When an asset gets repossessed, it’s stressful enough even if you understand why it’s happening. If you don’t make your mortgage payments and they start to foreclose on your house, you know why you reached this point, but it still puts incredible pressure on you and your family. You can imagine how much worse this is when you have no idea why they’re trying to repossess the asset in the first place.
For instance, maybe the tow truck shows up at your house and they begin to load up your car. While you did buy it with a loan — you don’t own it outright — you have also been making your payments. There’s no reason for you to lose your car, it’s a hassle you do not have time and energy to deal with, and it’s going to drastically upset your life. You may find it impossible to go to work, for instance, so that you can earn the paycheck that makes those payments possible in the first place.
Why does this happen? Every situation is different. In some cases, the repo team just has the wrong car; they’re after a similar vehicle at a similar address, but they got yours by mistake. Other times, it’s a computer glitch. You made your payments, but your account didn’t update properly. There is also the chance that your payments have not been going through, even though you thought that they were.
Regardless of the reason, it is incredibly important for you to understand all of the legal options you have when faced with this stressful, unexpected issue.
