Bank repo

[martybatesb@gma]

What is the name of your state (onlyMo. U.S. law)?

 

[martybatesb@gma]

How can I keep the bank from taking my truck or can i? My Dad died about a year ago and he had some debt at the Bank that I wanted to take care of. I told the loan officer that I would like to take care of the debt but could only do it a little at a time because I already had a real estate loan and could only afford that payment at that time. He came up with a suggestion to loan me the money in the amount of my father's debt and paying his debt off leaving me another payment. I wasn't thinking and let him talk me into it. He talked me into putting my Corvette and My Truck up for collateral and is now trying to repossess my Truck. The Truck was not and is not in my name so legally I couldn't put it up for collateral right? Is there anything I can do legally to keep them from taking my truck? Please Help!

 

[LdiJ]

How can I keep the bank from taking my truck or can i? My Dad died about a year ago and he had some debt at the Bank that I wanted to take care of. I told the loan officer that I would like to take care of the debt but could only do it a little at a time because I already had a real estate loan and could only afford that payment at that time. He came up with a suggestion to loan me the money in the amount of my father's debt and paying his debt off leaving me another payment. I wasn't thinking and let him talk me into it. He talked me into putting my Corvette and My Truck up for collateral and is now trying to repossess my Truck. The Truck was not and is not in my name so legally I couldn't put it up for collateral right? Is there anything I can do legally to keep them from taking my truck? Please Help!

Why did you take on the responsibility for your father's debt? Why did you put a truck up as collateral if you did not own the truck legally?

 

[Zigner]

In case anyone misses it, I believe the OP is in Missouri.

 

[martybatesb@gma]

Because I felt that he would have wanted his debt payed. And the loan officer talked me into putting the truck up. My Dad bought the truck for me about 7 years ago in the meantime my dad had lost the title which originally was in his name with me as TOD on the title. But the Bank sent off for lost title and did not put me on it as TOD and my father died before that was cleared up.

 

[Zigner]

The point is that you had no obligation whatsoever to take on that debt. You chose to do so. Unfortunately, that's water under the bridge.

 

[quincy]

The repo business is booming in Missouri apparently.

Here is a link to the repossession guidelines for Missouri: https://finance.mo.gov/Contribute Documents/repossession_guidelines_and_sample_documents_-_9-06.pdf

Options are listed.

Good luck.