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Also "know your exit strategy". Foreclosure means giving up control and probably losing everything, and you should try very very hard to stay in control of what
by asuffield 11y ago
Also "know your exit strategy". Foreclosure means giving up control and probably losing everything, and you should try very very hard to stay in control of what happens here. Selling the house quickly might have been difficult, but the big immediate mistake here was not selling the car - anything that gets repossessed is gone and you won't get any of the cash, anything you sell yourself you have some control over where the money goes.
- hollerith 11y agoI'm confused. I always thought that in the US, if you borrow money to buy a car, the lender gets a lien on it with the result that the DMV will not transfer title to a new owner without the permission of the lender.
- asuffield 11y agoAh, if it's one of those arrangements then yeah, that was always a lost cause.
- bdcravens 11y agoThat is true, though you can sell it and clear some cash if the vehicle is worth more than owed. (About 2 1/2 years ago I sold a 2010 Honda Civic that I put $5k down on originally for about a $7K gain)
- gscott 11y agoIn 2008 no one could get a loan, selling really wasn't an option.