If you go into default on your loans or fall behind on payments, your lender may be able to repossess any property associated with the loan or offer it as collateral, such as an automobile. In many cases, your lender is permitted to do so and either hold onto the car or sell it and put the proceeds toward paying off your debt. However, if you are concerned that a lender may have acted improperly and seized your car unlawfully, get in touch with our team at Loan Lawyers right away.
Like most people in our day in time, you probably rely heavily on your personal vehicle and are greatly inconvenienced without it. If you believe your lender has taken your car unfairly, it is important that you act right away in order to prevent further problems.
Deficiency Balances
A deficiency balance is one problem you may experience if your lender repossesses your car. When your lender seizes your car and sells it but the total proceeds are not enough to cover the total amount owed, they may opt to sue you for the remaining balance. In some cases, a lender may not sell a vehicle for a reasonable price or in an acceptable fashion, thereby causing there to be a deficiency balance, in which case you may need to take legal action against your lender in order to avoid being unfairly sued.
How to Get Your Car Back From a Lender
One of the simplest ways to get your car back is by redeeming it or purchasing it from the lender. If you have the funds to do so, redeeming your automobile will also mean paying for all the costs incurred by the lender in the process of repossession. You can also get your car back by reinstating your loan and continuing to make agreed-upon payments. (This option also requires you to reimburse your lender for repossession costs.)
One more extreme way of regaining your automobile involves filing for bankruptcy. If you are able to file for bankruptcy before your lender sells your car, there will be an automatic stay-put on your major assets, which will keep your lender from selling it (at least until they get court approval to sell).
Contact a Fort Lauderdale Auto Repossession and Debt Lawyer Today
If your car has recently been repossessed or is in danger of being repossessed, contact us right away. Our automobile repossession attorneys have over 100 years of combined experience, and we have the skills necessary to guide you through the difficult and often confusing personal turmoil that comes with property repossession.
We are committed to fighting for the rights of our friends, neighbors, and fellow citizens in South Florida and are not afraid to go up against lenders who behave improperly or treat their debtors unfairly. If you feel your lender has behaved in a manner that is in any way inappropriate or unlawful, call Loan Lawyers immediately.
Get in touch with us by calling (844) 344-4813 or contact us to tell us about your situation and how we can best serve you.
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Loan Lawyers is made up of experienced consumer rights attorneys who use every available resource to develop comprehensive debt solution strategies. Our goal is to take on those burdens, resolve those problems, and allow our clients to sleep soundly knowing they are on the path to a better future.
