What are repossessions?
A repossession, or repo as it is sometimes known, is the legal process by which a lender or other party may take possession of your personal or real property, usually because you have not paid your loans on the property.
Your Repossession Rights
Often times, secured creditors can repossess your property without a court order as long as there is no "breach of the peace." Simply, a creditor cannot do something outside of court that will likely produce violence or to provoke others to break the peace. If the creditor breaches the peace, you can ask the creditor to stop and leave, but if they refuse, you should contact the police, explain the situation, and ask for an officer to come out to "keep the peace." You may not use or threaten to use force to stop the repossession.
How do repossessions work?
When you sign secured loans or rental agreements, there is usually a clause in the agreement that states what assets or property are being kept as collateral. For example, on a mortgage, your home is usually kept as collateral. As long as you honor the terms of the agreement; for example, by continuing to pay the agreed-upon payments, you get to keep the collateral. Once you pay off your loan and honor your contract to the end, the collateral is yours to keep. However, if during the terms of your agreement you do not make your payments and fall into arrears, the lender (or another party hired by the lender) has a right to take over the collateral and even sell it to get back the money owed.
Why does repossession take place?
Repossessions often occur when an agreement is broken because of non-payment. Many times, the repossession occurs when someone takes on too many debts and then suddenly faces some financial crisis. A crisis problem (usually divorce, unemployment, or illness) that leaves them unable to pay their debts on time. If the situation is simply ignored, as it all too often is, the months slip by until the lender is in a legal position to repossess the property.
What can I do to avoid repossession?
As soon as you fall behind, talk to your lender or possibly other lenders. No one really wants to repossess because the process is as much of a hassle for the creditor as it is for you. The lender may be willing to give you more time to repay your loan or may be willing to offer you more affordable terms. Investors may also be willing to buy your property from you so that you can repay the lender and start out fresh, which may be an option for you.
Looking for a repossessions investigator?
Although many repossessions take place with no involvement from anyone but the lender and debtor, there are reasons why you may want to get a private investigator involved if you are threatened with repossession. Some repossessions take place because of identity theft. If this is the case for you, a qualified private investigator can help uncover evidence of fraud and can help you save your property.
Additionally, if you think that a lender is not upholding their part in an agreement, a private investigator can help you by running a company investigation that can help you make your claim.
Use the search utility on the top of this page or select from a state below to find an investigator.
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