2006-06-10 18:57:55 · 8 answers · asked by Chris M 1 in Business & Finance ➔ Credit
If you still have a loan on the house then they are the first lienholder and they can. If it is paid for and the home is you primary residence and it is classified as your homestead, then they may not be able to do that. The laws on homesteads vary from state to state. If it is rental property, which is considered commercial property, then they can.
2006-06-10 19:09:22 · answer #1 · answered by atmjay 3 · 0⤊ 1⤋
Any bank or finance company can put a lien on your home. It does not stipulate they be first mortgage holder. You could have had a car repossessed for example from Acme -the sell it at auction-it brings in $3,000, but your loan amount still owed was $7000.00, you have $4000.00 still owed on the account. They have the right to garnish wages, bank accounts and put a lien on the home till it is satisfied and paid in full. They only need to obtain judgment. Although, if they will be second lien holder, and they are not the original mortgage holder, they cannot foreclose on the home without paying off the first mortgage, or until you do. If the bank is the 1st mortgage holder along with the one who did the repossessing, then you would be looking at possible foreclosure.
2006-06-11 02:08:43 · answer #2 · answered by DollyLama 5 · 0⤊ 0⤋
I know it seems unfair but they can. They also can garnish wages. I would try to get that taken care of with a lawyer. My mother had to file bankruptcy because she signed for my brother a vehicle and he didn't pay and let it repossessed. Sorry about you situation. I hope you get it worked out.
2006-06-17 17:53:49 · answer #3 · answered by JENNLUPE 4 · 0⤊ 0⤋
Yes...
(and technically if you are/were still "paying" on your mortgage, then a bank owns "your" house anyway)
2006-06-10 19:05:12 · answer #4 · answered by inmyopinion 2 · 0⤊ 0⤋
Yes, you should have paid your bills. If you owe $
2006-06-17 04:32:48 · answer #5 · answered by ccccccccdddddgggggrrrrwwwsszcvbn 1 · 0⤊ 0⤋
Yes, you should have paid your bills.
2006-06-10 19:00:43 · answer #6 · answered by basscatcher 4 · 0⤊ 0⤋
If you owe money, they sure can!
2006-06-10 19:01:31 · answer #7 · answered by orange1244 1 · 0⤊ 0⤋
YES!
2006-06-10 19:02:01 · answer #8 · answered by Mr. BIG 5 · 0⤊ 0⤋