Boca Raton Repossession Lawyer
It can happen seemingly overnight—one moment, you are able to pay your bills without an issue, and the next you are struggling to make ends meet. At first, you miss a cell phone payment, but then it is the electricity, and before you know it, you are torn between buying an adequate amount of groceries and making the car payment. Not long afterward, the repo men show up to take all that you have put on credit. This may include your car, your furniture, fine art, or other valuable assets. Whether job loss, a pay cut, illness or injury, or even mismanagement of funds has led you to your current predicament, know that you are not without options. Contact Nowack & Olson, PLLC, to discuss your rights with our Boca Raton repossession lawyers today.
What to Do When You Learn That a Lender Intends to Repossess
Typically, when you sign a loan agreement for a valuable object, you agree to let the lender repossess the item if you fail to make a payment. If forced to follow through with that stipulation, the lender will send a notice of intent to repossess. If you receive such a notice, it is in your best interests to contact the lender and pay the amount due. However, if your financial circumstances have significantly changed, and if you truly cannot afford to make the monthly payment, you may be able to modify the original agreement. A skilled Boca Raton repossession lawyer can help you negotiate with the creditor and reduce your payments to an amount that you can feasibly afford.
Know Your Rights in the Face of Repossession
If a repo man shows up at your doorstep, know that you do have rights. Most property owners assume that once the repo person arrives, they must hand over their property when asked. This is not the case. You can object to a repossession, and if you do, the repo person cannot use force or any other means to obtain access to the item. If the item in question is a vehicle, the repo man cannot haul away your vehicle with you in it, despite what you may have seen on television. If the lender’s agent violates your rights, YOU may sue IT for damages.
What to Do After a Repossession Has Occurred
If the lender was able to obtain the vehicle or asset, you still have a few different options to pursue. If you wish to reclaim the asset, you can do so by paying off the entire loan. However, for most people, doing this is not feasible. If you are like most people, an attorney can negotiate an amount that will allow you to cure the default and resume low monthly payments. If you wish to cure a default, know that you may only have 10 days to do so. Most repossessed vehicles and other items are auctioned within 10 days, and all proceeds are used to repay the lender. After the sale, the lender can still sue you for a deficiency judgment for the amount of the outstanding loan plus repossession costs, less the amount recouped in the sale.
Work With Boca Raton Repossession Lawyer
If you owe money on an item and have received a notice of repossession, it would be in your best interest to work with a Boca Raton repossession lawyer. Even if you let the repo man take your item or items, you may still have a deficiency judgment lawsuit filed against you, which may result in more debt and headache. The right attorney can help you avoid that altogether by negotiating with the lender for a feasible repayment plan. Contact Nowack & Olson, PLLC, to schedule an appointment with that attorney today.