After some bad luck as far as losing my job and some medical problems, my house was forclosed and my car was repossesed and sold at auction. I am now getting statements from the lenders asking for the amount between what they were sold at and what the original loans were taken out at. Do I still have to repay these amounts? Is there a way out. Help!
2007-06-11 07:20:59 · 4 answers · asked by southforty1961 3 in Business & Finance ➔ Personal Finance
Yes, you are responsible, and the only way out is to pay your bills. You could potentially try bankruptcy if you are destitute... otherwise, you still need to pay.
2007-06-11 07:28:32 · answer #1 · answered by bmwdriver11 7 · 2⤊ 0⤋
Yes, you are responsible for these debts. After all, you DID borrow the money, didn't you ? Even though you had bad luck, the lenders are not responsible for your bad luck. They have a right to attempt to reclaim the amounts owed to them.
2007-06-11 15:40:26 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
You are responsible for any dept you acquire, should have had your house homesteaded. The law states that they can take everything you have except your home if you owe money, that is if you had it covered under the homestead act.
2007-06-11 14:32:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, of course you are responsible, you are the one that borrowed the money. Who do you think should be responsible for you?
2007-06-11 14:41:06 · answer #4 · answered by Landlord 7 · 0⤊ 0⤋