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    mog107's Avatar
    mog107 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 17, 2007, 02:56 PM
    Can an Old Credit Card Debt force foreclosure on your home?
    I received a document from the City Court that looks very frightening possibly alluding to foreclosure on my home for an old debt (I don't even know who the company is, I'm sure the original company sold the credit card debt long ago). My husband lost his job after 9/11 and was out of work for 4 years and it took its toll on us. We are finally getting back on our feet (slowly). This debt is for a little over $7K and I never owed that much to any one card, I'm sure they are tacking on penalties and interest or something. The question is, can they force me to sell my home? I live in the Northeast US and our home is all that we have. Our cars are 12 and 13 years old for crying out loud and now they want my house? Can this happen?
    Thanks!
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Apr 18, 2007, 01:59 PM
    Hello mog:

    You need to ascertain EXACTLY what that document is instead of guessing. Look, I'm sure you have personal problems. That's why people get into trouble. But, here in the legal arena, nobody cares, least of all your creditor.

    A credit card is unsecured. You're loaned the money based upon your promise to pay it back. If you didn't, too bad for them. They can't all of a sudden change unsecured debt into secured debt. So no, they can't make you sell your home.

    What you probably got is a letter from a collection agency.

    excon
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