Posted on: 08th Apr, 2010 09:15 am
HI, I"M IN A $50.000 + CREDIT CARDS DEBT, I"VE BEEN WITHOUT JOB FOR 2 YEARS,WE OWN A HOUSE,I MEAN, WE STILL PAYING MORGAGE,THIS IS OUR ONLY RESIDENCE,THE MORGAGE IS ON BOTH NAMES,MY WIFE AND I, BUT THE DEBT IS ONLY ON MY NAME.THE ONLY INCOME IS MY WIFE"S PART TIME THAT ALLOWS US TO PAY ONLY THE MORGAGE AND SOME BILLS. I CAN"T EVEN AFFORT A LAWYER, SO I JUST GONA HAVE TO STOP PAYING THE CREDIT CARDS. YOU THINK MY HOME COULD BE AT RISK,COULD THEY EVENTUALLY TAKE ACTION AGAINST OUR HOME?. THANK YOU FOR YOUR ANSWER.
creditors will certainly sue you to recover their monies, and if they're successful in suing, they'll receive a judgment against you. if you don't pay the judgment, they can file a lien against your home. obviously they can mount up if there are enough creditors.
however, losing your home is not likely, as the credit card companies, etc. will sit tight, knowing that if and when you sell the home, you'll have to pay them off. for them to foreclose would be an onerous process and they're not about to make that effort.
your mortgage lender won't be happy to learn that there are judgments against you, or that liens are being filed, but they won't foreclose, either; as long as you keep your mortgage in a good status.
however, losing your home is not likely, as the credit card companies, etc. will sit tight, knowing that if and when you sell the home, you'll have to pay them off. for them to foreclose would be an onerous process and they're not about to make that effort.
your mortgage lender won't be happy to learn that there are judgments against you, or that liens are being filed, but they won't foreclose, either; as long as you keep your mortgage in a good status.