can they go after my house

I am thinking of let the bank repo my car since I cannot make the payments. I am currently stationed in Germany and renting my house in TX. Could they put a lien on my house? I am afraid I would lose my house!

Don't go there! Don't do that!

A car repo is one of the worst things that can happen to your credit. Do anything you can to avoid a repo. If you are upside-down on the contract and can't get anyone to buy it for enough cash to pay it off then take it to a dealer and trade it in on something of much lesser value so you get out from under it that way.

There are tons of dealers in ever major city who will take you out of a repo situation and you walk out with a vehicle you can probably at least drive and get some use out of and they pay off the full balance. You will end up with much smaller payments or no payments at all depending on what you choose to drive off in.

Getting rid of a repo off your credit report is one of the more difficult things to do, probably just below bankruptcy in terms of ease of getting rid of the listing later.

Yes, it can be done, but not all that easily.

faraway...since you're in Texas, if your house is NOT homesteaded, that is a MUST. Then your house will be protected in cases like this.

[JETX]

Looks like 'bb-brain' is smokin' again....

Based on his 'theory', you take your 'upside-down' car to a dealer and "you walk out with a vehicle you can probably at least drive and get some use out of and they pay off the full balance".

Lets look at this....
Lets say that you owe $5000 on a car that is only worth $4000. That means you are upside-down in the amount of $1000. At best, the dealer will only give you something less (far less) than the $4000 book value (after all, he has to make some when he sells it for $4k), lets say he gives you $3000 credit and you buy a car for the $3k. YOU STILL OWE $2000 ON THE ORIGINAL NOTE and you are now driving a car that you can only sell for something LESS than $3k!!!
Sounds like BB-Brain is in the car financing business!!!

Your best bet is to try to sell the car for whatever you can get (rather than a voluntary repo). Lets say that you sell that same car for $4000 (book value). You at least are out from under the car and have to make up ONLY $1000 loss. Heck of a lot better than being out $2000 and having a clunker to try to drive/sell/repair.

As for FKNA: In Texas, ownership itself automatically gives the right of homestead. However, if the property is rental it CANNOT be protected from homestead.

Related website:
[url]http://recenter.tamu.edu/pdf/1120.pdf[/url]


Bottom line....
If you let your car go into a voluntary reposession (or decide to renege on your lender agreement), here is what will probably happen.
1) Your car is reposessed and sold at auction. Any amount recovered at auction will be deducted from your debt. Costs of repo and auction will be added. Example: if you owe $5000, costs of auction (towing, paperwork, etc.) are $500, you now owe $5500. Car sells for $3000 in auction, you get that as a credit. Your debt is $2500 ($5500 less $3000 auction).
2) The lender could file a lawsuit against you for his damages ($2500 plus legal fees plus costs).
3) Lender gets a judgment against you and after investigating your assets, finds property in your name, not protected by homestead. He then exercises Texas seizure laws and has the sheriff sell your property at the courthouse steps. If the property sells for an amount over the mortgage remaining, he (judgment creditor) recovers his judgment amount from the proceeds of the sale with whatever remains to you.

Normally, I would not give a suggestion on how to avoid this (after all, Judgment Enforcement is MY business), but you could file a quit claim deed to the property to another (close relative?). The sooner you do this, the more likely that the transfer would NOT be found to be fraudulent after the judgment.

Halket,

You are correct about the Homstead in Texas, it has to be your primary residence, one that is not rental property.

Do have a question for you, I was always under the impression that you had to file to have your house Homesteaded, that is is not done automatically. Is what you file to homestead only for tax purposes?

Obviously the Great Texas Monkey ucker needs to go back to chasing his relatives and leave the math to somebody who understands how to put something together more complicated than two monkey tails.

<font size="1">[color=brown]Lets look at this.... Lets say that you owe $5000 on a car that is only worth $4000.[/color]</font>

Texas redneck rust buckets is what he's talking about. More primer than paint.

<font size="1">[color=brown]That means you are upside-down in the amount of $1000.[/color]</font>

Ho Hum! More Texas back alley tote-the-note junkyards. That's what all them Texas Monkey uckers tool around in.

<font size="1">[color=brown]Sounds like BB-Brain is in the car financing business!!![/color]</font>

And Monkey ucker's in the tote-the-note repo business. Pure Texas redneck crap. Now let's look at something realistic. Go to a reputable dealer and tell him what it is that you need to get done and why and let them put a workable package together. You might want to compare the offers of two or three good reputable dealers who make those kinds of offers on TV. See which one will put the best deal together. The big boys do it all the time. Just watch out for the Texas Monkey ucker and his ilk or they will have you upside down in a heartbeat with all that fancy monkey math he just shot you with. What they will put you in will have cocunuts for pistons and the tires will be made out of banannas. Pure bananna peel upholstery too.

As a matter of fact, this is more like what he is talking about. It's just about his speed.

<center>http://credit-bureaus.freeservers.com/pottiecart.jpg</center>

<font size="1">[color=brown]Normally, I would not give a suggestion on how to avoid this (after all, Judgment Enforcement is MY business) [/color]</font>

Of course, you must understand that he isn't advertising his business.
Either one of the many he obviously has, all of which are just more Monkey business. Far be it from him to further his business in this forum.

He just wants everybody to know what it is he does and how to get ahold of him by his tail just in case you might want him. Not to mention the fact that he hangs around these message boards looking to see if he might not be able to find his long lost victims that way.

But far be it from him to attempt to make any money off of these message boards. The ole Monkey ucker simply wouldn't stoop that low, dontcha know?

You can tell that by how quick he is to jump everybody else on the board.

The internet is such a wonderful place, very informative. I do not need you to respond to me Halket for I found out my answer. See Below:

Texas Is A Homestead State

Texas law requires no formality for creating a homestead for protection against a forced sale. A homestead is established by living in the property, or being able to show intent to live there.

A homestead exemption must be filed however to receive a reduction in your property taxes.

Texas homestead law does not permit increasing the indebtedness on a homestead above the original purchase money amount except for home improvements, repairs and taxes

"A homestead exemption must be filed however to receive a reduction in your property taxes."

That explains all that paperwork that had to be filled out. I thought it was to get the house homesteaded.

You have been educated on the Texas Homestead Laws, at least where it pertains to that little section of it. From what I understand it is very "deep rooted" in Texas History, going back to the days of Stephen Austin.

[JETX]

BB-brain, you are just too damn funny. You seem to get the most creative (and harmless to the rest of the forum) when you are responding to my posts. I take it as a compliment that you seem to finally have ceased your inane, ignorant tirade on this forum while you focus your 'creative' energy on me. Please continue, it is saving the rest of the forum from your BS replies.
(Oh, what sacrifices I make for the good of all!!)

However, I do notice one thing.... anytime that I have challenged you with FACTS, you resort to name-calling and picture-finding. I guess the facts just confuse you.

Anyway, keep it up for as long as you can. You are showing a great talent for spreading BS.

<font size="2">[color=brown]Please continue.[/color]</font>

Glad to oblige even the Texas monkeys.[/color]</font>

<font size="2">[color=brown](Oh, what sacrifices I make for the good of all!!) [/color]</font>

Sacrifices? Good of all??? [color=black]<font size="6">ROFLMAO !!!!<font>[/color]

Hell, I can type faster than you can think. You need to start worrying how to save yourself and quit worrying about other folks. They know what you are worried about and it sure isn't helping them any.

You are the one needs help picking the fleas out of your onry hide. Try a good bath in the creek and some good strong flea soap. And douse yourself with a few gallons of turpentine first.

[JETX]

Bye-Bye, BB-Brain.

I can see the executioners axe starting its downward swing!!! Shortly, we will hear nothing but the nice, solid thud of your whiny, little, pea-brain filled skull hitting the bottom of the wicker basket. Be assured, we will post it on a pike so that all who post on the forum can see it... for they shall be glad and rejoice in your demise. (I am sure that a lot will actually say, "What a craphead he was... we are glad he is gone!!")

Ask not for whom the bell tolls... it tolls for thee!

So long, Bye-Bye, Farewell....

Thank you for your kind thoughts Rocko Sufretto.