QUESTION

Auto Repossession

Asked on May 01st, 2023 on Debtor and Creditor - Michigan
More details to this question:
Can we just pay what we owe? Why is the lender asking to have payment in full? They are the reason it was financed initially.
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1 ANSWER

Real Estate Attorney serving Bloomfield Hills, MI
Partner at Borman-Lahti PLLC
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If they accelerated the full balance of the loan, the only thing you can do is somehow get a new loan and them off. Usually, they just require you to resinstate, paying all owed payments. If you can come up with the cash to reinstate you can call and see if they will reinstate the loan. Best of luck to you.
Answered on May 03rd, 2023 at 5:58 PM

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