[sydlee]

I have two vehicles and both are from the same bank. I am in the process of relocating overseas and will be away for a few years at the very least. I have tried everything possible to sell these vehicles, short of donating them to someone but I still the owe the bank!

Due to the current economy and overall price gouging in general it looks like I will not get sale for them in time for me to leave. I only have like 7 weeks till my departure! I started this process four months ago!

What would be the consequences {a} if I gave both vehicles back to the bank where I would not make a dime or {b} I just stop the monthly payments and let them come and pick up, repossess, both vehicles?

Can they (the law) take our home away from us due to this?

Appreciate whatever advice I can get, thanks in advance.

[aaron]

If you surrender your cars to the bank, or stop making your payments resulting in repossession, your actions will be reflected on your credit report. Such actions are likely to severely damage your credit rating.

The bank will typically sell the cars at auction, then seek to collect any deficiency from you (that is, the difference between the sale price of the cars and the amount you owe). Depending upon the circumstances and state law, particularly as it may not be regarded as your principal residence during your extended stay overseas, they may be able to assert and even foreclose upon a lien against your home. You can check with a local lawyer to see if that would be possible under the laws of your state.

[sydlee]

Aaron thank you for responding so quickly. Seems like I'm stuck between a rock and a hard place! Money sure goes where money is! Am I looking for a specialized lawyer or just any lawyer?

[aaron]

You would want to speak with a lawyer familiar with your state's debt collection laws.