Repo Agents despise door-knocking. Nobody wants to knock on anyone's door; they simply want to take the automobile. Repo agents are constantly looking for additional time to execute a drive-by in the hopes that the car would finally turn up.... You can tell if the automobile is in the garage and ready to be picked up by striking the door. The door will not be blocked by any furniture or belongings inside the house. If the garage is full of junk you can still knock on the door even though you cannot see the person inside.
Repossession proceedings are generally swift and ruthless. Lenders will send out their repo agents without warning - sometimes even before taking legal action - and they don't care who they hurt in order to get what's owed them. If you find yourself facing repossession, call an attorney as soon as possible because there are many things that can be done to prevent this from happening.
In most states, lenders have a right to take back their loans. When a borrower falls behind on their payments, the bank assumes that they are abandoned and can do whatever they want with their vehicle. Most often, that means placing it up for sale at a dealership auction and waiting for the money to come through the mail... Sometimes these sales are closed out immediately after posting, but usually there is at least one other bid so another person could step forward if the first buyer decides not to purchase.
1 lawyer responds A repo man is unlikely to knock on your door; they like to enter and exit quietly if at all feasible. However, they may call ahead or show up at work to find out if you have any valuables that should be picked up. If this happens, be polite but firm about them coming in. They are there to collect on debts, so being difficult will only make them more aggressive.
Repo men usually work for a bank or collection agency. A repossession agent is a term used by some companies when they hire a repo man. The role of a repo man is to go into homes throughout the course of action to ensure that no valuables are being withheld. The agent will also take charge of the inventory of what is being taken during the process.
The best way to deal with a repo man is not to let him into your home in the first place. You can protect yourself by filing for bankruptcy, which will exclude your house from being included in any legal actions or sales. This means that even if you do not own the debt, the lender or collector cannot come after your property.
If you do allow the repo man into your home, be sure to keep an open mind about what he is going to ask you to do.
A repossession agency cannot lawfully "breach the peace" by pushing a closed gate open. However, if they enter and take your automobile through a community gate behind another car, or if the gate is left open, it is generally not a "breach of the peace."
In some states, such as New York, there are laws that allow for repossessors to break into cars without first getting a key from the owner if there is an emergency situation involving the vehicle safety hazard. These laws are called "exigent circumstances." In other words, if a car is going to be towed away anyway, the repo man can go ahead and break in for the purpose of removing the vehicle.
In most states, however, entering someone's property without permission is illegal. It is best to call before you send a repo man out to avoid any problems with the law.
A repo agent may also inspect your home and wait for you to exit your garage. The agent will then accompany you to wherever you are going, whether it is the grocery store or a restaurant. The repo agent will be able to fetch the vehicle once you have parked it and entered the business or restaurant. This service is free for the customer.
If you have failed to repay your debt and have fallen behind on your payments, a repo man will come to take away your license. In some states, such as California, there is also an automatic revocation of your license if you do not respond to the notice from the repo man. You cannot sell your car nor can you drive it anywhere else until the repo man releases it.
The repo man searches for cars that are for sale privately. If he finds one that looks interesting, he will call you or your dealer and ask you if you want to sell it. If you say yes, then he will make an offer over the phone for how much you told him you were selling your car for. If you don't like his offer, you can tell him so and keep looking. Once you find a car that you think is a good deal, you can call him back and make an offer yourself. If you agree on a price, you must bring the cash to complete the transaction; otherwise, you will not be allowed to buy the car. At this point, the repo man is acting as a broker between you and the seller.
In a Glimpse The good news is that the repo guy is not permitted by law to enter a closed gate or garage without your consent. A repo agent, on the other hand, has the legal right to enter your yard, driveway, or other private property if nothing is impeding their route. They can also walk up to the front door and ring the bell if no one answers after several attempts at reaching someone.
Repo men typically have access to a list of all the companies that hold mortgages on properties in a given area. If a property appears to be abandoned, the repo man will attempt to contact the lender first before entering into possession of the property. If they are not able to reach a lender, they will then take ownership of the property through foreclosure.
Lenders often send agents instead of filing suit because it is easier to make more money this way. For example, an agent may offer to pay off the mortgage for the owner if they will agree to sell the house to them. The agent may even provide checks to the homeowner from the lenders during this process. But once the agent has been paid they have no further connection to the home and cannot stop the foreclosure process.
Additionally, agents may show homes that do not appear on the market with a real estate agency. These properties are often owned by investors who receive a large number of listings to review but rarely have time to visit them all.