Legal Question in Credit and Debt Law in Kentucky
Reposession obligations
If a car is repossessed and sold for an amount that is less than the lein, can the mortgage company come back on the individual for the difference?
Asked on 9/19/08, 4:45 pm
1 Answer from Attorneys
E. Brian Davis
Davis Law Office
Re: Reposession obligations
The short answer is Yes. It is called a "deficiency balance." There are occasional exceptions, but generally speaking, under Kentucky law, such amounts can be sued for and collected.
Answered on 9/19/08, 8:29 pm
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