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What Happens When Your Car Is Repossessed?
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If a house is repossessed without advanced written notice, the owner has 15 days in which to buy back the house by paying the payments owed. If the notice followed proper procedure, you can still get your property back but only if you and the lender agreed to the same arrangement. This may require you to refinance the entire property immediately to pay off the old debt. It is in your best interest to contact an attorney to help you through this process so you know exactly what your rights are and if they are being violated. The lender must either sue you for the money or sell the house, they cannot do both.
1 Additional Answer
After a house is repossessed it is sold to pay off the mortgage by auction or traditional estate agent. The price is most often less than the market value. If the sale doesnt raise enough to pay off the mortgage then one is legally obliged to pay the difference but if there is surplus then one should receive it.
Q&A Related to "What Happens When Your Car Is Repossessed?"
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Foreclosure proceedings begin in earnest when you reach 150 days late on your mortgage payments, according to Loan Safe. The bank or other lending institution who holds your mortgage
http://www.ehow.com/info_7736394_happens-house-rep...
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Most mortgage-type loans given to borrowers by lenders contain a foreclosure or repossession clause. Sometimes, the repossession can be as simple as a lender declaring a borrower
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When a car is repossessed it is because the person who had the car stop making their monthly payments, which cause the finance company to collect the pass due amount. When a car is
http://answers.ask.com/Business/Finance/what_happe...
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If you miss, or just no longer pay for your car, it will get repossessed. You may be able to work out an arrangement with the company but you may have to pay quite a bit of money
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Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral (finance) or rented or leased in a transaction. Repossession...
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The property will be sold to pay off the mortgage. This is achieved by auction or traditional estate agent. ...
If a house is repossessed without advanced written notice, the owner has 15 days in which to buy back the house by paying the payments owed. If the notice followed ...
When your house is sold and repossessed , its normally taken off from the mortgage lender and put up for sale. ...