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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...

Like | Dislike | Share | Posted: Thu, 02/26/2009 - 06:31 | Post subject:

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...

Like | Dislike | Share | Posted: Thu, 02/26/2009 - 06:36 | Post subject:

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.

Like | Dislike | Share | Posted: Thu, 02/26/2009 - 06:40 | Post subject:

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

Like | Dislike | Share | Posted: Fri, 02/27/2009 - 11:17 | Post subject:

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?"

Like | Dislike | Share | Posted: Fri, 02/27/2009 - 11:59 | Post subject:

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:

Like | Dislike | Share | Posted: Sat, 02/28/2009 - 09:26 | Post subject:

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.

Like | Dislike | Share | Posted: Mon, 04/06/2009 - 08:34 | Post subject:

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?

Like | Dislike | Share | Posted: Mon, 04/06/2009 - 08:42 | Post subject:

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

Like | Dislike | Share | Posted: Mon, 04/06/2009 - 21:04 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 04/07/2009 - 07:38 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 04/07/2009 - 08:51 | Post subject:

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.

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 12:22 | Post subject:

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

Like | Dislike | Share | Posted: Thu, 06/11/2009 - 20:31 | Post subject:

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.

Like | Dislike | Share | Posted: Fri, 06/12/2009 - 06:59 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 07/28/2009 - 17:50 | Post subject:

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

Like | Dislike | Share | Posted: Wed, 07/29/2009 - 00:22 | Post subject:

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.

Like | Dislike | Share | Posted: Wed, 07/29/2009 - 08:59 | Post subject:

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?

Like | Dislike | Share | Posted: Sat, 08/29/2009 - 16:43 | Post subject:

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

Like | Dislike | Share | Posted: Sun, 08/30/2009 - 21:45 | Post subject:

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.

Like | Dislike | Share | Posted: Mon, 08/31/2009 - 10:00 | Post subject:

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.

Like | Dislike | Share | Posted: Wed, 09/02/2009 - 12:42 | Post subject:

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

Like | Dislike | Share | Posted: Wed, 09/02/2009 - 20:42 | Post subject:

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.

Like | Dislike | Share | Posted: Thu, 09/03/2009 - 06:20 | Post subject:

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.

Like | Dislike | Share | Posted: Thu, 09/03/2009 - 08:49 | Post subject:

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