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Can an appointed assignee keep the vehicle and the repossession company's name from you even though payment has now been received by the lender?
Wiki User
∙ 8y ago
If you were in DEFAULT of the contract when the car was repoed, the car is in possession of the leinholder and NO, they do NOT have to tell you anything except HOW much you must pay to redeem the car. AFTER you pay whatever amount they specify, then they will make the arrangements for you to pick up the car. Read your contract. Look for a clause under the DEFAULT section that goes something like this" Whenever the lender feels that the debtor does NOT have the ability to perform the contractual terms, the lender may demand the entire BALANCE DUE and Payable." Good Luck
Wiki User
∙ 8y ago
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Who is assignee of the patent?
The "assignee" of a patent is the person or legal entity that has received ownership of the patent by an "assignment", i.e., a transfer of "all right, title and interest" from a previous owner having the necessary authority.
Do you receive notification before auto repossession?
You will receive notices that your payments have not been received, making your auto subject to repossession, but you will not receive a date and time of the repossession.
What if your vehicle was repossessed but you never received a repossession letter what do you do?
Repossession letters are not required in every state. In some states, face to face notification of the repossession suffices, and when the driver came to hook up your car, if you had a conversation with him at all (even if it consisted of you yelling "Hey!" and him gesturing to you) you received notice.
Can you repo a car if you have title?
When you purchased the car, you may have received a lien title from the state. This is not a clear title of ownership. The lender in essence still owns the vehicle, at least part of it. It is held in security for the loan. If you are a repossession company or agent, you will be required to have an order of repossession. But, if you are a repossession company or agent, you should already know this.
Can a car repossession be legally challenged after the fact if it can be shown that the overdue payments were received in the mail the day prior to the repossession?
Not unless the borrower can also prove the lender agreed to accept the late payments in lieu of repossession action. Once a contract is in default the lender may take whatever means allowed under the laws of the debtor's state to recover the property and/or debt.
How long does it take to repossess a home?
To answer your question simply, a repossession order will typically be a 60 day repossession order. If however you do not contest the repossession or don't turn up to the hearing it is more likely to be a 30 day repossession order. However, you are not clear if you have even received a notice of intended court action or a court date. There is no hard, fast, rule which states when each lender will start repossession proceedings, they can be after just 1 missed payment - the average is between 2 and 3 missed payments. This answer above has been copy & pasted from http://www.repossession-stoppers.com/answers/how-long-does-a-house-repossession-take.htm which is a UK site So if you are from outside the UK it may be different...
What happens when you default on a car loan?
When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.
Do you still have to pay for a car if you do a voluntary repossession in the state of Virginia?
Yes.. anywhere. When a vehicle gets repossessed (voluntarily or involuntarily) and it isn't reclaimed, the vehicle gets auctioned... the person who took the loan on the vehicle is still responsible for the difference between what was received for the vehicle at auction and what is owed on the balance of the vehicle (plus repossession, storage, and auction fees).
The loan company says they never received your payment and repossessed your car yet there is a bank record of the money transfer what can you do?
Most attorneys love 'wrongful repossession" cases. Call one in your area.
Assignment of Mortgage as Security?
Assignment of Mortgage as Security(Download)This Assignment dated ____________ is between _______________, the Mortgage Holder, of _________________________________ ("Assignor") and ______________ of _______________________ Person Receiving Assignment of Mortgage, of __________________ ("Assignee").Whereas:(A) By a mortgage dated ______________ (“Mortgage"), and recorded on _______with Registration/Recordal Number ___________, Borrower under Mortgage, ____________ ("Mortgagor"), mortgaged the property described the property more fully described in Exhibit 1, in favor of Assignor to secure payment of the principal sum of Original Amount of Indebtedness from Mortgage Borrower to Assignor of $__________ with interest as therein set out upon the terms therein mentioned;(B) There is now owing upon the Mortgage for principal the sum of $_____________ now owing to Assignor together with interest thereon from the date hereof;(C) Assignor has agreed to assign the Mortgage to Assignee as continuing collateral security for payment by Assignor of all indebtedness of Assignor to Assignee;In consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:1. Assignor hereby assigns, transfers and sets over to Assignee Assignor's interest as mortgagee in the Mortgage and also the sum $______________ now owing from Mortgage Borrower to Assignor, together with all monies that may hereafter become due or owing in respect of the Mortgage, the charge upon the Property and the full benefit of all powers and of all covenants contained in the Mortgage, and also the full power and authority to use the name or names of Assignor for enforcing the performance of the covenants and other matters and things contained in the Mortgage, as a general and continuing collateral security for payment of all existing and future indebtedness and liability of Assignor to Assignee wheresoever and howsoever incurred and any ultimate unpaid balance thereof, and as a first and prior claim upon the Mortgage.2. Assignor hereby covenants with Assignee that the Mortgage is a good and valid security and the sum now owing from Mortgage Borrower to Assignor, $_________, is now owing and unpaid and that Assignor has not done or permitted any act, matter or thing whereby the Mortgage has been released or discharged either partly or in its entirety.3. Assignee may collect, realize, sell or otherwise deal with the Assigned Accounts or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to Assignor (except as otherwise required by any applicable law), and may charge on its own behalf and pay to others reasonable sums for expenses incurred and for services rendered (expressly including legal advice and services) in or in connection with collecting, realizing, selling or obtaining payment of the Assigned Accounts and may add the amount of such sums to the indebtedness of Assignor.4. Assignee shall not be liable or accountable for any failure to collect, realize, sell or obtain payment of the Assigned Accounts or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing or obtaining payment of the same or for the purpose of preserving any rights of Assignee, Assignor or any other person, firm or corporation in respect of the same.5. Assignee may grant extensions of time and other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with Mortgagor and the Mortgage without prejudice to the liability of Assignor or Assignee's right to hold and realize this security.6. All moneys collected or received by the Assignor in respect of the Mortgage shall be received as trustee for Assignee and shall be forthwith paid to Assignee.7. All moneys collected or received by Assignee in respect of the Mortgage (whether by virtue of paragraph 6 or otherwise) may be applied on account of such parts of the indebtedness and liability of Assignor as to Assignee seems best or in the discretion of Assignee may be released to Assignor, all without prejudice to Assignee's claims upon Assignor.8. Assignor shall from time to time forthwith on Assignee's request do, make and execute all such further assignments, documents, acts, matters and things as may be required by Assignee of or with respect to the Mortgage as may be required to give effect to these presents, including, but not limited to obtaining waivers and subordinations of interests in the Mortgage from any persons having a prior claim or interest thereto. Assignor hereby constitutes and appoints Assignee the true and lawful attorney of Assignor irrevocable with full power or substitution to do, make and execute all such statements, assignments, documents, acts, matters or things with the right to use the name of Assignor whenever and wherever it may be deemed necessary or expedient.10. The provisions hereof shall inure to the benefit of the successors and assigns of the Assignee and shall be binding upon the respective heirs, executors, administrators, successors and assigns of the Assignor.11. This is the entirety of the agreement between the parties. Any changes must be made in writing and signed by both parties. Any dispute must be brought in the state of ___________________.Date:_______________ ________________Assignor Assignee_______________ ________________Witness WitnessAssignment of Mortgage as SecurityReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a complex document that you would be well advised to seek both financial expertise and legal advice prior to enacting.1. Make multiple copies. Give one to each signatory. Keep one with the transaction file.
Can a lien be put against a home for a vehicle repossession?
Yes. That means in the event you try and sell your home, any monies received from the home their portion is given to them first. YES, IF the lender has a JUDGMENT against you.
How fast doesToyota Finacial reposses a car?
Having located repossessions for Toyota, repossession can occur as soon as one week after default. That is one week after your payment has not been received, the vehicle will be sent for repossession. Additionally, Toyota is one of those lenders who make heavy use of the Driver Resource Network, the system of nationwide camera car spotters for repossessions.
