There are other questions similar to this however, I didn't exactly get what I am looking for so I will ask again.

I currently have two personal loans and one credit card in which I have been unable to pay. I cannot clain bankruptcy as I have too much equity in my home. I do not want to sell my house right now.

Can the credit card co. or the personal loan people take a lien out on my home? If they were to take out liens on my home, CAN THEY MAKE ME SELL MY HOME TO GET BACK THEIR MONEY, OR WILL THEY JUST WAIT UNTIL I SELL IT AND THEN GET THEIR MONEY BACK. I guess if they took out a lien and got their money back so be it, but I do not want to be forced at this point to sell it. Mostly what I want to know is if they can seize it and make it have to be sold.

This actually has been answered several times. It really depends on the laws where you live, a fact you neglected to supply. In most places, unsecured debt cannot be used to attach real property. It is highly unlikely they can force you to sell your home. In the event they can place a lien on it, that only means you have to pay when you sell, they can't force you to sell.

As Scott covered, this is a area by area law, if in the US, it is a state by state issue. In many states they can not even get a lien on your home. But in others they can, I am not aware of a place where they can force it to be sold, ( but laws change all the time) But with a lien, if and when you do sell it, they have to be paid first, and it can stop you from getting a re-finance

There are other questions similar to this however, I didnt exactly get what I am looking for so I will ask again.

I currently have two personal loans and one credit card in which I have been unable to pay. I cannot clain bankruptcy as I have too much equity in my home. I do not want to sell my house right now.

Can the credit card co., or the personal loan people take a lien out on my home? If they were to take out liens on my home, CAN THEY MAKE ME SELL MY HOME TO GET BACK THEIR MONEY, OR WILL THEY JUST WAIT UNTIL I SELL IT AND THEN GET THEIR MONEY BACK. I guess if they took out a lien and got their money back so be it, but I do not want to be forced at this point to sell it. Mostly what I want to know is if they can seize it and make it have to be sold.
I am sorry, I live in North Carolina. Thank you both for answering the question. I was just concerned that they could make me sell. I was wondering how "likely" it would be also. Yes your answers helped me, and I appreciate them. I cannot claim the bankruptcy because I currently have around 40k in equity and the amount I owe is around only 20k or less. I didn't know if that was something they looked at also either. Also, does anyone try to garnish you wages for personal loans or c.cards that you know of?

Yes they can garnish your pay and bank accounts according to NC state law

http://www.nclabor.com/wh/fact%20sheets/garnishments.htm

And this is normally what they will try and do first, since they will want money, not a lien.

There are other questions similar to this however, I didnt exactly get what I am looking for so I will ask again.

I currently have two personal loans and one credit card in which I have been unable to pay. I cannot clain bankruptcy as I have too much equity in my home. I do not want to sell my house right now.

Can the credit card co., or the personal loan people take a lien out on my home? If they were to take out liens on my home, CAN THEY MAKE ME SELL MY HOME TO GET BACK THEIR MONEY, OR WILL THEY JUST WAIT UNTIL I SELL IT AND THEN GET THEIR MONEY BACK. I guess if they took out a lien and got their money back so be it, but I do not want to be forced at this point to sell it. Mostly what I want to know is if they can seize it and make it have to be sold.
Hi,
I went through the same thing in Florida and the law varies greatly from state to state so legal aid may be your best bet. How ever in Florida all credit card companies can do is bug the stuff out of you, and post it with the credit scoring companies. In 7 years it drops off your credit. When mine dropped off I got tons of credit offers of which I selectively took advantage and now manage very well. My previous debit were all business debts assigned to me. Some states can take your property, Florida can not if it is homesteaded. As for the personal loans it would depend if they are secured and if so by what and then again state to state it varies. Good luck

OK I am by no means an expert but as a resident of NC I have been researching this the last few days

First it's a process that will not just happen. You say you are unable to pay these things but it takes a while to get to the point where they will sue you and then you will receive a summons and then you fight it or not until it's dismissed or a judgement is made against you.

If that happens it is at that point they can seek to "get" you for it. I am going to give you this link which is exempt property in NC Chapter 1C - Article 16 (http://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_1C/Article_16.html)

There is also a homestead law that probably is applicable but not sure where that is. It sounds like you can use one or the other... not both. This alleviated my anxiety as our equity is only around $5000. Yours is more so I would look into it further. Now a creditor with a judgement may not go that route and may simply place a lien but that's not to say that they cannot legally force a sale if they want to, especially if it's a higher dollar amount and they will be paid in full. Just saying with stuff like this you need to be sure. Like not responding to a summons can have dire consquences and not responding to it leaves you almost no recourse.

ok I am by no means an expert but as a resident of NC I have been researching this the last few days

First it's a process that will not just happen. You say you are unable to pay these things but it takes a while to get to the point where they will sue you and then you will receive a summons and then you fight it or not until it's dismissed or a judgement is made against you.

If that happens it is at that point they can seek to "get" you for it. I am going to give you this link which is exempt property in NC Chapter 1C - Article 16 (http://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_1C/Article_16.html)

There is also a homestead law that probably is applicable but not sure where that is. It sounds like you can use one or the other...not both. This alleviated my anxiety as our equity is only around $5000. Yours is more so I would look into it further. Now a creditor with a judgement may not go that route and may simply place a lien but that's not to say that they cannot legally force a sale if they want to, especially if it's a higher dollar amount and they will be paid in full. Just saying with stuff like this you need to be sure. Like not responding to a summons can have dire consquences and not responding to it leaves you almost no recourse.


My research does not come up with the same answers yours has concerning forcing a sale due to a lien ("... that's not to say that they cannot legally force a sale") - my research indicates that a lienholder cannot force sale of a property. OP should not panic - I don't think this is correct.

You are 100% about ignoring legal papers - trying to reverse something is much, much more difficult, costly and time consuming than responding right at the start.

NC does not allow garnishment in "most" cases but there are exceptions.

Well JudyKayTee I never stated it as definitive and provided a link to where further research could be done. That link can also direct you to every single thing on the books regarding this... just hard to weed through it all. My main concern was that on a site like this, it's good to give you an angle to research or perhaps to clarify something you don't understand. It's still not legal advice and when it comes to one's home I would think you would want to be 100% sure.

With my need to research something for personal reasons I do not have the time or desire at this point to see where I was reading about sale of property in NC and what made me caution the OP. I have been online for 9 hours straight at this point researching for myself so my mind is boggled.

What I will provide is a link that might make the OP feel better. I think it supports my original statement that even if legal it may not be worthy of pursuing or actually happen. Certainly helps to alleviate some of my stress for the same reasons as the OP.

Credit Card Debt Foreclosure (http://www.bills.com/blog/credit-card-debt-foreclosure/)