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Government Repossession Article
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A Consumer's Perspective On Auto Repossession Laws
from:Knowing auto repossession laws for your state is important, even if you are not in the position of possibly having to deal with repossession of your vehicle. It is reported the repossessions are up over 21%, and this number continues to grow every year as more and more consumers find it harder and harder to make monthly payments on mortgages, cars, student loans and general living expenses in the decreasing economy. Having a general knowledge of auto repossession laws will allow you to direct and support your friends and co-workers that may find themselves in this unfortunate situation.
Some key perspectives and concepts that consumers need to keep in mind with regard to auto repossession laws include:
• Each state has different laws on how repossessions can occur. Some states don't require that the creditor needs to let the borrower know that the car is going to be repossessed, while other states do require this notification.
• The auto repossession laws are designed to protect the lender and the borrower and there are specific rules that each must follow to fulfill their legal requirements. While many people feel that the laws only help the lender, they also protect the borrower from property damage or any types of illegal actions that could potentially be used to attempt to seize the vehicle.
• There are attorneys that specialize in helping consumers that are facing some type of repossession or have had their property repossessed. If someone is worried about repossession, talking to an attorney that works in the area of auto repossession laws can really provide detailed and specific information to help avoid repossession.
• Lenders can work within the auto repossession laws to avoid having to move to actually seizing the car. The more that the borrower or consumer is willing to work with the lender the more likely that some type of repayment plan can be developed. Borrowers that try to hide the vehicle or thwart repossession often have limited options when it comes to negotiating with the lender or car dealership.
• If your creditor or lender has previously accepted late payments on your loan he or she, under auto repossession laws, may not be able to repossess your vehicle. This is because they have previously accepted the change in the payment plan, basically invalidating the original contract. If you know that this has happened, be prepared to show the dates where late payments were accepted.
There are many little details that can occur during the repossession of a vehicle that may make the repossession open for a counter legal action. Talking to an attorney and understanding your rights as a consumer is the first step in ensuring you have been treated correctly through the process.
Government Repossession Specific links
Government Repossession News
Councils repossess share scheme homes - Irish Examiner
Councils repossess share scheme homes Irish Examiner By Claire O'Sullivan An increasing number of houses bought with the help of local authorities during the boom are being repossessed in Dublin and Cork, while councils nationwide face mortgage arrears on up to 45% of loans. In Dublin City alone, ... |
No Going Back On Land Repossessions - Dinha - AllAfrica.com
No Going Back On Land Repossessions - Dinha AllAfrica.com By Obert Chifamba and Elita Chikwati, 4 May 2012 GOVERNMENT has adopted a natio-nal policy to either repossess or downsize idle or under-utilised land for redistribution to the landless. Mashonaland Central Governor and Resident Minister Advocate ... |
Housing minister comments on repossession figures - Mortgage Finance Gazette Online
 Mortgage Strategy | Housing minister comments on repossession figures Mortgage Finance Gazette Online The government's commitment to tackling the record deficit is keeping interest rates at a record low and holding repossessions down, housing minister Grant Shapps said today. The latest figures from the Council of Mortgage Lenders showed the number of ... Grant Shapps: Tackling record deficit has helped keep repossessions down Nearly 10000 repossessions in 3 months but CML says it may 'revise down' 2012 ... Shapps: Tackling the deficit has kept repossessions low |
Repossession laws need overhaul: Law Commission - Stuff.co.nz
 Newstalk ZB | Repossession laws need overhaul: Law Commission Stuff.co.nz The report by the Commission has recommended the Credit (Repossession) Act 1997 be repealed, as part of the government's wider overhaul of consumer credit law. The report made 58 recommendations, including a central licensing body for repossession ... Repossession agents should be registered Repossession law changes |
Repossession levels benefiting from record deficit tackling - Stop-Repossessions.co.uk
Repossession levels benefiting from record deficit tackling Stop-Repossessions.co.uk The number of repossessions carried out in the UK has been kept down due to the government's commitment to tackling the record deficit. This is according to Grant Shapps, who claimed the moves have played a key role in maintaining interest rates at a ... |