What happens to my house after voluntary repossession?

What happens to my house after voluntary repossession?

After you go through voluntary repossession your mortgage lender will start the process of selling your home. If there is no buyer readily available it will normally be sold at a property auction.

What are the benefits of a voluntary Repo?

The primary benefit of a voluntary repossession is that the costs associated with the process tend to be significantly less than those associated with a forced repossession, which could save you a lot of money as you work to pay off the remaining balance of the debt.

How long does it take to recover a repossession debt?

If the court made a money judgement at the repossession hearing the lender can take steps to enforce this. The lender has 12 years to start any legal action to recover the debt if the court did not make a money judgement.

What happens to the mortgage shortfall after a repossession?

The insurance company makes a payout to your lender to cover the shortfall. The insurer will probably ask you to repay them. If the court made a money judgement at the repossession hearing the lender can take steps to enforce this. The lender has 12 years to start any legal action to recover the debt if the court did not make a money judgement.

After you go through voluntary repossession your mortgage lender will start the process of selling your home. If there is no buyer readily available it will normally be sold at a property auction.

The primary benefit of a voluntary repossession is that the costs associated with the process tend to be significantly less than those associated with a forced repossession, which could save you a lot of money as you work to pay off the remaining balance of the debt.

Can a lender collect a deficiency after a Reposession?

In most states, the lender can try to collect the deficiency from you. Some states restrict the lender’s ability to collect a deficiency under certain circumstances. Those circumstances rarely apply in car repossession cases, though.

Do you have to pay the balance on a repossession?

In most cases, you are not legally required to sign any document agreeing to pay the remaining balance of the auto loan after repossession.