Ask Experts Questions for FREE Help !
Ask
    lahill's Avatar
    lahill Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 13, 2006, 05:45 PM
    Lien
    Can a credit card company place a lien on property?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Nov 13, 2006, 06:02 PM
    Yes they can, but only AFTER they obtain a judgement in court.

    And then, they would only get second cracks at it.

    The mortgage company would have first cracks if you ever went into default.
    Dwight_Pigg's Avatar
    Dwight_Pigg Posts: 26, Reputation: 3
    New Member
    		  
    #3

    Nov 15, 2006, 07:22 AM
    Be aware that a credit card company is not obligated to contact you personally when filing in the courts. In most states, they are only required to post the court date in a legal section of a newspaper.
    I have talked to many people who received a default judgement notice and they had no idea that the case had even gone to court.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Nov 15, 2006, 07:28 AM
    Quote Originally Posted by lahill
    Can a credit card company place a lein on property?
    This actually depends on where you are. In most areas, an unsecured creditor is very limited as to what real property they can go after. For example, in most places they cannot go after a primary residence.

    Even if they can put a lien against property, a lien is just a notice of debt. A lien does not have to be satisfied unless the property is sold. An unsecured creditor cannot force the sale of property to satisfy a lien.
    ZoomBoom's Avatar
    ZoomBoom Posts: 7, Reputation: 2
    New Member
    		  
    #5

    Nov 15, 2006, 04:23 PM
    That's why it's called unsecured debt, because it's not secured with anything of value and the reason they have astronomical interest rates compared to mortgages and even car loans.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

A property that had a lien on it [ 2 Answers ]

Hello I have a question. I was wondering how they can sell a property that had a lien on it. I live in the state of Ohio and they just did this us recently. Our home was foreclosed on and it had a lien on it and now we are getting sued by the place that placed the lien on it in the first place. How...

Lien is haunting me! [ 3 Answers ]

An old lien came up 2 years ago when I bought a house right before I divorced my husband. My husband and I agreed that we would split our debt and when I made settlement my lawyer told me to say that it was not my debt. I did a quit claim and my husband sold the house. My lawyer told me that my...

Real Estate Lien [ 3 Answers ]

I have been sued by my X husband for 1/2 of the property in the home I lived in In Indiana. The divorce decree back in 1988 stated, when the wife in the future sells the property the husband will get 1/2 of the proceeds of the sale. I understate that. But I do not understand that the property was...

Lien [ 8 Answers ]

I checked my account online tonight and all my money is gone. I called my bank's 1800 number and they said there is a lien on the account for 2000 dollars. I only had about 700 approx total. My account shows overdrawn -1768!! How can they do that? I never received ANY notice of this. I did...

Tax lien certificates [ 1 Answers ]

Are tax lien certificates purchased for the purpose of 1. gaining a good return on investment or 2. securing property with little money down as good as it's kicked up to be? What are the biggest drawdowns to tax lien certificates? Thank you

View more questions Search