Posted on: 05th Oct, 2009 06:25 pm
I have a voluntary repo of a boat, I have still been making payments towards the boat. They have sold the boat, and now want to attach my house and garnish my wages. I have been making payments, what can I do? If they garnish my wages I will lose my job.
You need to get an attorney in this cae
Looks like you ahve been making payments and there should not eb any reason for them to garnish your wages and go after your house
Looks like you ahve been making payments and there should not eb any reason for them to garnish your wages and go after your house
Hi Ranaye,
"I have a voluntary repo of a boat, I have still been making payments towards the boat"
If you have had a voluntary repossession and they have sold your boat, why are you still making the payment? Was the boat not sold for what was owed on it? Are you paying off the deficiency from the sale of the boat? How much do you owe them?
"They have sold the boat, and now want to attach my house and garnish my wages"
They cannot attach your house as collateral. The boat was the only security for the loan and it has been sold off. They have no legal right to repossess your house. However, they may garnish your wages. But doing so is not easy. They will have to obtain a judicial judgment to garnish your wages and that involves a lot of expenses and time. I don't think it will be worth their while to spend money to obtain a judicial judgment against you.
"I have a voluntary repo of a boat, I have still been making payments towards the boat"
If you have had a voluntary repossession and they have sold your boat, why are you still making the payment? Was the boat not sold for what was owed on it? Are you paying off the deficiency from the sale of the boat? How much do you owe them?
"They have sold the boat, and now want to attach my house and garnish my wages"
They cannot attach your house as collateral. The boat was the only security for the loan and it has been sold off. They have no legal right to repossess your house. However, they may garnish your wages. But doing so is not easy. They will have to obtain a judicial judgment to garnish your wages and that involves a lot of expenses and time. I don't think it will be worth their while to spend money to obtain a judicial judgment against you.
well...if there's a deficiency (and there clearly was in this case), then once the creditor obtains a judgment they can perfect that judgment with a lien on your home. if you are paying in accordance with the terms of the judgment, then they cannot garnish your wages. if you fail to pay according to the terms of a judgment, then they can garnish your wages. if i recall correctly, your employer cannot terminate you due to a garnishment on wages. you can certainly check employment law for that information.
what this boils down to, i think, is whatever negotiations you've made with the lienholder. if you've agreed to pay $X and continue to do so, they have no reason to go after your wages.
what this boils down to, i think, is whatever negotiations you've made with the lienholder. if you've agreed to pay $X and continue to do so, they have no reason to go after your wages.
