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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?
What will happen after my car gets repossessed?
2nd July 2011
I have a 1 year old car that is upside down ,000. I’m still current on the payments but it’s either a large mortgage and food or the car. I have to let it go. SUCKS for my credit but I made a poor decision in buying it, don’t preach (don’t need moral/ethics lessons right now). I do need to know what’s next. Can they garnish wages in California? Or sue me in court? Attach my house? Send Guido with a bat? At this point I don’t care about my credit cause I don’t owe anything on credit cards, I already have a house (no equity though) and I have another car that is paid off. I can live without good credit for another 10 years but I don’t want to get a lawyer.
Chapter 7 Bankruptcy question?
9th June 2011
My husband and I filed a chapter 7 Bankruptcy and had our 341 meeting yesterday. We live in Pennsylvania. As part of the chapter 7, we were planning on reaffirming our mortgage and 1 vehicle loan. Currently we are about 4 months behind on the auto loan. Today, the vehicle was repossessed. It is coming back tomorrow as the finance company went against the rules by not releasing it on the docket or notifying us of the repossession. Our issue is, we are now thinking of including the vehicle in the bankruptcy after all since we are already under water with it, and we have not yet signed a reaffirm notice. My question is, can we get a car loan during an open chapter 7, how should we go about doing so, and is there anything we need to do? I don’t want to jeopardize the bankruptcy while it is open. Help!!!
What To Do When Attending Car Auctions In Michigan
15th October 2010
A lot of people think that it is very practical if you are going to attend some car auctions in Michigan. And for a lot of residents, this is certainly a very practical way so that you can purchase your own automobiles. A lot of people already benefited through it so it is a good idea if you will try it pout too.
Actually, it is already expected that there are a lot of car auctions in Michigan. Being the eighth most populous state in the United States, it is expected that it has one of the busiest highways and most number of drivers and passengers. But if you do not know where you can find these kinds of events, then it will do you good if you are going to search through your local papers or the Web.
It is really a good idea if you are planning to attend these kinds of events. But before you actually join these car auctions in Michigan, it is necessary that you also consider a few things. First of all, it is very important that you have an idea as to where these units came from. Actually, most of these are repossessed by the various financial companies as they served as collateral for some loan or mortgage. There are also those that were confiscated by the police.
And because of this, you can really expect that they ate very affordable. As a matter of fact, if you are going to assess their prices, they are about 80 to 90 percent cheaper than their counterparts in the regular dealerships.
Nevertheless, it will still do you good if you are going to make sure that you will get a good bargain. And in order for you to do so, you should know your financial limitations so that you can draft a budget. It is also a good idea if you are going to learn how to bid effectively.
As much as possible, you should also be cetin that you will get a warranty from these units. This is necessary if you want to get what you have paid for.
Also, you might wan to consider asking for the help of some agent or mechanic. These people are professionals with these kinds of things and it is really a good idea if you will bring them in these car auctions in Michigan.
With the help of these tips, you should no longer have a problem when attending these car auctions in Michigan.
Learn more from seized car auction reviews such as where to find cheap public car auctions near your home. Also, read another article on seized car auctions.
issue about repossessed car,can you help?
18th July 2010
about 8 yrs ago my wife bought me a new car.not long after that we went through some serious issues.she went to jail and when i started paying the bills,i found out how much the car payment was and that she didn’t buy the car herself.she forged my name on the paperwork with hers which means we both bought the car.now i wasn’t happy about that.on top of she lied to me about how much the car payment was.meaning i would never of even thought about buying the car knowing how much the payments would have been.anyways i let the bank take the car back because i couldn’t afford the car and the mortgage.well when my wife got out of jail we went to divorce court and even with her record,she got the house and everything else.well not to long after the she filed for bankruptcy and eventually lost the house.now 6 yrs later the bank is calling me demanding money owed on the car.i told them to call the ex.they said she was clear because of the bankruptcy.i said no way she lost.on top of i told them i never even signed for the car,the ex forged my name and told me she bought it on her own and i would take a lie detector test in court if needed.so what do you think would happen?should the ex be reliable for the car?even though the lied and told me she bought it?she handled all bills and i didn’t find out about the forgery til after she went to jail.




