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Can CC company put a lien on our home?

I have defaulted on a credit card debt ..My husband does not know about this..It has been 4 months since I paid them. We are both on SS and own our home outright..His name is NOT on the credit card and AR is not a community property state..Can the cc company put a lien on our home or freeze our checking account? Thank you so much..I need advice badly and cannot afford a lawyer..

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

a lien can be placed on your home if and when a judgment is granted by a court. if you've reached that point, then it may happen. as for freezing your checking account, that's not really an option. again, once a judgment is issued, if you refuse to comply with the payments set out in court, then the company can execute against your checking or savings account(s).

you may not be able to pay a lawyer, but isn't there some way you can afford to pay at least a little bit to the credit card company? you'd prefer not to pay and perhaps incur a court judgment that could lead to more serious problems? hard to believe, but...

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hillbillibette's picture
hillbillibette | Joined: February 26, 2009 06:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I tried to pay them what I could afford to pay and they refused..I had this credit card for 20 years and have had excellent credit..I don't care about a credit score any longer..I am seriously ill, being 73 years old and the stress of this is contributing to my illness..I just do not know what to do or where to turn..The debt has not gone to a collector as of yet but since it has been 4 month I feel it will soon...Thank you so much for your fast response...

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

bette, i appreciate your situation and understand your feelings, i think.

you may as well have them "charge off" your account (in other words, take it off the books as a real asset to them), at which time you can make payments at the best rate you can. if a collection agency is involved, try to work out a deal to make some sort of payment to them.

don't allow the stress to do you in - it's not worth it. one other question: you noted your home is paid for. have you considered the possibility of a reverse mortgage that would allow you to pay off some bills if you wished to do so, and might give you a reasonable source of income for the remaining years? it may be worth a look.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Dont listen to this guy! They cant put a lein on your home because its a secured debt/loan. The only way would be if you used the home for collateral. DONT do a reverse Mortgage. It'll cost you all your equity/retirement

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

now i don't mind someone disagreeing with me, but back up your statement, would you please? how is this "a secured debt/loan?" the poster says she defaulted on a credit card. in my neck of the woods, that's an unsecured debt.

and i am not pushing for the poster to get a reverse mortgage. i merely broached the subject. from her post, she "cannot afford a lawyer." that tells me that there are some financial issues that are in place now. it is entirely possible that a reverse mortgage, which would put some money in her pocket, would be beneficial. honestly, there are people for whom such a loan product is helpful. also, how does it "cost all your retirement?"

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manoj_gopale's picture
manoj_gopale | Joined: February 16, 2009 10:31 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:ea2cc1fa9e] It'll cost you all your equity/retirement[/quote:ea2cc1fa9e]

how reverse mortgage will eat your equity/retirement.What fussy logic you have used for this will you please tell me that? gosh!! :wink:

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

BSDR is gone. Maybe just out of good intention, although she might not really know what she is talking about.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mr. Akerley, Is it true in some home association, the association can place lien on the paid off property and a foreclosure can be placed on the propoerty?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As far as I know, if you don't pay off the dues, then the Homeowners Association can place a lien on your property and can foreclose the property. But if you have cleared all the dues, then they won't be able to place a lien or foreclose it.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

condo associations have a built-in lien. association fees must be paid in order to sell, and it is possible for a condo association to bring a foreclosure suit also.

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Garysnober's picture
Garysnober | Joined: March 17, 2009 12:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

HI, Yes they can put a lien on your property. Dont listen to BSDR. If they take you to court you will be forced to pay them the money or they could foreclose the house and sell to pay the bills. Im quite surprised about them turning down your offer of how much you can afford to pay them back. How much debt is it if you dont mind me asking? How much did you offer to them? And im truly sorry about your situation. And always remember health and family first, This is a bad situation but dont stress yourself. You have come to the right place for help.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it possible to get a reverse mortgage if there is a lien on the home? If so, will they pay off the lien before giving you the payments? I am asking for a friend's parents. They had a judgement against them about thirty years ago (failed business) and supposedly there has been a lien on the home. We are trying to talk them into a reverse mtg, but they seem to think they won't qualify with this lien on their home.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sheila,

If there is a lien on the property, then the lenders would not give reverse mortgage to your friend's parents. They will want them to clear off the lien first and then apply for the reverse mortgage. However, you have mentioned that the lien is 30 years old. In such a situation, they can apply for reverse mortgage and check out if the lenders are ready to help them.

They can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let them know whether or not they would qualify for a loan.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

in most situations, there is a statute of limitations. i would have to expect that a 30-year old judgment might not be valid any longer. your friend's parents (or your friend) ought to check in with an attorney to determine if this is the case or not.

in the event that the judgment remains valid, it would need to be paid in connection with the granting of the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can they put a lien on your checking acct.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cate,

A creditor can place lien on the checking account if the court passes a judgment in favor of the creditor.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes, they can go to court and get a judgment which orders you to make payments. if you fail to make payments, they can then request from the court an execution that can be used to take funds from your bank account(s). they can also request a wage execution which would take the funds from your wages.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can a credit card company put a lien on your account twice if they did not receive the full balance the 1st time? What if you have changed banks since the 1st lien? Do they have to go through the entire process again with getting a new judgement before placing a lien on your new account at another bank? Can they put a lien on a savings account?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cort!

Welcome to forums!

As far as I can understand, the credit card company can place a lien if they did not receive the whole amount. In order to place a lien, the creditor will have to get a new judgment. Yes, your credit card company can place a lien on your savings account.

Feel free to ask if you've further queries.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

once a judgment is issued there is no need for a creditor to go back and request a second judgment. if a borrower fails to abide by the terms of a judgment, that creditor can seek an execution against wages or against a bank account. if it's bank account, and there's not enough in the account to satisfy the debt, the sheriff (or other court official with that responsibility) can go back as often as is needed to pay off the debt.

if a person changes bank accounts within the same bank, the monies can be had from the new account just as easily as the old.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can a credit card company put a lien on a mobile home that I own? It is in my moms name and my name. She just recently passed away. I have the clear title papers. In Mi .. it is just like owning a car from what I understand.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Research!

Welcome to forums!

A credit card company can place a lien on your mobile home. However, they will have to file a lawsuit against you and get a judgment in order to place the lien.

Feel free to ask if you've further queries.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i question the possibility of liening a mobile home in this case, though. inasmuch as it is a titled "vehicle" and not real property, it occurs to me to be an extraordinary stretch for a creditor to place a lien.

inasmuch as this is a michigan situation, i'd think the best thing to do to get an answer is to discuss it with the michigan motor vehicle department.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thank you both very much for your quick response. I also have considered the idea of transferring the title into an LLC if that would possibly prevent this from happening. I sent an email to the Secretary of State asking if a lien could be placed on my mobile home. Im not so sure an LLC would remedy the situation if it could apply to me... however I have to look at other ways to deter this situation before it takes place.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mom left me her home, it is paid for. We have 2 judgements against us for credit card debt and a bank loan. If we try to get a reverse mortage will these judgement show up.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

in doing title, the judgments would show up, yes. if there are judgment liens that sprang from those judgments, they'd probably have to be paid off. if there are no liens, you might not have to repay them in order to obtain the mortgage.

honestly, it's up to the individual lender.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I have a credit card judgement against me, and my husband has a home that is paid for, in his name, if we do a reverse mortage, will the judgement come up against his house.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If your name is included in the property deed, then the credit card company can place a lien on the property due to the judgment. If your name is not included in the property deed, then the property would be safe and your creditors cannot place a lien on it.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm in a similar position, elderly, already got a reverse mortgage 5 years ago, which was great, but have since gotten slowly in credit card debt due to home repair emergencies & medical emergencies/bills. Can you please correct me if I'm wrong: The worst the credit companies can do to me is get liens on my house that will sit until I die, after which they'll get behind the line headed by my mortgage bank? I.e., I can't be kicked out of my home even if those debts go delinquent to the extreme? I'm very depressed about this, since I can't get an answer from anybody. THanks!

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

louise, i think you've covered it, there. liens that may be created by credit card companies, medical bill collectors, etc. are not at all likely to be elevated to a point of foreclosure. as you said, those liens will sit until death or sale of the home, at which time they'd be satisfied.

please try to avoid the stress of worrying about them - i know it's unpleasant to know that there are creditors out there chasing after your money, but they're so unlikely to take any real action that it's not worth your sanity.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is the least you can offer to pay on a credit card judgment modification in connecticut.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

A query similar to yours has been answered in this page:
http://www.mortgagefit.com/credit/judgment-modification.html

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am looking to buy a house. I have a few things in collections ( credit cards ) have been there for about 5 to 8 years . Once I buy a house can the collection agencies put a lien on my house?
Any information would be greatly appreciated

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

bboy, the odds are reasonably slim that you'll be able to obtain a mortgage loan without paying off those collection accounts first. that's the first answer i can give you.

but of course if you find a lender liberal (?) enough to do the loan without paying them off, then you need to know that the collection agencies can, indeed, file liens against the property if they discover that you own a home. what they'd have to do is to sue you, be victorious and document that you have not paid. once they obtain a judgment, they can file a judgment lien on your property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband died, I've spent all I can to pay off debts. I'm working with mortgage company to restructure my mortgage. In the meantime being threatened by credit card companies re: late pay. I'm 71, can't find a job.. do I have any options at all when it comes to the state of NV and liens against property for bad debt? I've always had excellent credit, now it's all gone.

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

The credit card debts are unsecured debts. The card companies can put a lien on your property if you do not repay the debt. But they cannot foreclose your property or force you out of the home for your credit card debts. They cannot even come after your retirement accounts. However, they can come after your savings accounts, etc. if you do not repay the debts. If you want to pay off the credit card debts, you can talk to the card companies and set up repayment plans to pay them off. If the card companies are not willing to co-operate, you can consider the option of taking help from credit card debt consolidation or a settlement company.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What would happen if a Lien was placed on a house with a already existing reverse mortgage ? How would that be handled ?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

This is a odd situation but i will just say it, A relative of my great uncles he is 82 now Was continually ripping him off and taking advantage of a elderly person so much that one of his banks noticed and contacted Adult care social services, A investigation was launched and found that atleast that acct was being abused by that person without consent of my uncle. The investigator was also looking into other accounts and what not that were being mis used. Anyways Before any formal judgments or action was taken that person passed away... Thus closing the case BUT things started coming up later since mail was being held back and my uncle was un aware of accounts he had that were opened by this relitive and 1 in particular is a 15k credit card debt my uncle was never aware of at all and we get a letter the other day that a lien is being placed on his property for this amount and the letter is official it was from the county clerks office with attacked Abstract. Few questions i looked up the case online and saw that there was NO court dates ever ... now sure how the law works on that end but shouldest there have been a court case ? 2nd how is something like this fought ? Can it be appealed ? What actions should be taken ? IS a attorney needed ? We are not doing so good financially Thus my uncle having a reverse mortgage And i do not want this crap to effect his reverse mortgage since that will soly financially crush us. Any and ALL advice would be great in this matter i have no idea who to contact 1st ?? We live in California if this helps matters at all

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shaun,

If there is an existing reverse mortgage lien on your uncle's property, the chances of a lien being put on the property by the creditor is less. Generally, the reverse mortgage liens can be up to 150% of the appraised value of the property. Creditors will have to incur costs to obtain a judgment and then put a lien on the property. When they know there is already a lien that is about 150% of the market value, they will be least interested in putting a lien on the property for the outstanding credit card debt.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yeah, but...

I get your point Jenkin, but I suspect that there are plenty of creditors who'll take a flyer on placing a lien on a property. If there's already a judgment in place, it's a simple matter of obtaining a lien, as all they'd need to do is file the lien and pay the recording fees.

Then, creditors don't like losing money, so they'll happily sue someone who owes money, particularly if they're unsecured debts. Once sued and with judgment obtained, there's really nothing to stop the creditor from placing the lien when the judgment debtor defaults.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When one owes CC debt and get a reverse mortgage and tries to work a deal for paying off, do the funds become accessible to lien from CC or lien against you. A lien against the house after reverse mortgage would be useless and maybe not possible? If it is not, then someone in the position of debt and having a reverse mortgage could effect a payoff with CC and still hold back some of the credit line for emergencies. Is this a workable scenario for someone like the above

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jenna,

As far as I know, credit card holders will not have access to the funds you receive from the reverse mortgage. But, they may get a judgment against you and place a lien on your property. When there’s already a reverse mortgage lien, it doesn't make much of a sense to place another lien on the property. The reverse mortgage lien is the priority lien and when the property is sold it will have to be satisfied first before the credit card lien is paid off. You're free to use the reverse mortgage funds in whatever way you like. Thus, you can use some of the funds to pay off the credit card debts while retaining the rest with you.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You're right about the precedence of the liens, Jenkin, but that's the case with any lien that is junior to a first mortgage. The mortgage, no matter what type, will have precedence at all times, and will need to be paid in full prior to the satisfaction of any liens.

The only distinction here would be tax liens, which always have first position.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a creditor suing me for over 25K. I have rental properties that have zero equity and another home I live in in California. The one I live in does have a small amount of equity. I have already ruined my credit so I have no concern there and want to know what they will do in court when I go. I don't much care if they just put a lien on the rentals but I'd like to know what does it all really mean? I am on SS and have a very small retirement, live month to month and have no money.

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To Guest,

Your creditor can sue you and get a judgment against you. With that judgment, they can place a lien on your property which could be either the rental property or your primary home. But they cannot force you to sell the home. Thus, as long as you occupy the property as your primary home and do not sell it off, you will not lose your home. Your income from Social Security is also protected from your creditors.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In this case, I'd have to suspect that they'd be placing any lien on your primary residence before touching the rental properties. Of course, if they're smart they will place liens on all owned properties, to better ensure the eventual payoff.

Nevertheless, Guest, don't fear - they won't get paid until one of the homes is sold at any rate.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been threatened with a lein and i have a reversed mortgage. what will happen

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi msjoanieg,

In order to place a lien on your property, the creditor will have to file a lawsuit against you and get a judgment. Once the creditor receives the judgment, he would place a lien. When the property is sold off, the lien will be satisfied.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my credit card company is saying that they could get a lien can they do that if i am paying what I can on the debt

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Kit, if your payment is less than the required monthly payment, then it's possible that they could simply begin a suit against you for the balance due, and once judgment is received, place a lien on your home.

However, that being said, I find it not just reprehensible (in these times) that you're being threatened in that manner when so many people are in the same tough shape and are not being threatened in that manner. Most creditors these days will work with you to the utmost, without posing (sometimes idle) threats about what they'll do if you don't pay the debt. I'm surprised to hear of what you're going through, although I'm sure I ought not to be surprised at all, based on what I know about the industry.

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