Have you been pushed into a corner because of financial obligations and unpaid debts? This can have unforeseen consequences, and you may soon face the repossession of your vehicle or other property. Repossession is the process by which a lender or a bank takes possession of a secured item that is tied to a defaulted loan. All secured debts are tied to a specific item, but unsecured debts resulting from credit card expenses or medical bills are not.
For instance, when you make payments to buy a vehicle, the lender retains the title to the vehicle until the loan is paid off. If you default, the lender has a right to take back the vehicle at any time of the day or night on your property, without having to go to court or give you notice beforehand. They must, however, adhere to regulations that prohibit them from “breaching the peace.” Ways to commit such breaches include:
- Forcing or threatening to use force to take the vehicle
- Removing the vehicle from a closed garage
- Seizing the vehicle over an objection
LENDER PENALTIES FOR ILLEGAL REPOSSESSION
If you have experienced a breach of the peace by a lender, consider retaining a Terre Haute repossession attorney from Rowdy Williams Law Firm to assist you in righting the violation of your civil liberties. When a lender crosses the line and engages in illegal behavior during vehicle repossession, they can face serious consequences. If you are able to prove illegal repossession, the lender may lose their right to enforce a deficiency judgment against you, be required to pay a penalty, or both. As a result, you may be entitled to receive monetary damages.
LENDER VIOLATION ATTORNEY IN TERRE HAUTE
Knowing the laws that define illegal repossession is absolutely critical to obtaining the best result for your case. A professional who will know the law and utilize it to work for you is a lender violation attorney in Terre Haute.
A Terre Haute repossession attorney can provide comprehensive legal protection under these laws. For a consultation, call the Rowdy Williams Law Firm today in order to speak to a Terre Haute repossession attorney.