Re: Installment loan
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Posted by Drew
(220.127.116.11) on April 29, 2004 at 15:48:33:
In Reply to: Re: Installment loan posted by J Kelly on April 29, 2004 at 12:26:48:
Before they can do anything, they need a judgment which is where they take you to court. So the first thing you need to do is check the local courthouse where you live and find out if there is a judgment against you. Second, check your credit report to see if there is a judgment for the deficiency balance. IF there is no judgment, they have to take you to court, prove you owe it.
In the meantime, since there is collateral involved and the sale and resale of it, they are required to give you the following notices. THey have to notify you of the date of sale of the mobile home to give you adequate time to redeem your collateral if you can. They then have to give you a notice of the sale, stating that they sold, and a complete accounting of the costs and proceeds of the sale. Until they do that, you owe them nothing.
Mobile homes fall under the Uniform Commercial Code article 9, with article 2 generally stating a four year statute of limitations. Type in the Uniform Commercial Code for more information on your rights. You want the link to Cornell University and then the link from that site that shows how the UCC is adopted and applied by the states.
Why Chat has more information on her site which you can find by scrolling down and looking for a TOPIC posting in CAPS ATTENTION: NEW COMERS. Look for repossession rights and deficiency balances.
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