The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Being a repo attorney lacks the glamor of some jobs and is not as simple as going out and repossessing cars. Most people instantly think of a tow truck when they think of repossession when in fact there are many other people and components to the process. Here are four things you probably didn’t know about being a repo attorney.
While the popular image of a repo involves somebody driving around all day looking for cars with payment arrearages, many people don’t know that most repo attorneys spend a majority of their time in court. Owners of property who have fallen behind on their payments often try to fight the repossession, and this can end up in court. The repo attorney’s job is to represent the lender and argue why the repossession is appropriate. This can be a time-consuming process, but it is crucial to make sure that the lender gets its property back.
Another thing people don’t know is that repo attorneys have to be knowledgeable about many state laws. Each state has different laws governing repossession, and it is the repo attorney’s job to make sure that the repossession is carried out in accordance with those laws. In addition, they must also be familiar with federal laws governing foreclosure, as many of their clients will be facing foreclosure as well. This broad knowledge ensures that lenders are able to get their property back quickly and efficiently with the help of an attorney familiar with laws in other states where property may have been taken.
We talk about cars and other property being repoed, but many people don’t know about other items that may need to be retrieved, like airplanes. Yes, if you fall behind on your payments for a private jet, a repo attorney can be hired to help repossess the plane. This is just one example of the many different types of property that may need to be repossessed by a repo attorney. This process is far more complicated than simply towing a car and often requires special expertise to retrieve the property. If you have a love of airplanes, then consider becoming an airplane repo attorney.
Repo attorneys are often the first people that lenders call when they need help retrieving their property. This means that they are usually working on cases that are in the early stages of delinquency before the borrower has even fallen behind on their payments. This gives them the opportunity to work with the borrower to try and resolve the issue without having to resort to repossession. In many cases, they are able to successfully negotiate a payment plan or some other arrangement that allows the borrower to keep their property and avoid going through the repossession process.
There are many things that people don’t know about being a repo attorney. These four things are just the tip of the iceberg when it comes to the work they do and the knowledge they possess. If you’re ever in need of their services, you can be confident that they will be able to help you regardless of how big the item is.