2007-01-12 09:41:16 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Anytime you are in default of an installment loan or contract a creditor has the right to pursue or attach assets. As long as all the language of the contract states the creditor can do so. Usually, the standard for most financial institutions write off a bad debt around 90-120 days of delinquency. The time period next is usually 3rd party collection efforts, who than may determine the account is uncollectable (you have no assets) or pursue judgment (you have assets) to either garnish wages, bank accounts, of secure the debt with your real property as collateral. All of this I am assuming is related to delinquency of course. Mechanics liens can also be placed by contractors for unpaid contruction work.
2007-01-12 09:53:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends on the type of creditor. Unless you agreed to use the house as security for the debt, they could only put a lien on your home without a court judgment. Even with a judgment, unsecured creditors can usually not take your home. As with any legal question, the answer varies by location.
2007-01-12 11:36:02 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
yes they can actually foreclose on your home it you do not pay, so you better pay the piper
2007-01-12 09:53:46 · answer #3 · answered by Anonymous · 0⤊ 1⤋
when you dont pay
2007-01-16 07:54:49 · answer #4 · answered by nancy o 4 · 0⤊ 0⤋