We are an unmarried couple. We have 3 kids 4 and under. He has 75k in student loans we both have $60k in credit card debt. I am a SAHM.
He just lost his job 4 months ago with no prospects in this state to find another one in the near future.
We have 2 homes. One is worthless and has no equity and we should just walk away from it. The other if we could sell it has $200k in equity. We tried selling it but can’t even get someone to walk thru it. It is priced way below market value…the problem is no one can get loans and no one is buying regardless of price.
My question is how safe is our home from the credit card companies? If we sell our home for just the mortgage value or give it to the bank we will have nowhere to live and no money to get a place to live. So we are in a bind. We are currently living off $300 a week in unemployment. Every month we go $3000 more in debt. What remedies do we have, if any? Can the credit card co. get a judgment and take our home or invade our bank accounts etc.?
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The AnswerCan the Credit Card Company Take Our Home? - Carlie by Steve Rhode