How long before my accounts are attached?

[kenshirley]

We are waiting for an appointment with an attorney. They are busy here.
We could not sell our mobile home and moved into a rental an surrendered the home.
I now have a demand for payment in full for a mobile home I could not sell due to new bank loan requirements for them. We even had two people that wanted to assume the existing loan but the bank would not allow that either.
This is not real property. There is no land with it. It's a simple secured contract using the mobile only as collateral.
Can anyone give me an idea of what the procedures are and how long it takes before our bank account could be attacked?
As a retiree I have no choice but to send my payments to my account.
I worry about not having any money to live on.

[justbroke]

We are waiting for an appointment with an attorney. They are busy here.
We could not sell our mobile home and moved into a rental an surrendered the home.
I now have a demand for payment in full for a mobile home I could not sell due to new bank loan requirements for them. We even had two people that wanted to assume the existing loan but the bank would not allow that either.
This is not real property. There is no land with it. It's a simple secured contract using the mobile only as collateral.
Can anyone give me an idea of what the procedures are and how long it takes before our bank account could be attacked?
As a retiree I have no choice but to send my payments to my account.
I worry about not having any money to live on.

You have to be sued first. I think right now, you are only getting threatening demand letters. That's normal.

Eventually, the lender will file a suit (or they'll hire a collection agency or lawyer to do so) for the value of the deficiency (the difference between what you owed and what they sold it for at auction).

A little known fact is that, if they already repossessed it and/or has possession of it, and they haven't sold it yet... then they can't sue you... yet. They can't ask for payment in full, if they haven't sold it yet... since you surrendered it.

So, you'll know when they sue you, as you'll get papers (a summons) which usually requires you to Answer it. You generally have 20 days to answer. If you don't answer, then generally 30 days later, the Plaintiff (the lender) will ask for a summary judgment. Once the judgment is granted, then they'll go to attach the judgment as a lien to something you own. I say it can be 90 days from summons to an actual judgment and a lien or garnishment... minimum.

[kenshirley]

Thanks, that makes me feel a little better.