House repossession/car repossession?
Question:which one is worse? what happens when your house gets taken back? what about a car? what is the process for both...I really need to know this! Please help!
Answers:
here's the scoop...actually the auto repo is probably worse, 'cause it goes onto your credit and they still come after you for the outstanding loan amount and can attach wages, and any assets (bank accounts etc)
.
the house foreclosure is different in that financial institution cannot come after you for the outstanding amount owed. They simply foreclose, and sell to recoop their loses.
The Federal Government says after a foreclosure you can own property again after 24 months (if a financial inst will approve you).so if you let your home go, at least keep the rest of your credit in good standing for the next 24 months.
Good luck
it depends on how attached you are to material things...
Stay calm and try and hope for the best
Also,
Dont forget to pray to the God
Both are 10 years on your credit, Both are very bad, Both have amounts due, if the car,or house doesn't get paid for at auction, when you go to get future loans they will bombard you with the same old story about the repose and charge you high interest. there are ways around it, call a lawyer. don't call the "I buy Houses" guy unless you are prepared to give up almost all or any equity. good luck.
My cross the street neighbor lady had her home repossed owing only 16 grand on a 240 thousand dollar home! Basically the bank gave her chance after chance to pay her mortage and she failed so they took it back and took it to auction and auctioned off a 240 grand home for 33 grand! I dont know about cars other then they track down the car and take it back and both go on your credit history for like 7 yrs
Can u file for some type of bankruptcy to try and keep ur house or car?? I've actually never had either taken away but i think they may can take u to court..especially if they are damages to the car and they can't get the money back that is owed!! Do go and talk to who ever is about to repo and maybe u can work something out with them. set up some different kind of payment plan. Personally if i was about to lose my house and car I'd file bankruptcy and they couldn't take either of them.
Car repossession---they come in the dark of night USUALLY and take your car. it goes to an impound lot--where DAILY fees mount for storage... if you want the car back, it will cost you the storage fees PLUS the towing fees PLUS whatever back payments you owe. If you let them KEEP the car... it damages your credit for 10 years, they will sell the car at auction, if OWE $10,000 and they only get $5,000 for the car at auction, you are LEGALLY RESPONSIBLE for the other $5,000.. whatever the car sells for YOU make up the difference so the lending institution gets back all of their money...and they will come after you NO MATTER WHAT YOU DO to avoid them... as long as you have a name and a social security number and a BIRTHDATE, they WILL get ya. For a HOUSE, it's called a FORECLOSURE... it works a little different because you go to COURT for this... the lender will draw up papers to evict after ATTEMPTING to get the mortgage money OWED...all this stuff takes TIME and you could remain in your house more then a YEAR while the process is going on... but, whatever EQUITY you MIGHT have had in the house will be LOST once the foreclosure is final..again, this would look SO bad on your credit and getting another loan for ANYTHING would be pretty impossible for probably 10 YEARS!! Your best bet on the house would be to sell it BEFORE the lender comes to you to get you out...OR have someone else make the mortgage payments for you--but if you are such a bad risk that you are about to lose both your house AND your car... I DOUBT anyone would give you money to help you out of trouble.
If you can afford to make one of the payments, keep the house and let the car go back.
Good Luck.
More Related Questions & Answers...