Welcome to Repossession Guide
Repossession Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Legal Issues In Repossession
from:There are many different legal issues which individuals that have repossession businesses or individuals that are facing the possibility of having something repossessed need to be aware of. Each state has individual and different repossession laws, so it is important to be aware of what can and cannot happen with regards to repossession.
Basically any type of repossession occurs when someone owes money on a tangible item and the borrower has defaulted on the payment. These types of repossessions can occur because the borrower actually has a form of a secured loan with the item itself being used as collateral. Since this is a form of a loan, the purchaser who is also the borrower, really is not the owner of the item until the loan for the item is paid in full. The lender actually, in legal terms, continues to be the owner until the note is paid off in full. This allows the lender (with right of ownership) to take the property back without having to go through the court to get a judgment against the party with the right of possession.
Usually most companies that offer equipment, vehicles and other large items don't actually do the repossession, rather they hire a specialized company to go out and collect the property. Even in states where repossessions can be done through these companies, there are still legal precedents that limit or structure the ways and means that the company can use to get the property back. In most states the following legal issues are in place regarding the repossession process:
• The borrower must be made aware that the loan is outstanding and must be informed in the original loan agreement that default on the loan of a specific number of payments will result in repossession action by the lender.
• The individuals completing the repossession cannot commit any illegal acts or cause a breach of the peace in regards to obtaining the item. They cannot break into a house, garage or property that is secured to obtain the item.
• The company or agent cannot damage anything to obtain the item. This means they cannot pull items out of a house and put a hole in the wall or the kitchen cabinets or otherwise damage the property while removing a stove.
• The creditor or the repossession agents cannot threaten to or actually remove any property other than the item you owe money on. This means that they cannot, for example, take a boat that may be on a trailer that is attached to a truck that is being repossessed.
In the United States if a repossession company breaches any of these laws the repossession can be overturned through a court of law and the individual can also be awarded damages.
Repossession News
Repossession ban does not solve problem - Irish Independent
 Insideireland.ie | Repossession ban does not solve problem Irish Independent THE Government and the banks are fast realising that just because you put a cap on repossessions doesn't mean you put a cap on mortgage arrears. ... One in 20 mortgages now in arrears - up almost 40 per cent in one year Increase in mortgage arrears |
July had second highest bank repossession on homes - Examiner.com
 CBC.ca | July had second highest bank repossession on homes Examiner.com According to RealtyTrac, July had the second highest rate of repossessed homes. It is expected that more than 1 million homes will be repossessed this year ... Miss. being spared brunt of foreclosure crisis US banks seizing homes at record levels Florida foreclosure levels still high, but new filings ease |
Government transfers cash to Malév, preventing aircraft repossessions - Realdeal.hu
Government transfers cash to Malév, preventing aircraft repossessions Realdeal.hu By MTI-ECONEWS The government has transferred HUF 5.7bn to national carrier Malev to prevent the repossession of some of its aircraft by a US leasing ... |
U.K. Repossessed Home-Owners Doing It For Themselves - Wall Street Journal (blog)
 TopNews Singapore (press release) | U.K. Repossessed Home-Owners Doing It For Themselves Wall Street Journal (blog) The number of residential properties that were repossessed by lenders in the UK between April and June fell to the lowest level since ... Repossessions fall further in UK House repossessions fall for third quarter running Simon Read: We must do more to stop the misery of repossession |
Home Owners In Danger Of More Repossession - Quick Cash for Properties (blog)
Home Owners In Danger Of More Repossession Quick Cash for Properties (blog) Yet another worry over increasing house repossessions was expressed by Mr. Hargeaves, the co-founder of Financial Adviser Hargreaves. ... |