I've had my car for five years. it's in my father's name. he has passed away. The contract on my car was to be paid off this month . I am 2 months behind in my payment. I called the creditors to explain that I will pay the catch up payment this friday. one Rep was real mean about it. I then asked her if I could money gram the money this friday send $900.00 she gave me the money gram info I needed to send the payment. I then called again to reasure that I am still sending $900.00 this friday another rep threatend & said we need the money today. I mentioned I have no other finacial means but friday you will have the money. my question is can they repo my car? the car is 30,000 I have already invested $28,000 I would like for the creditor to know I would not have come this far to lose it. should I hide the car until paid off?

The best answer is by :
ILoveKeyLimePie :
"should I hide the car until paid off?"

Yes, at least until you are all caught up. Especially since the actual named owner is deceased. It would be rather difficult to get back a car that isn't even in your name.

"I would like for the creditor to know I would not have come this far to lose it."

Do you seriously think they care? If the company really wants to repo your car, they will. They want their money and will say anything to get it.

"another rep threatend & said we need the money today."

Or else what? If they were going to repo, they would have already sent someone. Don't let phone reps bully you.

"can they repo my car?"

Yes. If you are even a week behind they can do this, but 99.9% of lenders don't. They want your cash far more than they want your car.

financial probs mortgage to high

The answer is provided by :
jacg :
As a general rule, I would say don't do this. You are on the so-called mortgage ladder now and if you get off, who knows if/when you will be able to get back on. Also, what would happen to the property if you fell behind in rent? Is your tenancy agreement indefinite? Will you be forced to move out at some stage in the future?

Can you see if you can change your mortgage to a different provider, one where there is a fixed interest rate? This could lower your payments.

Have you thought about trimming off any extra payments you may be making - any unnecessary life insurance, accident insurance, income protection cover, transferring your car insurance to a cheaper company, paying your utilities by direct debit, getting a cable/landline/broadband all-in-one deal? These could save you enough money to put towards the mortgage.

Can you move to a smaller house or out of the area a bit to a cheaper location?

Can you perhaps rent a room out in your house? Or do some overtime? Or get a temporary part-time job? Ask other family members to contribute to the household income (sorry, I don't know your circumstances).

If you have credit card debt, can you swap them to a no interest deal to reduce your monthly repayments?

There are a number of things you could do but I don't think I would say selling your hard earned house and then renting it back is a good idea in the long term.

financial probs mortgage to high

The best answer is by :
jacg :
As a general rule, I would say don't do this. You are on the so-called mortgage ladder now and if you get off, who knows if/when you will be able to get back on. Also, what would happen to the property if you fell behind in rent? Is your tenancy agreement indefinite? Will you be forced to move out at some stage in the future?

Can you see if you can change your mortgage to a different provider, one where there is a fixed interest rate? This could lower your payments.

Have you thought about trimming off any extra payments you may be making - any unnecessary life insurance, accident insurance, income protection cover, transferring your car insurance to a cheaper company, paying your utilities by direct debit, getting a cable/landline/broadband all-in-one deal? These could save you enough money to put towards the mortgage.

Can you move to a smaller house or out of the area a bit to a cheaper location?

Can you perhaps rent a room out in your house? Or do some overtime? Or get a temporary part-time job? Ask other family members to contribute to the household income (sorry, I don't know your circumstances).

If you have credit card debt, can you swap them to a no interest deal to reduce your monthly repayments?

There are a number of things you could do but I don't think I would say selling your hard earned house and then renting it back is a good idea in the long term.

going through divorce and can't afford the house, or the payments told that I can call bank and tell them and not make any payments and put house up for sale and hope for the best. thanks

The following reply is by : John Corey :
You need better advice so good thing you have asked.

If you stop making the payments you will take a hit on your credit. The hit can last 7 or more years depending on what happens. A foreclosure (actual loss of the property) is very negative and will follow you for years.

Speak with the bank. Also talk with your divorce attorney. As you are married the other party is also at risk and has responsibilities.

The bank might be able to defer some payments or work out something while the property is actively being marketed. A short sale might make sense if it works out that the property is not worth what is still owed on it. It is not an easy process and can still result in some negative marks on your credit.

Do not Quit Claim your interest in the property if you remain on the mortgage. You do not want to lose control of the property while you are on the mortgage.

A lot more info would be needed before possible courses of action could be identified. Continue to post questions or check with advisers who have demonstrated skills in this area.

The link below is mostly for investors but you will find articles and how-to info for short sales and foreclosures. You can post to the forum if you want to ask advice. You can also just search the achieves for info.