Posted on: 01st May, 2010 02:34 pm
Can a personal unsecured loan put a lien on my clear deed home? I lost my job and can not continue to pay these payments. My husband is retired and we can only pay our utilities, groceries and car payment. Our personal loan company has threatened to put a lien against our property if we do not continue to make the payments. I can not find a job and there is no way we can pay the payment and continue to eat. We live in Ohio.
Hi Mary Jane,
Yes, provided the lender wins a judgment against you. To put alien on your home, the lender will have to file a case against you in court and win it. What you can do is make a copy of your monthly income and expenditure. Write a hardship letter to the lender, and attach a copy of the monthly income and expenditure. Request them for a loan modification.
For more details you can check Ohio Homebuyers Protection Act.
Thanks,
Sandra
Yes, provided the lender wins a judgment against you. To put alien on your home, the lender will have to file a case against you in court and win it. What you can do is make a copy of your monthly income and expenditure. Write a hardship letter to the lender, and attach a copy of the monthly income and expenditure. Request them for a loan modification.
For more details you can check Ohio Homebuyers Protection Act.
Thanks,
Sandra
Hi Mary,
Sandra is correct. If you cannot afford to pay your monthly payments then the best thing would be to speak to your lender and tell them about your hardship. They may give you a re-payment plan. You can also go for loan modification, however, there are certain requirements that you need to qualify. The lender will check your source of income and credit score before approving loan modification. In case nothing is working, you can opt for bankruptcy. Consult with a good attorney before taking any step.
Sandra is correct. If you cannot afford to pay your monthly payments then the best thing would be to speak to your lender and tell them about your hardship. They may give you a re-payment plan. You can also go for loan modification, however, there are certain requirements that you need to qualify. The lender will check your source of income and credit score before approving loan modification. In case nothing is working, you can opt for bankruptcy. Consult with a good attorney before taking any step.