Ck317sw said:
Two years ago, vehicle was reposessed. It was sold at an auction with a balance to pay that was legally our responsibility. Just contacted from the Legal Dept of the bank that provided the loan. They say we have 4 days to pay a certain amount of money (considerably high) OR ELSE we have to go to court. We are not debating the fact that we owe this money but we do not have it in one lump sum to pay like that. My question is if we opt to go to court what action will the court most likely take??? Even after going to court, we still wont have the money magically appear from the sky. Can't we just send in a certain amount of money monthly to assume responsibility in paying this debt?
My response:
Going to court is not going to help your matter. The bank will merely receive a judgment against you. When that happens, bank accounts magically start being emptied, property is taken, liens are placed on Real Property, garnishments are attached to wages, etc., etc. Judgments are good for up to 20 years. So, this could be a long-time ordeal for you.
Unless you send the bank what they ask, it's off to court you go. If you send them any amounts other than what they ask, that won't stop the litigation process; however, the bank will merely credit those amounts against any final judgment they obtain against you.
I would look around, real carefully and real hard, for any avenue of obtaining funds - - friends, family, a second mortgage, selling off something, just to name of few. Because your credit is undoubtedly messed up by now, you may need a co-signer for any type of loan you apply for.
Additionally, judgments do not look good on someone's credit report.
Good luck to you.
IAAL
