If you can't pay your mortgage or car lease can you bring keys? - page 2.

avikz

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Quote from: Fullbear2222 on February 16, 2024, 09:19:34 AM

If don't have money to pay your mortgage or car lease ?
Can you Simple bring keys to the bank ?
I mean you got to estimate your case If you know you gona fail anyways dont pay them nothing just enjoy the the money while you have it.
Do you know any one who returned keys just back?

It is far more complicated than you think! When you fail to pay your mortgage or car lease, it is not as simple as handing back your keys to the bank. It is a legal process which given banks want to avoid due to all the extra costs comes with it. Bank will sit with you first to understand your financial situation and if they are any hope of recovering that money, they will first offer you are payment plan. They will try to adjust panel interest on your loan. Taking back the property is not ideal for the bank. Because then they will have to sell it off to recover there money which again incur additional cost.

I had worked in a bank long back. Even though not in the similar department but I have seen how the collections work. You cannot just walk into your bank and hand over the keys.

Findingnemo

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Quote from: Fullbear2222 on February 16, 2024, 09:19:34 AM

If don't have money to pay your mortgage or car lease ?
Can you Simple bring keys to the bank ?
I mean you got to estimate your case If you know you gona fail anyways dont pay them nothing just enjoy the the money while you have it.
Do you know any one who returned keys just back?

If you are talking about banks, things won't work like that and banks don't give loans to someone who just vanishes like that is why the credit score system is in place, and even if you miss a single payment it will take a hit and even if you pay it back it will remaining for over 5 more years or so and you will be asked about that one missed payment whenever you need a loan for something else in the different bank as long as the financial entity operates in the same country.

If you feel like you can't able to afford the car, then find a good deal in the market and sell your car and pay back the remaining, if you wait until bank seize you have to pay further even after handing over your car.

Queentoshi

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Quote from: Fullbear2222 on February 16, 2024, 09:19:34 AM

If don't have money to pay your mortgage or car lease ?
Can you Simple bring keys to the bank ?

What do I know that someone can face serious financial conditions in the future let me force them not able to meet up with their mortgage or car lease, I advise you always make sure that you are able to pay a mortgage for a house or car lease before you try to get one through that means.
The bank and companies in charge of these have already encountered numerous problems from clients they may have had in the past, so there is hardly any kind of scenario that they do not have a solution for. There must be charges for breaching the agreement between you and the bank.

franky1

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Quote from: Fullbear2222 on February 16, 2024, 09:19:34 AM

If don't have money to pay your mortgage or car lease ?
Can you Simple bring keys to the bank ?
I mean you got to estimate your case If you know you gona fail anyways dont pay them nothing just enjoy the the money while you have it.
Do you know any one who returned keys just back?

its not as simple as just handing back the keys

when you sign up to a mortgage or lease, there's other things involved

EG imagine a house of $200k purchase value
you are not signing a house purchase of $200k
your signing a contract of 15 years paying back $200k + interest.

so if handing back keys and house went to foreclosure auction and sold for $140k because you couldnt maintain/repair
and you didnt pay mortgage so mortgage is upto $240k
you still owe $100k even after handing back keys

same goes for car.. and yep cars depreciate alot so expect to still owe when handing back car keys

Fullbear2222

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If don't have money to pay your mortgage or car lease ?
Can you Simple bring keys to the bank ?
I mean you got to estimate your case If you know you gona fail anyways dont pay them nothing just enjoy the the money while you have it.
Do you know any one who returned keys just back?

Topic: If you can't pay your mortgage or car lease can you bring keys? - page 2. (Read 258 times)