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    Kenai's Avatar
    Kenai Posts: 2, Reputation: 1
    New Member
     
    #1

    Apr 11, 2006, 11:44 PM
    Can credit card companies put a lien on my house?
    Hi everyone!

    I live in Broward county, Florida, I defaulted in three unsecured business loans and two unsecured business credit cards all are guaranteed personally by me, now that the business has failed and the S corporation is dissolved, can these creditors go after me and put a lien on my home which I have a homestead on? And if so, how long will it happen after missing my first payment? Thanks in advance.
    fredg's Avatar
    fredg Posts: 4,926, Reputation: 674
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    #2

    Apr 12, 2006, 04:11 AM
    Hi,
    It's not a set policy on how long the credit card company will turn over your account to a collection agency, or they may have their own "in house" collection group.
    Yes, they can put a lien on anything of value you own. I would call the credit card company and explain what has happened. Maybe they will work out something with you.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #3

    Apr 12, 2006, 04:13 AM
    I was in Credit for 10 years and never saw a lien put on a house as an action after a judgment by a credit card company.

    That having been said, though, I cannot find an answer related to FL specifically... but know this: Yes, they can sue you, but a lien cannot be put on anything (whether property or bank account) without a judgment by the court.

    ... so the process would go the normal way of collection attempts by the company, where you could negotiate the best you can... then they'd have to actually file a lawsuit. All of this indeed takes time.

    Negotiate with them the best you can in the meantime: being honest about your financial situation, showing them all they ask for, and try to arrange payments you can afford - with their agreement not to pursue a judgment.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #4

    Apr 12, 2006, 05:56 AM
    Quote Originally Posted by fredg
    Yes, they can put a lien on anything of value you own. I would call the credit card company and explain what has happened. Maybe they will work out something with you.
    The fact is that there ARE limits to what assets can be attached to pay a debt. Generally the only ones who can put a lien on a home is the mortgage holders and anyone who performed work on the home (known as a mechanics lien).

    The first step in going after any assets you have is to get a judgment against you for default of the debt. Generally, that will take a while and depend on the amount of the debt. I would seriously consider consulting an attorney, preferably one who specializes in credit and bankruptcy law, to determine your options.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #5

    Apr 12, 2006, 07:30 AM
    Hello Ken:

    Well, of course, I don't know anything about the situation, but that's never stopped me before. I DO have an opinion on everything, though.

    Your situation sounds ominous. You've "defaulted", and you're not asking about how to get back in the banks good graces. You're asking about your house and how to save it. The one answer I DO have, is to your basic question: How much time do I have??

    My answer: NONE!

    Why wait? Something going to change? If yes, and that means you are getting your hands on some cash, I would get to getting. Otherwise, you need to file for protection under the bankruptcy laws. THAT will protect your home.

    I also think you have additional protections given your homestead status, and the fact you live in Florida. Oj managed to keep a house, and I think itís only because he lives in Florida.

    I'm not recommending bankruptcy because I don't know anywhere near enough about your situation, but it could save your house.

    excon
    Kenai's Avatar
    Kenai Posts: 2, Reputation: 1
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    #6

    Apr 13, 2006, 03:12 PM
    I really appreciate each person made an input or gave an advice in this matter, thanks again...

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