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Repossessions Investigations

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Repossessions happen when a person’s personal assets or real properties are taken legally due to his or her failure to pay the loans or mortgage of the repossessed properties. Normally, financial institutions take back properties that were used as a collateral when the debtor fail to fulfill his or her duties in paying back the money they owe.

Unexpected problems and incidents such as critical illnesses, unemployment and divorce proceedings are some of the main causes of property repossessions. These incidents greatly affect a debtor’s financial status, which eventually leads to their failure to meet their monthly payments.

Seeking the Help of Online Private Investigators

Online private investigators conduct repossession investigations in order to ensure that said actions are legal and fair. They help financial institutions gather evidence on the debtors’ delinquency. They are also hired in order to help debtors prove that they are not delinquents.

Repossession Procedures

This process does not require any court proceedings; however, it is legal as long as the right procedures are followed. The debtor or lessor must also meet certain criteria before the proper authorities can repossess their properties. These criteria include:

  • Failure to honor original contract. If the debtor does not honor the terms and conditions of the original contract such as failure to pay monthly mortgages and fees, creditors can repossess properties. However, if both parties agree that changes should be applied to the original contract, they should do it in writing, as oral agreements are hard to prove.
  • Default payments. A default in payment happens when a debtor fails to make payments for his or her loans. This is a legal ground for repossessing properties, as they fail to establish their rights to the said property.

If debtors do not meet any of these criteria, creditors have no right to repossess your property. It is advisable to hire freelance investigators in order to make sure that repossessions are fair and compliant to legal procedures.

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