Repossession Form Statement With Multiple Conditions In Houston
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Under Texas laws, your possessions can be repossessed if you have defaulted on a loan that is secured by that property. This means that you pledged the thing you were buying as collateral to secure the loan, and if you fail to make the required payments, the lender has the right to repossess it to recover the debt.
A reliable, effective way to prevent repossession or get your vehicle back may be a Chapter 13 bankruptcy filing. This form of bankruptcy, as opposed to Chapter 7 bankruptcy, may allow you to catch up on your car loan and repay other debts over a period of three to five years.
Filing for Bankruptcy This will give you the protection of an automatic stay, which prevents a lender from repossessing and selling your car without court permission. It also will prevent collection efforts based on a deficiency balance.
A repossession affidavit is a legal statement filed with the Department of Motor Vehicles when you repossess a car from a customer. This document provides details about the repossession such as why and how the vehicle was repossessed. It also informs government authorities that the vehicle has been repossessed.
You are hereby notified that your description of motor vehicle, year, make, model and VIN #, was lawfully repossessed on Date because you defaulted on your loan with Credit Union Name. The vehicle is being held at location address of vehicle. be sold at public sale. A sale could include a lease or license.
Property can be repossessed by the creditor or by a person hired by the creditor as long as the process does not involve a breach of the peace. If there is a breach of the peace caused by the repo man, the creditor could be liable.
They Can't Breach the Peace Opening a closed garage door to repo your vehicle. Breaking into a locked gate to repo your vehicle. Threatening to use or using physical force on anybody. Threatening to damage or damaging real or personal property.
