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#445860 - 10/24/05 01:46 PM Collateral missing
Sage Offline
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Joined: Aug 2005
Posts: 914
We have a loan to a servicemember that is not being paid. We went to inspect our collateral and found that a large item is missing. The family says they spoke to a lawyer and were told they did not have to pay us and would not tell us where the item is.
Can we do anything about this right now?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#445861 - 10/24/05 01:55 PM Re: Collateral missing
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,485
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Contact counsel. To repossess/foreclose or pursue any judicial action you need someone who understands what you want and what is possible with SCRA protections in place. The SM is not entitled to not pay at all nor to dispose of collateral.

You have rights, but with SCRA protections you have one arm tied behind your back. You need to get to the bottom of this. Your customer may be unaware of what is happening. So communication is important too.
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