Legal Question in Credit and Debt Law in Florida

Re: voluntary repos

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Yes, unless the lender agreed otherwise at the time of the voluntary repossession, you are responsible for any deficit between the selling price and what was owed. Your only options to resolve this matter is to pay this in full or attempt to work out a repayment schedule with the lender. If not, the lender can employ all available collection methods including placing negative information on your credit history.

Scott R. Jay, Esq.