Alabama Mortgage & Truck Repo - Posted by NJDave

Posted by NJDave on November 30, 1999 at 14:52:23:


A man refinances his $12,000 home mortgage loan, and takes cash out ($17,000) to buy a truck, paying cash. Now has $30,000 mortgage loan at 20%.

He’s missed two payments. The lender on his home mortgage loan has repo’d the truck.

Q. Is it common practice in Alabama to use both a residence, and a truck to secure a mortgage loan?