Lee County Repossession Lawyer
If you are facing repossession of your car or other item secured by a loan, you may want to speak to the repossession lawyers in Lee County, Mississippi at The Law Office of Denvil F. Crowe today. If you are falling behind on car payments, boat payments, motorcycle payments, or payments for another secured loan for jewelry or electronics, you could lose the item to repossession. If you are facing repossession or are concerned that you could lose your car or another item to repossession, you may want to speak to the repossession attorneys in Lee County, Mississippi at The Law Office of Denvil F. Crowe to explore your options. Bankruptcy may be able to stop repossession in its tracks. Negotiation with your lender might be able to help you get better terms on your loan so that you can stay current.
What is Repossession?
When you take out a loan to purchase a car, motorcycle, boat, electronics, or jewelry, the item itself is often considered collateral on the loan. There are two types of loans, secured and unsecured loans. A mortgage is a secured loan because if you don’t pay your mortgage, the bank can take your house through a process known as foreclosure. A car loan is also a secured loan, because if you fall behind on car payments, your bank or lender can take back the car through a process known as repossession. While repossession often happens when people fall behind on their car payments, other types of items can also be repossessed if they are used to secure a loan. If you purchased a motorcycle, boat, jewelry, electronics or another item by taking out a loan, and fall behind on your payments, the lender may be able to take back these items through repossession.
Taking back a house through foreclosure takes time because the bank must go through a legal process that can take weeks or months. But when it comes to secured debts like cars, or other items, repossession can occur much more quickly—as soon as you miss even one payment. In most cases, repossession won’t happen until your account falls 90 days overdue, but you should never wait this long to contact a repossession lawyer, because some lenders might move more quickly than this (and are legally able to do so).
If you are concerned about repossession, you might want to speak to a lawyer. The repossession lawyers in Lee County, Mississippi at The Law Office of Denvil F. Crowe can review your situation, and help you take steps to protect your property. Sometimes you might be able to negotiate the debt with your lender. In other instances, you might be able to file for bankruptcy and put a stop to the repossession process.
CALL US TODAY FOR A FREE INITIAL CONSULTATION 800-429-4357
What are the Consequences of a Repossession?
The immediate consequence of a repossession is that you lose the item that has been repossessed. You may also be on the hook for paying the costs of repossession, and any remaining balance on your loan after the item has been sold. Sometimes companies might hire individuals to hot wire your vehicle or may take your vehicle using a key. Your item may be sold at auction, and it isn’t always guaranteed that the money your lender gets in auction will cover the remaining balance of your loan. If a balance remains, you may still be on the hook for paying it, even though you no longer have the item. Finally, repossession will negatively impact your credit score. A repossession can remain on your credit report and impact your credit score for up to seven years.
If you are concerned about the consequences of repossession, reach out to the repossession lawyers in Lee County, Mississippi at The Law Office of Denvil F. Crowe. Our repossession attorneys can help you explore your options and may be able to help you avoid the repossession.
What Are My Rights When it Comes to Repossession?
Under Mississippi law, repossession agents can take your car, or other property that is parked on the road, or in your driveway, at any time, day or night. While a repossession agent is not permitted to break into a garage or secured private property to take your vehicle or other property, a repossession agent can take your car from your driveway or out of a parking lot. Sometimes repossession agents follow people around, waiting until they park their vehicle in an unsecured lot.
Under Mississippi law, repossession agents cannot disrupt the peace when repossessing items. This is why most repossessions occur late at night, or while a person is doing something else, usually when the property is located out in the open, like in a public parking lot. If the item being repossessed is in a secured area (a dock, a locked garage, or inside your home), then the repossession agent will need a court order to get the property. Sometimes lenders might have had a device installed in your vehicle when you took out the loan. This device can disable your vehicle if you fall behind on payments.
Your lender is not required to let you know that property will be repossessed. The moment you are late on a loan, property can be repossessed. After the property has been repossessed, the lender must let you know before the property is sold. This notice will give you ten days to get current on the loan before the property is sold to pay the debt. If you have received a notice or are facing a lawsuit because you still owe money after property has been repossessed, you may want to speak to the repossession lawyers in Lee County, Mississippi at The Law Office of Denvil F. Crowe. Our attorneys can review your case and help you understand your next steps.
CALL US TODAY FOR A FREE INITIAL CONSULTATION 800-429-4357
How Can I Stop Repossession?
Filing for bankruptcy automatically stops all debt collection procedures, including repossession. One way you might be able to prevent repossession is by filing for bankruptcy. Another way is by negotiating with the lender to restructure your loan.
Don’t wait until property is repossessed to act. Speak to the repossession lawyers in Lee County, Mississippi at The Law Office of Denvil F. Crowe today. Your options regarding repossession will depend upon your situation. In some cases, it might be best to file for bankruptcy. In other instances, you may be able to negotiate with lenders. In some cases, voluntary surrender of the property might be your best course. Before you act, reach out to the repossession lawyers in Lee County, Mississippi at The Law Office of Denvil F. Crowe.
