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Right of Redemption - The Bills.com Blog
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Right of Redemption
Friday, Nov 20, 2009
Question: I need to know if there is anything I can do after my vehicle has been filed for repossession through a bank? Can I go to bank and pay an amount higher than the amount owed during the repossession time and still keep my car?
Answer: What you are asking about is called the right of redemption in law. The right of redemption allows former owners who have had their vehicle repossessed or their home foreclosed upon to reclaim their property.Generally speaking, to redeem your property you would likely be required to pay off the entire balance of the loan on the property in question, in addition to any cost of foreclosure
or repossession, legal fees, and other costs incurred by the lender in its efforts to enforce the loan agreement, all in a single lump sum.
Not all states allow former owners to redeem their properties. You did not mention your state of residence so I cannot
Not all states allow former owners to redeem their properties. You did not mention your state of residence so I cannot
determine if you have the right of redemption for vehicles. Therefore, I urge you to consult with an attorney in your state to discuss your rights in this situation.
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/blog/
I hope this information helps you Find. Learn & Save.
Best,
Bill
www.bills.com/blog/
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