At Ask Me Help Desk you can ask questions in any topic and have them
answered for free by our experts. To ask questions or participate in
answering them you must register for a free account. By registering you
will be able to:
Get free answers from experts in any of our 300+
topics.
Credit card debt, can I lose my home? United States
i have about 40,000 in unsecured debt, i own my house with no mortgage. i built this debt up after my husband abandoned us and our children and then I found out I had received a sexually transmitted disease from my husband, this sent me into a depression and I was unable to work for quite a while.
Now I have left the state to get away from all that, and settled in a small home in another state. i do own this house without a mortgage, and I own it on my own.
i cannot pay my creditors, and i cannot file bankruptcy because of my home i cannot file chapter 7, and because i am not working I cannot afford chapter 13. What i need to know is there anyway a creditor can force me to sell my home, or can they just place a lein?
I am so petrified, that my daughter and i will be homeless.
No, they can't take your home. They can sue you and obtain a judgment against you. That judgment then becomes a lien and it must be paid when you either sell or finance your home. Also, they can attach your bank account and, once you start working they can garnish your salary. But they can't make you homeless.
UN-secured means exactly that. IF they get a judgment against you, they can place a lien on your home, which means that you'll have to satisfy it WHEN you sell - NOT BEFORE.
Plus, they can attach your bank accounts and garnish your wages.
In most areas, they can't even put a lien on a primary residence for unsecured debt. But the most they can do is place a lien that would need to be satisfied before sale. But, if you own the home free and clear that indicates you either had money to purchase it or you have equity in it that you can borrow against. I would seriously look into an equity loan.
In most areas, they can't even put a lien on a primary residence for unsecured debt. But the most they can do is place a lien that would need to be satisfied before sale. But, if you own the home free and clear that indicates you either had money to purchase it or you have equity in it that you can borrow against. I would seriously look into an equity loan.
I would love to get a equity loan to pay it off, but because the credit report is so bad they will not give me a loan. I have tried. Any suggestions? I did have money to purchase it, as I sold my home in another state and used the proceeds to purchase this house, this was prior to the creditors coming after me aggressively. So I was able to do that. I understand if they lein my house, I just worry about being homeless.
Thank you.
UN-secured means exactly that. IF they get a judgment against you, they can place a lien on your home, which means that you'll have to satisfy it WHEN you sell - NOT BEFORE.
Plus, they can attach your bank accounts and garnish your wages.
excon
Will they take everything from my bank account? Or can I leave a certain amount in there?
If they attach your account they will clean it out.
I can't believe that you can't get a mortgage or equity loan. While the interest rate may be higher due to your history, you are talking about a secured loan. There has to be a lender willing to underwrite the loan.
If they attach your account they will clean it out.
I can't believe that you can't get a mortgage or equity loan. While the interest rate may be higher due to your history, you are talking about a secured loan. There has to be a lender willing to underwrite the loan.
I agree, but I have checked with about 6 different companies, and denied each time.
Scott is absolutely correct. You CAN find an equity loan given that you own your property free and clear.
You need to look for an unconventional lender. You may only get a mortgage for up to half your home's value, and the interest will be high. But it will cover your debt. Plus, you'll convert NON tax deductible interest into deductible interest.
Look harder. Look in the RE loan section of your newspaper. Ask all those who denied you. Shop well... What you seek IS out there.
i have about 40,000 in unsecured debt, i own my house with no mortgage. i built this debt up after my husband abandoned us and our children and then I found out I had received a sexually transmitted disease from my husband, this sent me into a depression and I was unable to work for quite a while.
Now I have left the state to get away from all that, and settled in a small home in another state. i do own this house without a mortgage, and I own it on my own.
i cannot pay my creditors, and i cannot file bankruptcy because of my home i cannot file chapter 7, and because i am not working I cannot afford chapter 13. What i need to know is there anyway a creditor can force me to sell my home, or can they just place a lein?
I am so petrified, that my daughter and i will be homeless.
Banks are reluctant to give you a loan because you do not have a source of income and you are already $40,000 in debt. You are unemployed. First, look at all your credit cards. The higher the credit line, the lower it will make your score. If some of the available credit amounts are excessive, call and lower the available credit line. Call your creditors and negotiate a lower interest rate, consolidate the debt at a lower rate when possible.
Take a close look at your expenses and cut them as drastically as possible. Then get out the newspaper and find a job. You can not continue to live in a house, charge your living expenses to a credit card and not have an income. Eventually the credit card companies will close the accounts due to none payment. Then what? Before that happens, it is time to take charge of your life.
Linear Mode
