Walking Possession Agreement

A walking possession agreement is a legal document that allows a creditor to take control of a debtor`s belongings in order to secure a debt. This agreement is most commonly used in situations where a debtor is unable to make payments on a secured debt, such as a mortgage or car loan.

Under a walking possession agreement, a creditor is granted the right to take possession of the debtor`s belongings, including personal property and real estate, in order to secure the debt. The debtor is given a specific period of time, usually 14 days, to pay the outstanding debt before the creditor can take further action.

If the debtor does not pay the outstanding debt within the specified period of time, the creditor may seek a court order to take possession of the debtor`s property. The debtor may also be required to pay any costs associated with the repossession of their property.

It is important to note that a walking possession agreement is not the same as an eviction or repossession. The debtor still has the right to remain in their home or use their property, but the creditor has the right to take possession if the debtor fails to pay the outstanding debt.

If you are facing financial difficulties and are unable to meet your debt obligations, it is important to seek the advice of a qualified professional. An experienced financial advisor or attorney can help you understand your options and develop a plan to manage your debts and avoid the need for a walking possession agreement.

In conclusion, a walking possession agreement is a legal document that allows a creditor to take control of a debtor`s belongings to secure a debt. Although it can be an effective tool for creditors, it is important for debtors to understand their rights and seek professional advice before entering into such an agreement.

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