Legal Question in Banking Law in New Mexico
If a person has been paying on a car for over four years then loses their job and is having trouble paying that loan, is there any way the bank can lower a payment or can they just take the car back no matter what?
Asked on 5/31/11, 1:59 pm
1 Answer from Attorneys
Charles Aspinwall
Charles S. Aspinwall, J.D., LLC
The bank can lower the payment if it wants to. Your best bet is to go in person and speak with a loan officer, explain your circumstances, and see if the loan can be extended with lower monthly payments. Be sure to explain that you can resume regular payments when you get another job. Best of luck.
Answered on 5/31/11, 2:27 pm
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