What Repossession Fees Mean For You
If you’ve been struggling to pay off a loan or have fallen behind on your payments, you should be aware of what repossession fees mean for you. Repossession occurs when an individual defaults on their payments and the lender takes possession of the property they were using as collateral. During this process, there are typically several repossession fees that come with it.
Knowing what these fees are will help ensure that you understand exactly how much money you owe and what is expected from the creditor. The most common type of fee associated with a repossession is a storage fee which is charged by the lender for storing the item in question until it can be sold at auction. Additionally, depending on your agreement, there may also be legal costs incurred if any action has to be taken against you in order to acquire the item back from your possession.
The Law Offices of Omar Zambrano has helped thousands of the 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!
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