Do You Want to Sell Your Old Motor Vehicle? Can You Do It Yourself?
If you’ve received a summon from Asset Acceptance in California, it means you’ve been sued and it’s extremely important for you to don’t ignore the lawsuit filed against you. In most cases a plaintiff has up to 20 (twenty) days, from the date you were served, to answer the complaint. If you don’t show up to court on the requested date it’s defaulted and the plaintiff can move forward without having to go to trial. There are two major issues you must resolve if you accept this lawsuit: accepting the lawsuit and paying the defendants’ attorneys. We will discuss those issues in more detail below.
Asset Acceptance Lawsuit
The lawsuit is an attempt by the defendants or their attorney to seize your home based on fraudulent information, the defendants say is contained on a current bank statement. The majority of homeowners who end up in this type of situation don’t even know they have problems until they receive a copy of the lawsuit, usually when they are in foreclosure. If the plaintiff doesn’t present a form letter to the current owner of the home to prove ownership, then the bank can assert ownership based on a phone conversation with the current owner. Once, the plaintiff’s default, the bank has the right to take possession of the home. It is highly likely the bank will get a judgment and sell the home even after you have paid all your debts.
On the other hand, accepting the lawsuit does NOT mean you agree to a debt collection plan.
The debt collection company will still pursue you for the outstanding debts. But you are NOT signing over the ownership of the home. Instead, you are signing over the right to use the property as your principal residence for tax purposes. In the asset acceptance Corp’s lawsuit instruction form you are asked whether you agree to “assign your interest in the property to the Debt Collection Company”. You also must indicate whether the property will be used for business purposes or for personal purposes.
The asset acquisition process by the debt buyer begins once you sign and complete the Asset Acceptance lawsuit assignment.
Once the assignment is complete, it remains effective until the debt buyer or the debtor files a voluntary liquidation. Depending on the state’s statute of limitations, most asset collections can be completed in six months to a year. But again, this depends on the state statute. Some courts have put a cap on the time period for which the asset can be sold, usually five years.
The asset acceptance llc is a great asset because most debt collectors never pursue owners unless they are in serious financial trouble.
They almost always prefer the easy route over the hard one. When they do pursue an owner, it is almost always to find unpaid debts rather than secured debts, which are not liquidated. Because the asset acquisition process is so easy for the debt collector and virtually impossible for the owner to navigate, many owners simply ignore correspondence and keep paying the debts.
In contrast, when our client was defending a debt buyer lawsuit involving her husband, he repeatedly contacted the creditors. He sent numerous letters and made several phone calls to the various creditors. Sadly, none of these efforts produced any results. When our client hired us to represent him in his lawsuit, we began working with the creditors on his behalf and soon after winning his lawsuit, the creditors finally agreed to accept the settlement offer.
