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Re: Voluntary Repo


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Posted by LadynRed (199.91.33.254) on January 23, 2003 at 12:38:55:

In Reply to: Voluntary Repo posted by xcetra on January 23, 2003 at 12:14:20:

First, they can't take your house, they *might* be able to put a lien on it.

The only way anyone gets a judgment is to sue you first, and you'd be served with a summons and given a court date. If you don't go to the court date, you lose automatically and they get their judgment.

You will be liable for the difference between what you owed and what they get for it at auction, plus repo and other fees.

When they sell it, they have to at least get a fair price for it and you must be notified of the sale, the fees, what it sold for, and what you're left liable for.

Homestead exemption in NC is 10K (equity). If your home is held in joint tenancy, it may be completely exempt from any actions based on your debts individually. So, if your equity is less than 10K, they CAN'T take your house.. nor can they take any other non-exempt property.




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