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Right of Redemption

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Mark Cappel
UpdatedMay 20, 2024

The bank repossessed my vehicle. What can I do to get it back?

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?

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 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.

If your question concerns real property, see the Bills.com resource Right of Redemption Foreclosure, which discusses how homeowners can use the right of redemption to reclaim a foreclosed home.

I hope this information helps you Find. Learn & Save.

Best,

Bill

www.bills.com/

Dealing with debt

If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q4 2023 was $17.503 trillion. Student loan debt was $1.601 trillion and credit card debt was $1.129 trillion.

According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 10% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.

The amount of debt and debt in collections vary by state. For example, in Alabama, 34% have any kind of debt in collections and the median debt in collections is $1798. Medical debt is common and 16% have that in collections. The median medical debt in collections is $851.

To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.

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