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Can a bank repossess my car if I'm current on payments but default on a HELOC through the same bank? ?
27th July 2011
I had a home equity line of credit (refinanced 2nd mortgage into it) on a home that is way upside down. About 3 yrs after I did the HELOC, I purchased a car and financed through same credit union as my heloc. No funds from the heloc were used for the purchase of the car. My home got foreclosed on so I stopped payimg on the heloc also. I have been current on my payments for the car and have never been late and a repo guy showed up at my house with a repo order from my credit union saying it was collateral… it was not collateral and the only thing it has in common is it was through the same credit union as the heloc and it all comes out of my checking account with them. Is this even legal since I have fulfilled all the requirements as per the loan docs state for the auto? What do I do now?
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No, this is illegal. You cannot seize assets that were not used tocollateralize a loan nor can you seize property that all payments are current on.
I would send a certified letter to the NCUA (website link below) with a certied mail copy to the president of the credit union. NCUA is the federal regulator for credit unions. State in your letter that the credit union is trying to repo a car that is current in retaliation for default on an unrelated debt.
BTW-the only way they can get a deficiency judgement is through a court order. Even if they get a judgement to pay any money back on the HELOC they still can’t seize your car, they may be able to garnish money in your checking or savings but the car IS NEVER going to be part of the remedy for the mortgage
Comment by liveinmd — July 27, 2011 @ 11:26 am
Have the credit union PROVE the car was collateral. If they cannot, then they are just using scare tactics.
Comment by Ryan M — July 27, 2011 @ 11:26 am