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    mament's Avatar
    mament Posts: 2, Reputation: 1
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    #1

    Aug 11, 2008, 06:23 PM
    Can a creditor take my home
    I owe for unsecured debt can they take my home from me in a bankkruptcy or judgement
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Aug 11, 2008, 07:04 PM
    Depends on the state, in some areas if they get a judgement, they could put a lien on the home. This often does not allow them to force a sell but there can be times it is allowed, also it will make a difference what type of creditor it is.

    In bankrutpcy, you are allowed a specific amount of equity in the home if you have more, then the home wouild be included in the bankrutpcy,
    And to keep the home you have to re-affirm the debt on the home
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #3

    Aug 11, 2008, 07:43 PM
    Quote Originally Posted by mament
    I owe for unsecured debt can they take my home from me in a bankkruptcy or judgement
    You could get a bit more feedback if you will indicate what state you live in, who owns the home, its value, and the amount of mortgage, if any. In some states an unsecured creditor becomes 'secured' when it gets a judgement against you and properly records it. Also, the judgement becomes a lien against all of your property, real and personal (for instance, if your car is owned free and clear, it can be sold by the sheriff to pay your debt). And, the judgement earns interest, compounded annually, at the legal rate.
    mament's Avatar
    mament Posts: 2, Reputation: 1
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    #4

    Aug 12, 2008, 12:20 PM
    I live in Pennsylvania I own the home by myself, not sure what it is worth, but I bought it at 105,000 and have upgraded the bathroom and added a bedroom. A realtor said she would list it at 122,000, going by the other houses in the neighborhood which sold at that or more which would give me 42,000 in equity. I also have a car paid for and I co signed for my daughters car. So her car is in my name. I have two credit cards that I owe on.
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