2006-09-01 02:48:10 · 8 answers · asked by alen2500 1 in Business & Finance ➔ Credit
If you have a mortgage and do not pay it, the mortgage company can take your home.
If you have a home equity loan and do not pay it, the mortgage company or equity loan company can take your home.
If your credit card is a "home equity card" or a "home equity line of credit" then you can also lose your house.
If you have certain home improvements that involve a "contractors lein" (check with your state and local government for what is legal) and there are contractor bills unpaid you can have trouble.
2006-09-01 02:51:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends on whether or not property was used to secure the debt. If the loan was secured, then they have the right to repossess item that was pledged as collateral.
If the debt was unsecured, they have much less recourse, and would have to sue you and win a judgment in court. That would be more costly and time consuming, but if the debt is large enough they would be more willing to do so.
2006-09-01 10:10:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
"Secured" loans are those for cars, homes, boats, etc....that use the property as security against the loan. If you default, they will come after that property.
Loans such as credit cards depend on the state you live in. Most of them will allow you to come after property, but generally the creditor prefers to go for garnishments of bank accounts or wages. Some states allow you to protect a certain amount of property from them, but they can still take your property.
What state do you live in?
2006-09-01 14:12:03 · answer #3 · answered by Anonymous · 1⤊ 0⤋
No they can not, they can tell you they are going to do something all they want and try to scare you but don't let them scare you. This is what they do for a living this is there job they are paid to be a-- h---- just remember that and they get a cut of the money they will get from you.
2006-09-01 09:52:32 · answer #4 · answered by jodi_lynn_124 2 · 0⤊ 0⤋
will collectors, I dont think can take your property.
The client they are working on behalf can do.
The collectors will normally say that this may happen, but the debtors may feel that its the collectors will do this because they way they are saying it.
Maintain paymnets and you should be fine.
2006-09-01 10:56:33 · answer #5 · answered by Rebz 5 · 0⤊ 0⤋
If you are making payments on something, and you have defaulted on the payments, they can take back whatever it is you neglected to pay for. It's not yours until payments are complete. I don't believe they can just randomly take stuff to satisfy other bills.
2006-09-01 09:51:18 · answer #6 · answered by They call me ... Trixie. 7 · 0⤊ 0⤋
Dear dude, I'm sorry but they can. My wife said to me, 'give me some money for Christmas'. I said I hadn't got any. She said, and this still hurts, she said 'what kind of man doesn't give money for chritsmas?' Yea, she got the money and I got 1000Pounds of debt. That's some hole to climb out of. I paid it back. Sorry, yes, they can. Get out of debt asap. In the short term tell them that everyhting is your brothers [they can't steal his stuff]. Good luck dude, and get out of debt asap.
2006-09-01 09:50:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋
i don't think collectors can take anything they may get a judgment or a lein, but they cant take anything you have.
2006-09-04 13:10:54 · answer #8 · answered by moonwalker 3 · 0⤊ 0⤋