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"Pros And Cons Of Voluntary Repossession"


Voluntary repossession is when a borrower gives the lender permission to take back the collateral property. The main reasons why borrowers opt for voluntary repossession are because they can no longer afford the payments, or they have already defaulted on the loan. There are some advantages and disadvantages of voluntary repossession that borrowers should be aware of before making this decision.

The biggest advantage of voluntary repossession is that it will damage your credit score less than if the lender were to repo your property through involuntary means. This is because when you voluntarily relinquish your property, you are working with the lender and showing them that you are willing to cooperate. In contrast, if your lender has to go through the legal process of involuntary repossession, this will show up on your credit report as a legal action against you and will damage your score more.



The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.



Our goal is to help you find a fresh start FAST!


Schedule your free consultation today! By Calling 626-338-5505 or visiting us at the 12738 Ramona Blvd Baldwin Park CA 91706







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