If our car gets repossessed, can a bank take our house?

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If our car gets repossessed, can a bank take our house?

Asked on December 14, 2012 under Bankruptcy Law, Utah

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Not directly, unless you signed some document or agreement which used your house as security or collateral for the car loan or financing. However, if the car is repossessed but is worth less than the then-current value of the financing or loan, the lender can sue you for the difference; if it sues you and wins and you still do not pay, it may be able to put a lien on your home (other options include levying on your bank account; executing on personal property, like vehicles; or wage garnishments in most states).


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