Can a Creditor Repossess My Home if I Can’t Make Mortgage Payments?

Not being able to pay off certain debts can be severely stressful. If your creditor is currently in the process of repossessing certain assets, you must act now. To learn more about foreclosure notices and how our Rockland County foreclosure defense attorney can assist you, continue reading and contact our experienced firm. Here are some questions you may have:

Can a creditor repossess my home?

There are various assets that creditors hold the legal authority to repossess. If you secured a loan for your vehicle, your creditor can likely repossess your vehicle. Items that you had an option of purchasing such as furniture may also be repossessed by creditors. Certain properties that are kept as collateral to help ensure payment of the loan may also be repossessed if the loan is failed to be paid off. There are also times when creditors can take legal action against you and garnish your wages or place a lien on your property if you are unable to pay off your debts. A creditor cannot directly repossess your home. However, your creditor can commence the foreclosure process. This may ultimately result in you losing your home.

What items can’t a creditor repossess?

Creditors do not have the authority to repossess certain assets. For example, creditors are prohibited from repossessing any items you purchased with a credit card. This is because this debt is considered unsecured. Creditors also do not have the legal authority to repossess property that was not specifically classified as collateral.

However, if you are currently facing foreclosure or repossession, there is a lot on the line. You cannot afford to proceed without the assistance of an understanding and experienced Rockland County bankruptcy attorney. Our legal team at the Law Offices of Allen A. Kolder, Esq. is prepared to examine all possible avenues for you to achieve getting your financial situation back on track. To learn more about how our firm can help, give us a call today.

Contact our experienced New York firm

Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.