There are few things more stressful than being unable to pay off certain debts, such as your mortgage or other loan payments. If your creditor is currently in the process of repossessing certain assets or sending you foreclosure notices in the mail, the time to act is now, and our firm is here to help. Please continue reading and speak with our knowledgeable Rockland County foreclosure defense attorney to learn more about how our firm can work to ensure that your assets are not repossessed and that your home is not foreclosed upon. Here are some of the questions you may have:
Can a creditor repossess my home?
Unfortunately, there are various assets that creditors do have the legal authority to repossess. For example, if you secured a loan for your car or vehicle, your creditor can most likely repossess that as well. Items that you had an option of purchasing, though you chose to rent instead, such as furniture, may also be repossessed by creditors. Certain property that is kept as collateral to help ensure payment of the loan may also be repossessed if you fail to pay off the loan. Further, there are times where creditors can sue you and garnish your wages or place a lien on your property if you are unable to pay off your debts. While a creditor cannot directly repossess your home, your creditor can commence the foreclosure process, which may ultimately result in you losing your home.
What items can’t a creditor repossess?
Fortunately, there are certain assets that creditors do not have the authority to repossess. For example, creditors are prohibited from repossessing any items you purchased with a credit card, as this debt is considered unsecured. Additionally, they do not have the legal authority to repossess any of your property that was not specifically classified as collateral. That being said, if you are currently facing foreclosure or repossession, you have a lot on the line, which is why you cannot afford to proceed without the assistance of a knowledgeable New York foreclosure defense attorney who can work to examine all possible avenues for you to get your financial situation back on track again. If you have any additional questions or you are ready to get started, please do not hesitate to give our firm a call today. We are always here to help.
Contact our experienced Rockland County firm
Foreclosure is an extremely frightening prospect. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced New York foreclosure defense 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.