When a borrower had a note secured by a vehicle prior to being called up for active military service, now the note is reached the 120 days of delinqency, is it authorized by sec. 303 (c) to proceed with seizure and sale of property? then wait for the 90 days after the military status ends.
What is the proper way to handle the collection effort when the account becomes over 120 days past due, the account is required to be charged off by the FDIC Reclassification requirements, and there is a perfected lien on a vehicle?