Hi, I hope I'm posting this on the right forum..
In Jan 07 my hubby and I made a stupid mistake. We traded in my Chevy Equinox for a Dodge Caravan. We owed alot left of the Chevy and now I have a loan at Wells Fargo for almost $28,000. We shouldn't have done this. The payments were $150 more than what we were paying on the chevy every month so we thought we would be okay. Now 2008, we like so many other Americans are struggling. My mortgage is more important to me than this van is. I am 71 days past due on the van. I called to make a monthly payment of $600 today and they won't accept it until I can make a full payment of $1973.00. There is no way I can make that much of a payment. So now I'm considering letting them come pick up this thing. I've asked for a deferrment but they said I am too far behind. I don't care about my credit. I've got enough things and I don't want to be tempted to buy anything else for a while. I don't mind having to pay back my debt, it's my responsibility, I just need help.
Now my ? is...
If the van is repossessed can the finance company take my house? garnish wages? My mother in law bought 10 acres of land 8 yrs ago and put it in my hubby's name so his siblings had no stake in it if something were to happen to her. About 5 months ago we finally got her to transfer it out of his name because we are afraid they'll take it from her. It's in no way our land. We are currently living on 1/3 acre, with 2 kids and a mortgage when if it were our land we could be living on 10 acres without mortgage. The lawyer we spoke to about filing bankruptcy said he felt we were hiding the land from creditors. That is not true. It's never been "ours". Can Wells fargo take that land from my mother in law because it was in my hubby's name 5 months ago?
How long would we have to pay back the remaining balance on the vehicle? How long would it take them to take us to court?
Thanks