General Discussion
In reply to the discussion: Wall Street Can Now Disable Your Car When You're Driving on the Freeway [View all]dreamnightwind
(4,775 posts)And illustrative of the situation these car owners find themselves in.
I'm aware that there is a legal procedure that must be followed. Seems like that could be changed, proof of title could change into ownership of the lockbox, which would change hands anytime the home is sold, though good luck to the financial industry if they have to work this out for a mortage-backed security that gets sliced up and resold, it is a farce any way you look at it in these cases, title is not actually transferred and it's a mess.
I don't see what difference it makes whether they can physically seize it or not, the "seizing" amounts to control of entry/exit and the ability to resell the property. If anything the home example is less onerous, the house is not moving (as some of these vehicles apparently are) nor is the owner randomly stranded in a place they only intended to briefly stop at.