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When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
Because the right of redemption is an equitable right, foreclosure is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt.
Security Bank was established on June 18, 1951, as Security Bank and Trust Company (SBTC) in Manila, Philippines.At the time, SBTC was the first privately owned, Filipino-controlled bank of the post-World War II era.
After a couple of down years, vehicle repossessions are up by 20.4%, according to Cox Automotive. During the pandemic, Americans received stimulus funds to spend on themselves and their cars.
Car repossessions in the U.S. have reached a decade high. In December, the percentage of subprime auto borrowers who were at least 60 days late on their car payments increased to 5.67%, up from 2. ...
Car repossessions are on the rise, according to auto industry experts at Cox Automotive. Nearly 1.5 million vehicles were repossessed in 2023, which was 300,000 more than 2022.
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