Topic RSS 10:30 am
January 14, 2010
OfflineGreg,
From my experience I have not heard of anyone losing their house to credit card debt, but that does not mean it is not possible.
What you are asking is of a legal nature and as such you would need to consult with an attorney. The laws on these matters can vary state-to-state.
If a bank/creditor sues you and gets a judgment, they could look at placing a lien on any property you have. In most instances a lien sits there to be paid if the person tries to sell the property, it is basically securing the debt.
In most instances a creditor would want to go for a wage garnishment, something that may give them payments and money now and not waiting.
From what you have stated bankruptcy may be a strong option for you to consider to stop the collections, although you would need to consult with a bankruptcy attorney in your area.
I hope this helps.
Jon
4:14 pm
I'm 67 yrs. old , own a 4plex house with a reverse mortgage on it. I owe $165k on the reverse mort. I gave my sister $110k because she was half owner, she,s off the deed now and after paying a home equity loan off and taxes and insurance i got $1,450. I owe over $300k from 43 credit cards. For 20 years i was borrowing from 1 card to pay another, it got to be where i was paying $4400.00 a month and i was netting $1600 a month from work. I stopped paying on all the cards but three this past june. I just got 2 letters from 2 different attorneys saying i'm being sued in civil court by Chase and if i want to talk about bankruptcy, i can't afford bankruptcy. I thought you can't lose your house from unsecured debt. I don't mind a lien because i'm not planning on leaving. The house is worth about $300k.
Can i lose my house from unsecured credit card debt.
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