Repossession refers to a lender’s right to reclaim secured property when the loan on such property has not been paid according to the agreed terms. The term repossession usually applies to automobiles and other valuables, while the term “foreclosure” is used for the repossession of real property such as homes and land. If you are currently in a situation in which your lender is trying to repossess your property, call our Richmond repossession attorney now to discuss your case.
When you purchased your vehicle you signed paperwork giving the lender the right to take back your car if the payment obligation to which you agreed was not met. The most common form of automobile repossession occurs when a lender sends a tow truck to recover the vehicle.
After a bank takes your vehicle it may give you the ability to redeem the car by paying the amount you are in arrears and the repossession fees. Usually those who are the subject of repossession are unable to afford this amount, and they wind up losing their vehicles permanently.
Here at the offices of Bruce W. White, P.C., our Richmond repossession attorney has experience in helping our clients avoid losing their automobiles and valuables. It is important that you contact our lawyer before your car is repossessed.
Contact us today to take advantage of a free consultation with our skilled staff at Bruce W. White, P.C.