What is Wrongful Repossession?
Secured creditors have the legal right to repossess property that is collateral for a loan under certain circumstances. That legal right is known as repossession. If the creditor does not have the right to repossess the property or does not complete the repossession according to the requirements of the loan agreement and state law then the repossession is deemed a wrongful …
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When Can Property be Repossessed?
Most Americans have debt of some kind such as a home mortgage, car loan, credit card debt or other type of debt. All of our creditors have the legal right to be repaid for loaning us money. However, the way in which they can enforce their right to collect money from us differs according to the type of debt that needs to be repaid. Some creditors may be able to repossess certain …
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