I am interested in getting a repo house and have been looking at a lot of them my question is do you have the pay the remaining amount due on a repo house upfront or do you get signed up for finance? is there a way that I can get a loan so i can make monthly payments instead of having to get the whole amount due up front?

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I live in Kansas. The house is in Kansas and the listing agent is saying that we will be sued by the repo bank for not going through with this. The FHA apprasal didn’t pass twice. We had to work on it ourselves to make it pass and it wasn’t ours yet. We just don’t want the house anymore. Can we be sued?

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In 2002 a family member had a auto accident (their fault) and was in a bad financial state. She came to me for assistance because she needed a co-signer. When we went to the dealer co-signing wasn’t good enough because even with my signing her credit was so messed up that her interest rate was through the roof. So I decided to sign as the primary and not use her on the loan. Well fast forward about 1 year, I decide to join the US Army and while in basic training I find out that the vehicle will be repo’d and that she had missed three consecutive payments. So I tried to fix the situation the best I could over the phone however due to my circumstance at the time I wasn’t in a position to clear the issue up as I really wanted. So I phoned a friend who went to her house and picked up the car. He then took the car to the bank, basically a voluntary repossession to avoid any additional charges. The vehicle was sold at auction and after about 6 months the loan showed charge off on my credit report. I have attempted to collect the difference ($6,052) from her but have had no such luck. It’s my understanding that it will disappear from my credit report in approx. 7 1/2 years after the repossession. My question is am I required to pay the balance for it to disappear or will it just go away. The particular financial institution has made no attempt to contact me and according to my credit report it was turned into collections. However on another portion of my credit report it shows no accounts have been turned into collections. I am very confused by this and wish for this situation to leave my life. Should I dispute this or will I be opening a pandoras box?

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I have a 10 year old judgment and recently acquired a car repossession, several credit card charge offs, cable, phone, medical collections and a land foreclosure, ( barely saved my house) all do to a disability beginning 2005.

Here is my question I will soon receive a lump sum of money (back disability pay) from SDI. Should I pay off what debt I can and if so which ones? Or am I so screwed I should hold on to the lump sum and forget about it.

BTW
The total amount will not pay all of my debt and I will be on a fixed income from here on out……..

Thanks

house repossession