Automobile Second

By admin, March 9, 2010 9:30 am

automobile second
How is it that a levy can be put on an automobile?

I know of someone who had been foreclosed on and later someone that was a holder of a second deed of trust on the property put a levy on the persons truck because when the house was foreclosed on they (the holder of 2nd D.O.T) didn’t get paid so they put a levy on that persons truck to force them to pay the amount on the deed of trust. Is that even legal?

Depends on the state. Some states allow for deficiency judgments after non-judicial foreclosure. If the proceeds from a foreclosure sale are not enough to pay off all the lienholders, they can pursue a deficiency judgment. It needs to be done by due process and the states that allow it have specific timeframes that the lenders must take action in or lose their rights to pursue the deficiency judgment.

NFS ProStreet : My garage cars (second edition)


Comments are closed

Panorama Theme by Themocracy