Property
Repossession credit score
Repossession of the goods not only results loss of ownership but also in decrease the credit score of the seller. Repossession put the buyer in the financial moor there fore preventing him to get future credit. Repossession occurs in most of the countries when buyer fails to 2 or more installments.
The buyer will be responsible for difference between collateral and repossessed amount. This may some times lead to bankruptcy in certain cases.
So it is always advisable to sell to rent back by opting for payment deferment if your debt problem short term or look out for debt counseling to work out a payment plan if it is long term.
If you sell rent back, it will prevent the buyer from losing the faith of the other debtors they can either call fore debt or hike their interest charges
November 25, 2009 11:26 am 
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