When a home is repossessed, the lender is allowed to charge certain fees. These fees include the cost of hiring a professional to conduct the repossession, storage fees for any belongings left behind, and legal fees. The total amount of these fees is typically added to the borrower's outstanding balance.
While repossession fees can seem unfair, they are generally allowed under state law. In some states, however, lenders are not allowed to charge certain types of fees, such as appraisal or inspection fees. If you are facing repossession, it is important to understand what fees your lender can legally charge.
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