Defaulted Loan??? I need help!

[Pepsi]

What is the name of your state? CA

First of all, hi and I'm new here. I have a few questions about a situation my boyfriend is in. He had a vehicle (paid off, he held the title). He got a personal loan, gave them the title to the car. He ended up getting behind on payments by about 2 months, then he just stopped paying. So he knew this would affect his credit and so on.

Recently though, after seeing his credit report, he apparently saw the loan as "charged off". What exactly does this mean? And what happens now? I mean as far as the car and the title? I know that the company owns it, but from the point he is at now... is there any way of going back and paying the loan off and getting the title back? Or nothing possible?

Hopefully someone can just give me a few answers and help me out so I can give him some insight on what to do about the matter. We do want the car and title back, if it's possible.

Thanks in advance, if anyone can help!

Ok, I'm coming back to edit because I went through some of his papers and found something. It is an Abstract of Judgment. Judgment entered on 07/14/04 and a stay of enforcement has not been ordered by the court. What exactly does this all mean? I've searched and read posts on it, but didn't get any answers similar to the situation.

Please help!

 

[dtown7]

Charge-off means that the debt was not worth trying to collect on so they just wrote it off. abstract of judgment
n. a written summary of a judgment which states how much money the losing party owes to the person who won the lawsuit (judgment creditor), the rate of interest to be paid on the judgment amount, court costs, and any specific orders that the losing party (judgment debtor) must obey, which abstract is acknowledged and stamped so that it can be recorded at the county recorder. The purpose of an abstract of judgment is to create a public record and create a lien or claim if necessary on any real estate owned or later acquired by the loser located in the county in which the abstract of judgment is recorded. If the loser does not pay the judgment voluntarily then the winner can force a sheriff's sale of any property to collect. There are several problems: a) to find the county where the loser owns real estate; b) the probability that there are secured loans, tax liens and/or other judgments that come ahead of the judgment lien; c) the possibility that the loser/debtor may go bankrupt and avoid paying the debt
You can always go back to the original creditor and make payment arrangements with them and once you've made all the payments then the abstract judgment will then be changed to Satisfied Judgment. Hope this info helps and it's not too late.

 

[Ladynred]

Look, bottom line is your boyfriend stopped paying and the creditor sued him and got a judgment against him. That means that they can come after his wages, his bank accounts and anything else he owns to take to satisfy the judgment. There's NOTHING he can 'fix' at this point, he's going to have to pay this judgment or he's probably going to lose whats in his bank accound and/or have his wages garnished. So, he needs to call the attorney that sued him and make arrangements to pay off the judgment.

Does he still have the car ?? I'm surprised it hasn't been repo'd by now if he does.