Baltimore Repossession Attorney

Assisting Clients With Repossession in Maryland

Are you behind on your car payments? Are you worried that your car will be repossessed? If you are having trouble making your car payments, it is important that you seek legal help as soon as possible. At Sanchez Garrison & Associates, our Baltimore repossession lawyer can help you avoid losing your vehicle to repossession. We can help you get your car back or help you negotiate a repayment plan with your lender.

If you are dealing with a repossession, we can help you. We have the experience and knowledge to assess your case and offer the best possible solution. We have helped many clients avoid losing their vehicles to repossession.

Call (410) 406-7372 or contact us online to schedule a consultation with our repossession lawyer in Baltimore at Sanchez Garrison & Associates.

What Is Repossession?

Repossession is the procedure through which an auto lender attempts to reclaim a car that it funded. If you fall behind on your payments or fail to make any payments at all, the lender may repossess the vehicle.

In most cases, a lender will send you a notice that your payments are past due and that they will be taking action to repossess your car. You will have a certain amount of time to make up the missed payments and bring your account current. If you fail to do so, your car will be repossessed.

Signs You May Be Facing Repossession

Several indicators suggest that you may be on the verge of repossession. Being aware of these signs can help you take proactive steps to address your financial situation before it escalates.

• Missed Payments: The most apparent sign of potential repossession is missing one or more payments on your loan or lease. If you find yourself unable to keep up with your monthly obligations, it's crucial to communicate with your lender as soon as possible. Ignoring the situation will only worsen your circumstances.
• Notices from Lenders: If you receive notices from your lender about late payments or defaults, it’s a clear warning sign. Lenders are required to inform borrowers of missed payments and may initiate the repossession process if you do not respond or make arrangements to settle your debt.
• Collections Calls: Frequent calls from collections agencies can indicate that your account has been handed over to a third-party collector. These agencies often pursue outstanding debts aggressively, and continued communication may signal that repossession is imminent if the debt is not resolved.
• Your Loan is Past Due: When a loan becomes significantly past due, lenders may begin taking steps to reclaim the property. Each lender has its policies regarding the timeframe for repossession, but being aware of your loan's status can help you act quickly to avoid losing your assets.
• Loan Default Notices: If you receive a formal default notice from your lender, this is a serious indication that repossession is likely. A default notice usually outlines your missed payments and provides a specific timeframe to rectify the situation. Ignoring this notice can lead to immediate repossession actions.
• Changes in Your Financial Situation: Life events, such as job loss, medical emergencies, or divorce, can significantly impact your financial stability. If you've experienced any major changes that affect your income or expenses, you may be at greater risk of falling behind on payments, putting you closer to repossession.
• Lack of Communication from Your Lender: If your lender becomes unresponsive after you’ve attempted to reach out about your situation, it could be a red flag. Lenders may be preparing for repossession if they are not willing to negotiate or work with you on a payment plan. Establishing clear lines of communication is essential to finding a resolution.

What Does the Lender Do With My Car?

Once your car is repossessed, the lender can auction it. The proceeds of the sale will go toward paying off the balance of your loan and any fees associated with the repossession. If the car sells for less than what you owe, then you are still liable for the difference.

What Are My Rights as a Car Owner?

You have certain rights as a car owner that can help you protect your vehicle from repossession. These rights are protected by state and federal laws, and you can consult with a repossession lawyer to better understand your rights.

Some of these rights include:

• You have the right to redeem your vehicle.
• Your responsibility for any deficiencies.
• The location of the vehicle's storage.
• Where you must make payments in order to redeem your vehicle.