike.
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).
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!!!
I’ve just got a letter telling me the date of a possession hearing. Very complicated situation basically. I am a carer for my mother (shes autistic) and i am 19. I was named as the tenant of where we are currently living last year (although i am now unsure how this could have happened because i was full time at college and had no income whatsoever, not from a job or benefits). My mum claims Disabilty Living Allowance and Income support i think.
Then we are supposed to get housing benefit and because i was put as the named tenant this also had to be put into my name. I’m really confused as to why but basically this was stopped some time ago, i tried to sort it out (at the time i had a care worker who was helping me deal with money and house matters as i had-and still have-no clue, but she recently ended our contract which i am also unsure about).
Anyway i thought the housing benefit was sorted, apparently it was not, so we are in arrears with rent and ALSO the housing benefit people are saying they overpaid “me”. I think this is because my mother was not getting child tax for me?? Which i have since been told she could claim and if she did this would cancel out the “overpayment”.
I am feeling completely stressed at the moment. I cant go and tell my mum about the possesion hearing i have just found out about because she will completely freak out, seriously it is just not an option. I dont have anyone to help me with this or tell me what to do.
To be honest i’m not even sure what a possesion order is, i THINK its when they evict us but surely that would be REpossession?? Will they come and take our belongings?? Because we have nothing of value really and i dont think we can afford to pay back this arrears either.
I really need some help/advice pleease.
Thanks.
Also i’ve been told i will get a bad credit rating if all this goes ahead (although i may be wrong, i might already have one). I really want to avoid this, i just feel its a bit unfair when it’s not technically MY debt, i have tried to many times to sort things with them but *I* am not the one in control of the money so i dont see what i can do when my mum believes we should not have to pay. Its easy for her to say that when its not her name getting damaged! >:(
Sorry. Stresssseeeedddd……….
My husband and I are planning to buy a house. We have a motorcycle that is basically breaking us money wise. Without this payment, we would be able to afford a mortgage.
What I’m trying to find out is, if he lets the bike get repossessed, how will this not only effect his otherwise perfect credit rating, but our ability to purchase a home within the next 6 months.
We can’t sell it because we owe more on the bike than we would get in a sale.
Any thoughts are MUCH appreciated. Thanks everyone. 
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.
I only know the basics of this because I get contacted by the collector! My daughter & husband are about 3-4 payments behind on 2 cars through Honda Finance. We offered my daughter the money to catch up on the lesser car payment & for them to turn back the other car (i think one car is $550 and the other is $250/mth) & give her another $1000 to buy a used cheap car. She refused our offer & is trying to come up with (I will guess) $2400+ & then, they think, be caught up. We are getting calls from an investigator (I will guess a repo place) asking about my daughter. We finally have stopped answering the phone. Today, someone came to our house (my daughter lives in another state) & gave some stupid excuse looking for her. Based on past phone calls, we knew better. Can the creditor keep bothering us – hoping my daughter will be here one day. I already know my daughter is dumb and I shouldnt have to put up with this, but can the collection company keep doing this to us?
I am not a co-signer. We don’t see my daughter. My daughter is in possession of the cars, not me. They identified themselves as “independent party, trying to get ‘my daughter’ to sign a petition for a * court judge”. I am a paralegal in this county – I know all judges running for office. When I asked to see the petition, they said “NO”, got in their cars and left. When I tried to get their license plate no. they pulled out of my driveway real fast. I know what my daughter is doing is wrong – I have offered our help – she refused … do I have to be continued to be harassed from the collection/repo companies?
Hey Everybody,
I have a complexed situation but, not uncommon.
My father passed this year in June. So, My 2 sisters and I got a lot to lose ends past down to us. like his house, car and so on. Well… making a long story short one of my sisters took the car down south because she wanted it. We can’t find her. I know that she is living with her mother and she is still there in the house. So i gave the bank her phone number and address. Can me and my other sister be liable or owe money on this car? even if we are not on the loan? Can i be responsible if im the executrix of the estate? Im not in his will even though iam his daughter. Would that mean anything also? since the other 2 sisters are list.
would like to hear from someone that either went threw this situation or has some knowledge about the law as far as this.
Thanks a lot.
