Reinstating a Charged Off Loan
Date: Tue, 01/12/2010 - 14:57
I have an RV loan that was CO???d in Sept 2009. I have made multiple attempts to let the creditor know my attentions of getting current with the loan. I have made monthly and even double payments starting in Sept to date with the intent of becoming current and retaining the RV. I have spoken with a few CA???s and informed them of this plan and that I am once again making monthly payments and should be close to current.
Thru a conference call today with the Bank and a CA the Bank informed me the account was CO???d and my only option was to turn the RV in for recovery.
The problem is that I owe $120K on the RV and the auction/resale value is between $75-$100K. It would be in everyone???s best interest to reinstate the loan and keep taking my monthly payments as opposed to auctioning the RV for less than is owed and suing me for the difference.
I have two Questions:
If I am within 90 days past due or better yet current on my payment schedule is it legal for the bank to Repo our RV (California)?
Is anyone aware of tactics to get the account reinstated?
Thanks,
JB
Thru a conference call today with the Bank and a CA the Bank informed me the account was CO???d and my only option was to turn the RV in for recovery.
The problem is that I owe $120K on the RV and the auction/resale value is between $75-$100K. It would be in everyone???s best interest to reinstate the loan and keep taking my monthly payments as opposed to auctioning the RV for less than is owed and suing me for the difference.
I have two Questions:
If I am within 90 days past due or better yet current on my payment schedule is it legal for the bank to Repo our RV (California)?
Is anyone aware of tactics to get the account reinstated?
Thanks,
JB
I think the bank can repossess the car even if you're one day la
I think the bank can repossess the car even if you're one day late. Normally, that is how it works with secured loans.
The lender can ask for full payment on the vehicle at any point of time and can repossess the vehicle if you fail to do so.
Any suggestions on reinstating the CO'd loan with the bank or am
Any suggestions on reinstating the CO'd loan with the bank or am I SOL?
