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In this blog, we’ll discuss the most common violations borrowers can encounter regarding their right to cure, such as failure to provide notice, premature repossession, inaccurate cure amount, and even cases where the wrong car was repossessed.
The right to cure is legal protection for borrowers facing potential car repossession in Maryland and across the nation. This right allows borrowers to rectify their default by making overdue payments before the lender can repossess the vehicle. Understanding this right and the common violations associated with it can help borrowers safeguard their interests.
The right to cure gives borrowers the opportunity to catch up on missed payments and bring their loans current. Typically, this involves paying the overdue amount, along with any applicable fees, within a specified period, which is defined by state laws and the terms of the loan agreement.
Borrowers can encounter several violations of their right to cure. These include failure to provide notice, premature repossession, inaccurate cure amounts, and even mistaken repossessions. Each of these violations can have significant legal implications and may warrant the assistance of a consumer rights lawyer.
One of the most common violations is the lender’s failure to provide proper notice. Maryland law requires lenders to notify borrowers of their default and provide a clear opportunity to cure the default before proceeding with repossession. The notice must include the amount due and the deadline for making the payment.
Another frequent violation is repossession before the expiration of the right-to-cure period. If a lender repossesses a vehicle without allowing the borrower the full opportunity to cure the default, it may be considered a breach of contract.
Another violation that borrowers might face is providing an inaccurate cure amount. If the lender’s notice states an incorrect amount required to bring the loan current, it can mislead the borrower and prevent them from effectively exercising their right to cure, which can result in unjust repossession.
In some rare cases, lenders have mistakenly repossessed the wrong vehicle. This egregious error can occur due to administrative mistakes or miscommunication within the repossession process.
A consumer rights lawyer can provide invaluable assistance in cases of wrongful repossession. They can help borrowers:
The right to cure is a fundamental protection for Maryland borrowers facing car repossession. Violations such as failure to provide notice, premature repossession, and inaccurate cure amounts can severely impact borrowers’ lives.
If you believe your right to cure has been violated, don’t hesitate to contact The Holland Law legal team to explore your options.
