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General Credit Forum / Re: family member died and left me a car.
« Last post by Clydesmom66 on Today at 03:59:41 AM »
So he sells the car for 3 grand, he still owes over 3 grand.  Now what if they refuse to take the settlement?  Then he's out of the car as well.  Brilliant thinking.

Wow, you are dumber than a box of rocks.  You negotiate a lump sum payment UP FRONT for full settlement. If the car sold for $3500 I would offer $3k to settle and see if they take it.  You could increase if you had to.  If they reject the settlement he still has the cash.  You don't pay until both sides agree on the terms IN WRITING.  Well smart people don't pay before negotiating you on the other hand....

If you already have a car and don't need the second one why spend money on tags and insurance?  Sell it and make the judgment go away.  It is only going to get more expensive as post judgment interest adds up annually. 
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General Credit Forum / Re: family member died and left me a car.
« Last post by CleaningUp on Today at 03:43:04 AM »
In Minnesota, the equity of one vehicle up to an equity of $4,400 is except from judgement.

So, given the stated value of the vehicle, the auction price would be in the $1400 to $1800 range with the mileage having a great deal to do with the hammered price.

Deduct the cost of the repo and sale efforts, and the creditors is going to be seeing a situation whereby he is LOSING MONEY to convert the car to cash and wouldn't see a dime towards settling the judgement.  He is not allowed to pass on the costs of the repo and the sale to the judgement creditor.

You probably don't need to do a thing unless you have a great deal of equity in your first car...at least to cover the $2K plus that it will cost them to scoop the car.

It's just not worth the effort.

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General Credit Forum / Re: family member died and left me a car.
« Last post by Jersey No Neck on Today at 01:41:32 AM »
"Let me get this straight.  You have a valid judgment for a debt against you and you want to keep a windfall as well?   Never fear one of the professional deadbeats like fisthardcheese will be along shortly to tell you exactly how to cheat those you owe money to.

Why not sell the car and offer a lump sum settlement to make the judgment go away?"

So he sells the car for 3 grand, he still owes over 3 grand.  Now what if they refuse to take the settlement?  Then he's out of the car as well.  Brilliant thinking.
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General Credit Forum / Re: family member died and left me a car.
« Last post by BarkingDog on Today at 01:37:06 AM »
Let me get this straight.  You have a valid judgment for a debt against you and you want to keep a windfall as well?   Never fear one of the professional deadbeats like fisthardcheese will be along shortly to tell you exactly how to cheat those you owe money to.

Why not sell the car and offer a lump sum settlement to make the judgment go away?
fisthardcheese are you there ? I would rather leave a lump sum to debtorsboards.
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General Credit Forum / Re: family member died and left me a car.
« Last post by Clydesmom66 on Yesterday at 07:48:21 PM »
The car is a 2009 ford fusion with 106,000 miles on it. It has a blue book value of $ 5,000 to 6,500 dollars. I have a Judgment on Me for $6,800 from Portfolio Recovery Associates. I live in minnesota. Please help.

Let me get this straight.  You have a valid judgment for a debt against you and you want to keep a windfall as well?   Never fear one of the professional deadbeats like fisthardcheese will be along shortly to tell you exactly how to cheat those you owe money to.

Why not sell the car and offer a lump sum settlement to make the judgment go away?
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General Credit Forum / Re: family member died and left me a car.
« Last post by CleaningUp on Yesterday at 05:27:46 PM »
It is unlikely, given the exclusions and exemptions provided by your state laws and the costs of repossessing and selling a vehicle, that the judgement creditor would be able to make enough from the transaction to pay off the judgment.

Remember, too, that any repossessed vehicle would be sold at auction and may or may not fetch the wholesale book value of the car.

I would think that you are pretty safe...Do the math for yourself...Wholesale is usually about 35% of the retail value.  Don't forget to factor in the condition of the vehicle and the popularity of the make and model.
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General Credit Forum / family member died and left me a car.
« Last post by BarkingDog on Yesterday at 07:04:45 AM »
The car is a 2009 ford fusion with 106,000 miles on it. It has a blue book value of $ 5,000 to 6,500 dollars. I have a Judgment on Me for $6,800 from Portfolio Recovery Associates. I live in minnesota. Please help.
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In my state, any foreclosure sale MUST be publicly advertised a certain number of times at least 14 days before the sale with the same notification being sent to the mortgagee by registered mail at the address of the property and/or the mailing address on file for the borrower.

I would suspect that most states have similar laws.
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Service by publication on mortgage matters has far more to do with providing notice to prospective bidders than it does to inform the mortgagee of the date and time of the sale.

No.  It is quite common in mortgage foreclosure lawsuits that the mortgagors have vacated the premises and the bank or mortgage holder has zero idea where the defendants went.  Banks receive permission to publish the entire summons and complaint in the newspaper.

But yes, sales are also published.
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Arbitration / Re: They sent me validation..now what?
« Last post by CleaningUp on February 15, 2018 11:20:41 PM »
If they gave you the name of the creditor, original creditor, and amount owed, they gave you enough to meet the legal requirements.

If you pulled whole list of stuff off the internet and included it because it sounded good and proved that you were knowledgeable about the law, you swung and missed.  What you proved was that you really don't know what 's going on.

The standard for validation is so low as to be laughable, but that's what all of the case law has allowed the standard to be.   What you asked for are things that you could include in any discovery demands that you could make if and when the account makes it to court.

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