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stan j | Can a creditor take you to court, with a view to possession or sale of your house, against an unsecured loan ? |
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tunisianboy46
 |
There is a misconception about unsecured loans. Whilst in general they are not secured against any property, the creditor can take you to court to get an order to force you to sell your home, if the creditor can show that the loan amount is large enough to warrant the sale of you home.
The act of doing this is called seizing goods and/or property to satisfy a debt. Your house is property and so can come under threat from being sold NOT repossessed as is the case in secured loans.
If you owe a creditor a large amount i.e. £25,000+ they have the right to ask a court to make an order to force you to sell your home. Money from that sale is used to pay off the debt plus court fees. The remaining funds are returned to you. It is the court that decides whether or not to grant this order, The creditor cannot seek possession of your home if the home is worth more than the debt.
This part of the legislation is little known but can be used in cases where the amount of money owed cannot realistically be paid off in a reasonable time by using the "Attachment to Earnings order".
This must not be confused with the repossession order as in the case of a secured loan. A secured loan is secured against your home or car and can lead you to losing your home with just a simple successful request to the courts.
If you take a look at what can be seized and sold to satisfy a debt your house and car are on that list.
Don't worry though, the court has to be satisfied that all methods of payment have been tried and failed before they consider ordering you to sell your home.
When you get to court take along with you proof of income proof of your weekly out goings (not including luxury items i.e. holidays etc) and make a realistic offer to the court to repay this debt. BOTH you and the creditor will be bound by this The court will look at what you owe and will decide if your offer is reasonable. IF you breach the order you will go back to court and you could end up in prison for it as well as having your house sold!
Further debt advice can be got from the Citizens Advice Beaureau. |
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NJ. the Gemini
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Of course if you have put the house up as security then when you cannot pay the mortgage for three month then they can go to Court and get the house.
There are things you can do to keep the house but I would have to get moor from you to starred you in the correct way.
You will have to do what you are going to do to keep that house
very QUICK because it's no joke @ all. WHAT COUNTRY ARE YOU IN?? THE U K. or the U S A.?? Where ever you are do not take it as a joke
If you did not put the house up to get some money but you hoe
the person some money they can put a lean on the house not
take it from you but a that means you cant do any thing with the house like sells it, refinanced it or even give it away before you pay the person. or if some one would sued you for you bouncing them down on the road or things like those they can sue you and take your house that is why I say I would have to
get some more from you so that you can get the correct infer- mation. GOOD LUCK TO YOU. |
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blcohen529
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Will all those answering without knowledge or experience vacate this area immediately, Pu-lease......
An unsecured creditor can convert his/her debt to a judgment that can be attached to real property and sold to enforce the judgment.
This is most uncommon because you have substantial protections under state and federal exemption laws. In certain states like Florida and Texas there are no creditor rights because a home's entire value is exempt from any involuntary execution. THIS IS WHY O.J. SIMPSON LIVES IN FLORIDA...
Other states have exemptions from $5,000 to $50,000 meaning the unsecured judgment must be in excess of this amount to be allowed to foreclose.
Further some states have a minimum time period that must expire before a creditor's home can be attacked. Smaller liens can attach to real property and be satisfied upon property transfer but there is generally little fear that a judgment creditor has any reasonable chance of forcing a sale or conducting a foreclosure sale.
If you think you may be an exceptional case, contact a lawyer or accountant for asset protection. |
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Me & Them
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Not unsecured borrowings no (in the UK). Not sure about anywhere else in world though... |
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kemperk
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sure--with conditions.
An unsecured loan means you, at the time,
put up nothing. If you owe a dept store
5,000 for example, and you stop paying,
they can get a judgment against you.
If you do not pay the judgment, they
can get your bank acct data and
get a court order to empty your
bank. If you own a house, they can
lien the house. THEY cannot force
a sale but WHEN IT sells in the future
they will be paid after the FED taxes are paid. |
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src50
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No. Many threaten to. They CAN get a court judgment and garnish wages or attach your bank accounts. |
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kumala
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NO, its not secured on your home |
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Paul W
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no its unsecured... you have not secured anything on it |
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leelee
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no, hence the reason its an unsecured loan |
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Ryan
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Unsecured, is that, not secured by collateral. However, it is still debt you promised to pay and they can sue you for it. |
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