What happens if you hide the vehicle that is to be repossessed?
That IS stealing--and they will stay on the person who borrowed the money for it, hounding him day and night and anyone who knows him...friends, aquaintances, parents...until they give up who has it or where it is...they have ways of finding it. It really just looks bad on your part. Justdo the right thing and take it to the parking lot of the place that holds the loan on it and leave it..drop the keys in the payment window. You will have a clear conscience.
Anyone had a car repossed by navy federal credit union?
i have not paid my car payment since oct 2009( on purpose) it is broke down and the costs to fix it will be more than what the car is worth. anyways, i notified navy fed of the situation, and they pretty much told me to try to sell it-so i did, but the offer i got for the car was not good enough for navy federal and they told me that the total balance has to be paid off before they can release the title (which is over 10 grand) noone is gonna pay 10 grand for that car! i was fortunue enough to get another car through a family member, however, navy fed told me that they WOULD not pick up the car because it is inoperate (when i tried to voluntarily release the vehicle back to them in november 09), i am trying to go into a debt management program, but i can not include this car loan as long as the title is on it. anyways, i WANT them to get the car so i can get this loan unsecured so i can begin to take care of my debts BUT they still have not come and got the car. they called last month and said that their 'agent' will be contacting me for the repossession of my car. noone ever called. the other day, got the same phone call again, so i called them back and ASKED for the agent's number so i could contact him and let him know where the car is. of course this was a message i left and no one has called me back. i dont know whats going on.,the car is parked behind an old pizza joint that is abandoned. it does not have tags or plates on it. they keys are in the car. i had given them the address of the location of the car previously, and they keep making threats that they are gonna come get the car, but its still there!! has anyone had a car repossessed by navy fed?? how long did it take? does anyone know why they keep making threats to take my car and still havent done it?
Is it legal to destroy something before its repossessed?
I don't own a house or a car that's being repossessed or anything but I would imagine this would happen a lot if someone was angry about having they're possessions repossessed. Is it legal?
What is "Foreclosure"?
Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.