The repossession industry, or the repo sector, as it’s commonly referred to, is a critical niche within the United States because it essentially handles the reclamation of a particular asset or property after the owner defaults on a loan or violates terms of an agreement.
However, you have to understand the nature of these situations and how a wrongful repossession lawyer can help you fight against an improper seizure.
Repo by the Numbers
Repossessions can be initiated on vehicles, homes, rent-to-own products, and pretty much anything else that involves extended financing, which is specifically where your local wrongful repossession lawyer in Holmdel, NJ comes into play. Here’s a bird’s eye view of the repo sector as a whole:
There are upwards of 11,000 repo companies offering their services in the United States, and this service arena is growing by approximately 4% per year.
The US vehicle repo division reclaims well over 100,000 automobiles each month.
Somewhere between six and 10 million US citizens are currently behind on their auto loans, many of whom are more than three months late.
The number of home foreclosures in the US is at a 10-year low, but this is largely due to a lackluster national homeownership rate. There are still nearly 700,000 foreclosures each year.
A substantial number of repo cases are unlawful and prohibited, so be sure to contact a wrongful repossession lawyer if you feel as though you’ve been mistreated.
How Can I Tell if I Have a Viable Case?
If you meet with a multi talented wrongful repossession lawyer, you can accurately ascertain whether the handlers acted illegally, but here are some helpful tips to keep in mind beforehand:
You must actually be late on your payments for the repo to be legitimate.
If your financier has accepted delinquent payments, they have to send you a formal notice of the fact.
The repo agent is not allowed to intimidate you, bully you, utilize undue force, or break into your property to retrieve the asset.
Local law enforcement officials are not permitted to assist with the reclamation process.
There are innumerable elements that can impact your repo issue, so take the time to visit Paulmirabellilaw.com, and arrange your toll-free case evaluation right now.