ANSWERS: 3
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I am not TOO sure but I believe they can.
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I have heard that they can but not 100% sure. what about if you have a balabce after they repo it and resell it? Can they make you pay the remaining balance in the state of texas. I have heard about debtors law but not sure about it.
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Yes, after they get a judgment. You are liable for the debts you incur. If you do not meet your financial obligation, and a loan is secured, the bank will retrieve (i.e. repo) the collateral. If there is still a deficiency, the bank is entitled to be paid. They will do this by placing liens on your property, garnishing your wages, or using a myriad of other involuntary collection methods. Although, some states (e.g. Florida) have very broad homestead exemptions which would protect the house from unsecured creditors.
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