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coxhotmomma2005 · Joined: 23 Jun 2010 Posts: 1 1.35 Dollars($)

i have 4 kids and several loan payments and they where working with me on he payments and now they dont wanna work with me anymore they just want me to pay all the back and resent payment.i have no extra money for that cause all my money goes to my kids whaat to do

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi coxhotmomma2005

Company can not use unlawful ways to recover the mortgage and thus you need not worry about their threatning practise.

Even if they bring statement against you from court,they can only garnish your salary (assuming you are currently working) upto some extent not fully.So you can surely use the money to feed your kids.
thanks and keep in touch.......

jenkin7 · Posted: Wed Jun 23, 2010 11:03 pm Post subject:

Hi coxhotmomma,

What type of loans do you have? I believe you're talking about unsecured loans, right? For unsecured loans, your lenders cannot take your home. However, if they sue you and get a judgment against you, they can place a lien on the property. But they will not be able to force you to sell your primary residence.

Do you have any payday loans? If you do, check your state laws regarding payday loan lending. These loans are illegal in certain states. If they are illegal in your state, you do not have to pay any interest. You only need to pay off the principal amount you borrowed.

If you have too many credit cards, you can consider consolidating them into a single payment each month. Consolidation not only reduces your monthly payment, but also makes your finances manageable. It's also a good idea to get help of a credit counseling agency. Your credit consultant will help you prepare a budget and show you ways as to how you can pay off the debts with limited income resources. He may also suggest you to enroll in a debt management plan, wherein they will negotiate with your creditors to lower the interest rate, fees and the monthly payments.

Guest

no i have secured personal loans and i know they can seize the property on the loan but what if u dont have but a few items on the list for fact tha it broke or got thrown away.

savior70 · Posted: Thu Jun 24, 2010 10:44 pm Post subject:

To Guest,

Since your loans are secured, the lenders can take your property if you stop making payments to them. They can do so even if there is not much of value in the property. It's completely up to them whether they will foreclose your property or will want to set up a repayment plan to help you pay off the debt. But in your situation, since the lenders are eager to take you to court, they are more likely to foreclose your property.

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

coxhotmomma

As your loan is a secured loan,surely your lender can take the home under his/her/its custody and can sell it out to recover the dues.
But at the same time he can garnish your wages but according to state laws,garnishment will only be done after keeping aside enough amount for the person's own as well as his family's sustenance.
So,at least you will be able to survive yourself as well as your family members even if they bring judgement against you.
keep us informed and be in touch.........

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i have a loan and they r taking me to court. i dont have the money to pay it and they were working with me now i guess they got mad. what can i do

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