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 melodystory
Joined: 09 Oct 2007
Posts: 1
1.39 Dollars($)
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 Posted: Tue Oct 09, 2007 12:11 am Post subject: can the house be taken |
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| my grandma passed away.there is a loan for a vehicle that still needs to be paid.if the house is in both my grandma and my aunts name both can the bank try to put a lein on the house to get their money or anything else, and if they can how can i prevent it |
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Ryan
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| Posted: Tue Oct 09, 2007 1:32 am Post subject: |
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| I don't think they can put a lien on the home. But the vehicle can be seized by the creditor. And, then he may resell it and if there is any deficiency, the creditor may sue you for it. |
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Jonny
Guest
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| Posted: Tue Oct 09, 2007 2:05 am Post subject: |
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| Yes, I do not think that the bank will put a lien on the house. The bank can, at the most, seize the car from you. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4207
Location: Hawaii
661.00 Dollars($)
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| Posted: Tue Oct 09, 2007 5:00 am Post subject: |
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Hello,
The bank will not put a lien on the house.
The bank might repossess the vehicle without warning. If you are far behind your payment, I think you can consider a voluntary surrender of your vehicle which will help you to come out of the trouble. |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 538
Location: Minneapolis
28.93 Dollars($)
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liaoyu03
Joined: 09 Sep 2007
Posts: 166
4.14 Dollars($)
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| Posted: Tue Oct 09, 2007 8:25 am Post subject: |
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| yes, the present owner of the vehicle will be liable to pay the loan. If the present owner default the payment, I think the vehicle that i guess it's a car will be resell by the creditor for the loan payment. so the creditor cann't put a lien on the home.but, if the vehicle can't cancel out the loan completely, the creditor can prosecute the owner , the home will be probably put a lien, I say it's just maybe. |
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livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 637
29.96 Dollars($)
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| Posted: Tue Oct 09, 2007 5:02 pm Post subject: |
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Everyone so far has been correct. A car loan is based on the fact that a car is put up for collateral for the loan. So that is what they get to pay off the loan nothing more. They can seek a judgement on the owner however it just depends on the situation.
They cannot put a lien on your house.
And if some collector is telling you different let him know you would like to record his statements and it wouldn't hurt if he put it in writing. Tell him that would help you understand and see what he has to say then.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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