Posted on: 26th Feb, 2009 06:26 am
I have defaulted on a credit card debt ..My husband does not know about this..It has been 4 months since I paid them. We are both on SS and own our home outright..His name is NOT on the credit card and AR is not a community property state..Can the cc company put a lien on our home or freeze our checking account? Thank you so much..I need advice badly and cannot afford a lawyer..
what is the least you can offer to pay on a credit card judgment modification in connecticut.
A query similar to yours has been answered in this page:
http://www.mortgagefit.com/credit/judgment-modification.html
http://www.mortgagefit.com/credit/judgment-modification.html
I am looking to buy a house. I have a few things in collections ( credit cards ) have been there for about 5 to 8 years . Once I buy a house can the collection agencies put a lien on my house?
Any information would be greatly appreciated
Any information would be greatly appreciated
bboy, the odds are reasonably slim that you'll be able to obtain a mortgage loan without paying off those collection accounts first. that's the first answer i can give you.
but of course if you find a lender liberal (?) enough to do the loan without paying them off, then you need to know that the collection agencies can, indeed, file liens against the property if they discover that you own a home. what they'd have to do is to sue you, be victorious and document that you have not paid. once they obtain a judgment, they can file a judgment lien on your property.
but of course if you find a lender liberal (?) enough to do the loan without paying them off, then you need to know that the collection agencies can, indeed, file liens against the property if they discover that you own a home. what they'd have to do is to sue you, be victorious and document that you have not paid. once they obtain a judgment, they can file a judgment lien on your property.
My husband died, I've spent all I can to pay off debts. I'm working with mortgage company to restructure my mortgage. In the meantime being threatened by credit card companies re: late pay. I'm 71, can't find a job.. do I have any options at all when it comes to the state of NV and liens against property for bad debt? I've always had excellent credit, now it's all gone.
Hi,
The credit card debts are unsecured debts. The card companies can put a lien on your property if you do not repay the debt. But they cannot foreclose your property or force you out of the home for your credit card debts. They cannot even come after your retirement accounts. However, they can come after your savings accounts, etc. if you do not repay the debts. If you want to pay off the credit card debts, you can talk to the card companies and set up repayment plans to pay them off. If the card companies are not willing to co-operate, you can consider the option of taking help from credit card debt consolidation or a settlement company.
The credit card debts are unsecured debts. The card companies can put a lien on your property if you do not repay the debt. But they cannot foreclose your property or force you out of the home for your credit card debts. They cannot even come after your retirement accounts. However, they can come after your savings accounts, etc. if you do not repay the debts. If you want to pay off the credit card debts, you can talk to the card companies and set up repayment plans to pay them off. If the card companies are not willing to co-operate, you can consider the option of taking help from credit card debt consolidation or a settlement company.
What would happen if a Lien was placed on a house with a already existing reverse mortgage ? How would that be handled ?
This is a odd situation but i will just say it, A relative of my great uncles he is 82 now Was continually ripping him off and taking advantage of a elderly person so much that one of his banks noticed and contacted Adult care social services, A investigation was launched and found that atleast that acct was being abused by that person without consent of my uncle. The investigator was also looking into other accounts and what not that were being mis used. Anyways Before any formal judgments or action was taken that person passed away... Thus closing the case BUT things started coming up later since mail was being held back and my uncle was un aware of accounts he had that were opened by this relitive and 1 in particular is a 15k credit card debt my uncle was never aware of at all and we get a letter the other day that a lien is being placed on his property for this amount and the letter is official it was from the county clerks office with attacked Abstract. Few questions i looked up the case online and saw that there was NO court dates ever ... now sure how the law works on that end but shouldest there have been a court case ? 2nd how is something like this fought ? Can it be appealed ? What actions should be taken ? IS a attorney needed ? We are not doing so good financially Thus my uncle having a reverse mortgage And i do not want this crap to effect his reverse mortgage since that will soly financially crush us. Any and ALL advice would be great in this matter i have no idea who to contact 1st ?? We live in California if this helps matters at all
Hi Shaun,
If there is an existing reverse mortgage lien on your uncle's property, the chances of a lien being put on the property by the creditor is less. Generally, the reverse mortgage liens can be up to 150% of the appraised value of the property. Creditors will have to incur costs to obtain a judgment and then put a lien on the property. When they know there is already a lien that is about 150% of the market value, they will be least interested in putting a lien on the property for the outstanding credit card debt.
If there is an existing reverse mortgage lien on your uncle's property, the chances of a lien being put on the property by the creditor is less. Generally, the reverse mortgage liens can be up to 150% of the appraised value of the property. Creditors will have to incur costs to obtain a judgment and then put a lien on the property. When they know there is already a lien that is about 150% of the market value, they will be least interested in putting a lien on the property for the outstanding credit card debt.
Yeah, but...
I get your point Jenkin, but I suspect that there are plenty of creditors who'll take a flyer on placing a lien on a property. If there's already a judgment in place, it's a simple matter of obtaining a lien, as all they'd need to do is file the lien and pay the recording fees.
Then, creditors don't like losing money, so they'll happily sue someone who owes money, particularly if they're unsecured debts. Once sued and with judgment obtained, there's really nothing to stop the creditor from placing the lien when the judgment debtor defaults.
I get your point Jenkin, but I suspect that there are plenty of creditors who'll take a flyer on placing a lien on a property. If there's already a judgment in place, it's a simple matter of obtaining a lien, as all they'd need to do is file the lien and pay the recording fees.
Then, creditors don't like losing money, so they'll happily sue someone who owes money, particularly if they're unsecured debts. Once sued and with judgment obtained, there's really nothing to stop the creditor from placing the lien when the judgment debtor defaults.
When one owes CC debt and get a reverse mortgage and tries to work a deal for paying off, do the funds become accessible to lien from CC or lien against you. A lien against the house after reverse mortgage would be useless and maybe not possible? If it is not, then someone in the position of debt and having a reverse mortgage could effect a payoff with CC and still hold back some of the credit line for emergencies. Is this a workable scenario for someone like the above
Hi Jenna,
As far as I know, credit card holders will not have access to the funds you receive from the reverse mortgage. But, they may get a judgment against you and place a lien on your property. When therelready a reverse mortgage lien, it doesn't make much of a sense to place another lien on the property. The reverse mortgage lien is the priority lien and when the property is sold it will have to be satisfied first before the credit card lien is paid off. You're free to use the reverse mortgage funds in whatever way you like. Thus, you can use some of the funds to pay off the credit card debts while retaining the rest with you.
As far as I know, credit card holders will not have access to the funds you receive from the reverse mortgage. But, they may get a judgment against you and place a lien on your property. When therelready a reverse mortgage lien, it doesn't make much of a sense to place another lien on the property. The reverse mortgage lien is the priority lien and when the property is sold it will have to be satisfied first before the credit card lien is paid off. You're free to use the reverse mortgage funds in whatever way you like. Thus, you can use some of the funds to pay off the credit card debts while retaining the rest with you.
You're right about the precedence of the liens, Jenkin, but that's the case with any lien that is junior to a first mortgage. The mortgage, no matter what type, will have precedence at all times, and will need to be paid in full prior to the satisfaction of any liens.
The only distinction here would be tax liens, which always have first position.
The only distinction here would be tax liens, which always have first position.
I have a creditor suing me for over 25K. I have rental properties that have zero equity and another home I live in in California. The one I live in does have a small amount of equity. I have already ruined my credit so I have no concern there and want to know what they will do in court when I go. I don't much care if they just put a lien on the rentals but I'd like to know what does it all really mean? I am on SS and have a very small retirement, live month to month and have no money.
To Guest,
Your creditor can sue you and get a judgment against you. With that judgment, they can place a lien on your property which could be either the rental property or your primary home. But they cannot force you to sell the home. Thus, as long as you occupy the property as your primary home and do not sell it off, you will not lose your home. Your income from Social Security is also protected from your creditors.
Your creditor can sue you and get a judgment against you. With that judgment, they can place a lien on your property which could be either the rental property or your primary home. But they cannot force you to sell the home. Thus, as long as you occupy the property as your primary home and do not sell it off, you will not lose your home. Your income from Social Security is also protected from your creditors.