Can credit card companies put lean on my house for non payment?
Question: I am unable to pay off my entire credit card debt, caused mainly by trying to start a business that didnt quite work out. My only major asset is my home. If I am unable to pay off the card debt can the card companies take it when I sell my house one day?
No, it’s a unsecured debt. Default on a home equity loan they can.
That has no bearing. All they need to do is get a judgement and they can file the lien.
Answer: Liens are useless. My dad has a lien against a property that belonged to a customer of his who failed to pay my dad a lot of money. That lien has been in place for decades. My dad has not seen a penny from that customer since the lien went into place.
Related Posts
Filed under: Home Equity Loan
Leave a Comment
XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>
TrackBack URL | RSS feed for comments on this post.