---

Can the bank take my cars?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
colombiana4evr Joined: 18 Apr 2010 Posts: 1 1.29 Dollars($)	Posted: Sun Apr 18, 2010 7:40 am    Post subject: Can the bank take my cars? Like 0 Dislike 0 Well my situation is that both my properties in Naples Florida are currently up for foreclosure but we are trying to file a short sale before going directly to foreclosure. My worry is that i have two cars that are totally paid off and I'm afraid that the bank will take them...Can they do this if the foreclosure or short sale goes through? Thank you so much!
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Apr 18, 2010 8:05 pm    Post subject: Like 0 Dislike 0 Hi colombiana, In case of a foreclosure or a short sale, you would be responsible for paying off the deficient balance resulting from the sale of the property. If you are unable to do so, the lender will have the rights to place a lien on your cars in order to recover his dues. I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be responsible for the deficient balance. Thus, your cars would be safe. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0