I have become disabled a year ago, and was on unemployment, I did pay my mortgage for the first year, but now I just couldn't eat, So I started saving my money instead, and plan to move out of state In the mean time I won a Veterans compansation for a service connected disability which will pay me $$ every month until I die. I will also get a years backpay from them. I have paid all my other bills on time, and don't want to file bankrupt. If i pay off my car soon, Can they take it? I do know they can not touch my va payments they told me. SO how safe is my car if I pay if off now? in the middle thanks Basically, Can I move the cash I save into my bank, also without them putting a lein or taking it? and should I pay off my car now, or keep it financed, or does it matter?
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Yes, I have not received an answer yet.need a law proffesional, re: veterans, or what the bank can access from meand my bank. how safe is my car, I am able to pay it off now, should I wait , can they takeit from me in forclosure?so a forclosure proffesional
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Hello and thank you for allowing me the opportunity to assist you.If your mortgage lender gets a judgment against you after foreclosing on the house (i.e., a deficiency judgment), then it can go after your assets, such as your car. However, as you noted, your VA benefits are protected by law. As for your car, it is protected only up to $1200, which means that if your car is worth more than $1200, then the judgment creditor can sell the car and keep the proceeds above $1200. For example, let's say that the mortgage lender gets a deficiency judgment against you for $50,000. If your car is worth $10,000, then the mortgage lender can sell the car. Let's say the car brings in $10,000 at the sale ... you would get the first $1200, then the lender would get $8800. But, let's say that your car is only worth $1100. The mortgage lender could not sell the car because all of the car is exempt (i.e., protected by law).If you would like any additional information or need clarification, please do not hesitate to ask! Also, I strive to be as helpful as possible so that you are satisfied. Accordingly, please remember to give me positive feedback (doing so does not end our discussion). If you feel the need to rate me poorly, please stop and instead of rating me, reply via the REPLY or CONTINUE CONVERSATION button with the issue that you have. I will be happy to continue our discussion and do everything that I can to provide you with the service that you seek.Thank you.
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