Posted on: 26th Dec, 2010 12:32 pm
I owe my creditors around $70,000 and I'm trying to do a debt settlement. I also own several rental properties. I understand that in order to reach a settlement you first have to default on your payments and save up enough money to offer as a settlement. My question is, while I'm doing this can my creditors take me to court, place liens on my properties and force foreclosures in order to pay themselves. What would they rather do? Can anyone answer this question? Thank you.
Hi Antonio,
If you're delinquent on your payments for more than 3-4 months, your creditors can file a lawsuit against you and try to get a judgment against you. Once they receive the judgment against you, they will be able to place a lien on your properties or garnish your wages/savings account.
If you're delinquent on your payments for more than 3-4 months, your creditors can file a lawsuit against you and try to get a judgment against you. Once they receive the judgment against you, they will be able to place a lien on your properties or garnish your wages/savings account.
Would they do that, or would they rather settle for half of what you owe?
Do I have a chance in court against my creditors, or would it be a lost case. I have been told that just by showing up in court I have a chance of not getting a judgment; that the judge will instruct us to settle the matter out of court. How truth is that, do you know? By the way, thanks adonis for your prior answer.
Hi Antonio!
Welcome to forums!
It is always better to settle your debts. However, it will depend upon your negotiation powers as to whether or not the lender will be ready to settle your debts.
Sussane
Welcome to forums!
It is always better to settle your debts. However, it will depend upon your negotiation powers as to whether or not the lender will be ready to settle your debts.
Sussane