Can a home be taken away due to car repossession?
Long story short, my mother who owns a home was unaware that my father was going to lease a car. She thought it was going to be financed, not leased so she signed the documents with her name on top, the payments have been behind for about 2 months already. If the car is repossessed and she is sued can she lose her home? This is with Honda financial. What are some options?
They repo the car. It would not affect the house.
Not directly, but if you're getting stuff repoed…
If you can't pay your mortgage, it goes into forclosure, which is effectively, repoing the house.
The options are to read the contract. The house can't be repossessed by a lien can be put on it.
No. But if she is sued by the finance company and loses, they can get a lien placed on the home (meaning the home can't be sold until the lien is paid).
The car will be sold and the difference between the sale price price and the amount owed will become a Judgment against your mother and a lien against her house.
The two things are not related.
- What's the home button on the roof of my car? My car is Honda 2001 EX, I saw a button which is "home icon" on the roof, but I had no idea what's it for, when I pressed it, the red light blinked once and nothing happened.
- Renting car, moving away? I'm renting a car in South Carolina from Stokes Honda, but I'm moving to LA in December. How do I get it registered to California?
- Transmission going out on friend's 2004 Impala. Is it possible to install a manual transmission taken from a 1992 Honda Civic in this car? Not worth replacing trans on a car this old, but the engine and everything else are still perfect. My friend was able to get a free manual trans from a 1992 Honda Civic. But i'm not sure whether or not you can use a trans from a different vehicle
- Walking a motorcycle home? So I'm buying this bike on craigslist and it doesn't ride and I have no trailor or truck to get it home. Its about a mile walk from the sellers house, is it legal to walk it home and is there some secret method other than putting it in nuteral and pushing it. It's a 1986 Honda rebel 250 if that helps.