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What happens to my house if I had two cars voluntarily repossessed?
12th August 2011
Will my house be safe if i’m in debt from credit cards and back taxes?
Posted in: Auction FAQ | | Comments (2)
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no, if you have any equity in your home you will probably lose it. A voluntarily repossession is still considered a repossession unless you gave the bank back the cars worth more than the outstanding loans….Highly unlikely
Comment by justwant2know — August 12, 2011 @ 1:50 am
Credit card and car loan lenders cannot come after your house. They can put a lien on it but they cannot force you to sell it. Only the mortgage holder can. But they can sue you and garnish your wages and attach your bank accounts.
Comment by MadMan — August 12, 2011 @ 1:50 am