Posted on: 11th Jan, 2010 03:54 pm
Hello, I have a large amount of credit card debt, but I have never been late on my mortgage payments. Can my credit card companies attatch a lien to my house if I am unable to pay them? What is the liklihood of this happening and would it be better just to file chapeter 7 for the credit card unsecured debt to protect the house?
Hi curiousweston!
Welcome to forums!
The credit card company has the rights to place a lien on your property if you're unable to pay off the dues. Rather than filing bankruptcy, I would suggest you to contact your creditors and try to settle your debts with them. The lender will give you an affordable payment plan to clear the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The credit card company has the rights to place a lien on your property if you're unable to pay off the dues. Rather than filing bankruptcy, I would suggest you to contact your creditors and try to settle your debts with them. The lender will give you an affordable payment plan to clear the dues.
Feel free to ask if you've further queries.
Sussane
they will work with you curious. you don't have to worry about liens on the home for a while. if you default on payments, they can sue and get judgment and then file a lien (or liens).
Hi,
It is true that if you are behind on payments then the lender has the right to get a judgment or sue you. It is good for you to negotiate with your creditors if you are facing any hardship with your monthly payments. I think you can also go for loan modification were the lender will provide you with an easy re-payment plan.
It is true that if you are behind on payments then the lender has the right to get a judgment or sue you. It is good for you to negotiate with your creditors if you are facing any hardship with your monthly payments. I think you can also go for loan modification were the lender will provide you with an easy re-payment plan.
Rita, nice try, but there is no "modification" program in place for credit card debt. Each creditor works with borrowers individually, of course, but that's not necessarily to mean that there is a program in place.
Neglecting to sign in first....this is me:
Rita, nice try, but there is no "modification" program in place for credit card debt. Each creditor works with borrowers individually, of course, but that's not necessarily to mean that there is a program in place.
Rita, nice try, but there is no "modification" program in place for credit card debt. Each creditor works with borrowers individually, of course, but that's not necessarily to mean that there is a program in place.