Posted on: 18th Feb, 2009 03:53 am
i own by title free and clear a 1985 jaguar. the car is being stored in a friends garage. i just got word that he had gotten behind in his mortgage payments, and he is about to loose his house!. now he goes to court this march, and the court will make the final decision to take it back. if i can not find a way to get it before then, can i still get my car back from the bank, or wil this be very complicated in dealing with the bank.
Hi Guest,
You've mentioned that you own the car free and clear which means you're the legal owner of the car. Now, if your friend defaults on the mortgage, his house would be foreclosed. But that does not mean the bank can take your car away. The bank has got nothing to do with your car. they have no right to take your assets since you're not the one who defaulted on mortgage.
Thanks,
Jerry
You've mentioned that you own the car free and clear which means you're the legal owner of the car. Now, if your friend defaults on the mortgage, his house would be foreclosed. But that does not mean the bank can take your car away. The bank has got nothing to do with your car. they have no right to take your assets since you're not the one who defaulted on mortgage.
Thanks,
Jerry
i think i might have a conversation with my friend, if i were you.
