Mar
05
Does anyone know repossession laws or rules?
By
Someone recently told me that if you at least attempt to make payment on loans or debts that the items can’t be repossessed is this true? Like if you make partial payments on a house or auto loan can they take the property?
I’m not sure if this person is correct and I am not having luck with research. It’s just informational more than anything to see if this person is telling the truth.
Real Estate Professionals
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2 Comments
March 6th, 2010 at 12:03 pm
most lenders if not all will not even accept partial payments on a note so yes they can repo or foreclose as you have not honored your contract
March 9th, 2010 at 4:53 pm
The old “good faith” payment is an urban legend. Creditors do not have to accept less than the contractual payment.
If you are having financial problems, contact the lender and see if you can work something out. Sometimes car lenders will allow you to pay interest only and slip a payment to the end.