One of the consequences of not making payments on a secured loan is that the security can be repossessed. Many have faced this very difficult situation whether it is due to the changes in the economic climate or changes in personal situations. Whether you live in Stuart, Jupiter or Port St. Lucie, repossession is a reality. Often the car, boat, trailer, RV or other secured asset, when sold at auction does not cover the entire note. The remaining balance due under the note is still owed the creditor and subject to collection and legal action. Therefore, it is important to attempt to mitigate this potential liability as soon as possible. If you know you are facing a short term cash flow issue, contact your creditor and see if you can work out a forbearance program or make interest only payments for a period of time until you get back on track. If you are unable to work-out a viable plan with your creditor, call my office and schedule an appointment. We can discuss your financial situation and explore whatever options are available. It is not a good idea to just ignore the situation and hope it will go away. There may be additional costs and fees associated with actions taken by the creditor to not only repossess the secured property, but to collect on the deficiency debt as well.
If you are looking for a lawyer in Stuart, Port St. Lucie or Jupiter FL, please give my office a call.
Again, if you need a lawyer in Stuart FL, Port St. Lucie FL, and Jupiter FL, please call my office for a free consultation. Thank you for visiting my website.