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Particularly when the economy is in the doldrums, there are few businesses that have more work than a repossessing service. There are a number of different kinds of companies where repossessing is a necessary part of their day to day work.
If you go to a payday loan company, for example, and they ask for the title to your car as collateral, this means that they are agreeing to lend you money at a certain interest rate, and if you don't pay them back in full, they will take your car by hiring a repo man. Automobile towing companies often serve this dual role because they are set up to move vehicles.
Lenders like vehicles as collateral because they are easier to repossess. However, repossession occurs with homes as well. If you bought a house with debt from the lender at your bank, and you suddenly can't afford the payments, the bank will ultimately send a claim form for details of a hearing at your local county court. Here, a solicitor for the bank and a judge will listen to your proposal for making up lost payments (hopefully with the help of a lawyer).
If the judge and lender agent agree that you should be evicted, the bank can then foreclose on your mortgage. This process allows the lien holder (the bank) to repossess the asset you borrowed money to purchase, and hopefully sell it at a high enough price to recover what they lent.
For homes, a repo man will show up to escort you off the premises, often with a local sheriff. You no longer own your home, your credit will be damaged, and you might even have to file for bankruptcy. But in the end, the repossessing service is just doing what it's paid to do.
When someone has a debt that they cannot claim, sometimes a repo service is hired by the bank that the person owes money to repossess the auto, home, or other property as payment. Depending on where you live, there might be several repo man services listed in your online directory. Some people find that this makes it difficult for them to determine which ones are right for them. If you follow these guidelines, you should be able to pick a repo man that can repossess a home or vehicle properly. When you first contact the repossessing service, you will want to determine how much experience they have by asking them how long they have been in business. Those with several years of experience should know more than just how to tow a car away for a bank. They should also know how to use software to file a claim with an insurance company and send information in a letter to help the person avoid repossession on things they own. Filing this info can make it possible for banks to get the payment for autos and homes without forcing the person into bankruptcy. The law often protects those in credit recovery from being foreclosed on even when there is a lien requiring payment, so sometimes it is best to choose an agent that knows how to work with banks and consumers to get the vehicle or home payments before the state steps in. Ask the agents to give you written price quotes for their services so that you can compare them easily.