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 Too much debt? |
I am about $40,000 in debt from 5 years of post secondary education. I am 26 years old and make about $44,000.
Do I have too much debt? Anyone have any interesting solutions to bring ... |
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 Paid off debt that was in collection....? |
| my boyfriend has horrible credit. so we got his credit report and started paying off the debt collectors. his credit score has not gone up. should we just not pay the rest of the debt collectors off ... |
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 How soon, once debt is paid off, does it disappear from you credit? |
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 Banks charges? |
| After watching watch dog tonight i have decided to go ahead and claim all my bank charges back, What have i got to lose, but i need to know how do i go about this? ... |
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| Will opening 3 credit cards at once hurt my credit score? |
| I just recently received a new credit card adding to my 3 cards that I already have. I was trying to transfer a balance from one card to the new one but since I wasn't given the credit limit ... |
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 Can The Bank Take Money From My Checking Account 4 Credit Card??? |
| My checking account and credit card are through the same bank. I stopped paying on my credit card and it's gone 2 collections. What I want 2 kno is can the bank take money out of my checking <... |
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sita | Can credit card company's put a lean on my house? |
If we are in debt $8,000 dollars can the credit card company put a lean on our home? |
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slinkies
 |
they can't take anything unless they take you to court and get a judgment against you ... you will be notified if this happens and have the opportunity to appear in court ... it will take a while, though ... they will put collection and late reports on your credit and hire agencies to call and try to scare you first ... |
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momtojunebaby
 |
No, sir they can't place a lean on your home or car. They aren't the IRS, nor are they contractors whom have done work for you on your home. However, they can either garnish your wages or freeze your bank account.
Try to work out something with them. |
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SlimMick
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Never heard of that....If you completely default on this debt...they might take you to court and attempt to get a judgment against you...If they won your wages might be garnished....Each creditor is different....some might just charge-off the debt and sell it to a collection agency...which will try to annoy you to death into paying.....while another creditor make try to get a judgment....You never know |
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src50
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If they get a court judgment against you, they will likely garnish your wages. |
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Swaminathan P
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they cannot do themselves. |
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keith_dude
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Yes, a lien can be put on your home, but only after a court has granted them such an action. It is very rare for a credit card company to put a lien on your home since it would be very costly for them to do this if not complicated. (It's actually rare for credit card companies to sue their debtors - it's typically cheaper for them to write off your debt and then sell it to a debt collector...but it does happen). Generally, the law only allows contractors who have done work on the home, state/federal agencies (because of owed taxes, child support, student loans, etc.) and mortgage companies to place liens on your home. The reason, as far as I understand it, is that unless you used your home as collateral for getting this credit, then there's very little recourse for the court to place a lien on your home. When a judgment is awarded, you are typically allowed certain exemptions, and your home is usually one of them up to a certain amount. While you may not have to pay anything if you lose your case because of these exemptions, you will have trouble selling/refinancing your home until the lien is paid.
Whether or not a lien can be 'removed' during bankruptcy is a complicated question and is not "black and white". There are several factors involved. If the credit card company placed a lien on your home, it would be considered a judgment lien. They CAN BE discharged in bankruptcy if certain conditions can be met, and it varies by state. But I think it would be difficult for the credit card company to get a lien on your home, but it's certainly not impossible.
Seeing that you own a home, it might be in your best interests to borrow on your home equity, pay off the $8000 and then pay off as quickly as you can the borrowed equity. Borrowing from your home equity can be risky so make sure that you look at all the risk factors involved. I think that it is important to keep your credit score as high as possible considering the current market turbulence. Again, I don't know the exact particulars of your situation.
Good luck. |
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Wrangle the horse
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Call the credit card company and work with a manager to agree to a reduced pay off amount with you.
Don't hide from them ....
They'll most likely agree to less than 50% of what you owe them....and they'll agree to a pay off plan. |
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spaznskitz
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if they shut off the card, sue you for the balance and win the judgement - they have several avenues to recover the money, one is yes, a lein on your home or other property. |
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Joe
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YES ... absolutely they can "IF" a few steps are taken.
1. They file suit against you and obtain a judgment. Remember there is no defense against the judgment. The court does not care whether or not you've had problems, they are simply confirming that the debt is owed and they will order you to pay it.
2. The judgment is then docketed against your real estate "IF" the judgment is awarded against the same people who own (and all of the people) who own the property. if you're married, the judgment must be filed against both of you in order for them to docket it against your real estate.
3. In SOME states, a creditor can then execute against the real estate lien (from step 2) while in others (states that have homestead laws) simply require that the judgment be satisfied before you can sell the property.
A side note to this is that even bankruptcy will not clear the judgment lien. Once it is docketed against your real estate, legally the judgment has been transferred from you to the real estate and, in that case, you are filing bankruptcy but your real estate is not.
Recommendation: Contact your local United Way agency and get a referral to an associated Consumer Credit Counseling Service. They will meet with you to discuss the issue - look at your family budget - and if appropriate contact your creditors to make arrangements for repayment at lower amounts and lowered interest. Go ONLY through a service that your United Way office recommends. DO NOT use one of those that are advertised on TV or on the internet.
Hope this helps and Good Luck!!! |
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OC1999
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They first have to sue you and get a judgement against you.
More than likey they will attempt to garnish your wages first(if allowed in your state). If they can not do that they will then go after any bank accounts you may have. Only after those two will they usually go after placing a lien against the house. |
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