What is a voluntary repossession of a house?

Voluntary repossession is when you choose to leave your home and hand it to your mortgagor in consideration for what you owe. Once you sign over the ownership of your home to your lender, they will sell the property to recover what you owe on the mortgage. The proceeds will then go to paying off your debts.

What is a voluntary mortgage payment?

A voluntary lien is a claim that one person has over the property of another as security for the payment of a debt. A voluntary lien is contractual or consensual, meaning that the lien is created by an action taken by the debtor, such as a mortgage loan to buy real estate.

Can a repossession company force you to sell your house?

They have said my vehicle is being repossessed and they will persue for the oustanding balance, adding they can force me to sell my house to pay there debt. I really dont know what to do. I want to pay them but they wont accept it. There terms state: “If you fail to pay a repayment we will write to remind you.

What should I do if Black Horse finance repossesses my car?

As the amount the finance company will recoup from the sale of the motorhome will probably fall well short of the amount owed, I am surprised they are taking this stance. Common sense should surely prevail. Its sound advice to seek legal advice, Could you take out a loan to pay this one off in full.

Can a finance company repossess a car without a loan?

Also we never secure a loan against the vehicle, we only ever get an unsecured personal loan, that way the finance institution cannot repossess the vehicle. Keith. Any problems? Contact the administrator

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 does it mean when a car is repossessed?

What is voluntary repossession? Voluntary repossession — also called voluntary surrender — means that you return your car to the lender because you can no longer meet the terms of your loan agreement.

How long does a voluntary repossession stay on your credit report?

A voluntary repossession — along with any resulting collections or court judgements — can remain on your credit reports for up to seven years as a derogatory mark.

Can a mortgage company stop you from repossessing a house?

If you are still concerned then the best thing is simply not to sign any paperwork the mortgage company sends you. You are not obliged to do so and if you do not sign it will not stop the property from being repossessed.