Can credit card companies take your house?

Question

My wife was just laid off last month and had been working on a payment plan with the credit card company. She wasnt able to make the payment this month, and they said if we do not pay them they can take our house? I am guessing they are just trying to threaten us because I thought they can just put a lien on the house but nothing else. I am in Massachusetts so I dont know if the rules are different. Any help is appreciated.

Answer 1

The credit card company cannot put a lien on your house or any other assets without first getting a judgment from a court.

For more information on Massachusetts debtors' rights see

http://www.laurapowerslawoffice.com/article2.htm

Answer 2

They are trying to scare you into paying something. If you use the credit card now and you know that you can not pay them, it is consider as fraud.

Contact the better business office and report the company. Not all people that work for a company know all of the laws.

They should mail you a letter of demand for the past due amount. If that amount is not paid, they can take you to court. Most of the time they just turn the account over to a collect agency. This notice will go on your credit report--and this will make it very hard for you to get credit in the future.

If you possibly can send each creditor $25.00 per month with an explanation of why you are behind. Ask if they have any job opening at their company. Send the same letter to the Human Resources Department, you never know what can come of this action.

Answer 3

You've got it easy compared to what I'm dealing with- going out on the street probably next week because of computer hacking, invasion of privacy, and criminal corruption in Canada! If people realized how many things that I have had to go through here, they would be totally shocked that this country even calls itself a democracy! They would be astonished how anyone could also get sick in the process and have their disability cut off because of corruption and politics too!! I'm just hoping that there is someone really powerful out their who can see what's going on here! As for your wife, she's just missing one payment- you hardly even have to worry yet! Just imagine if I invaded you privacy, which libelled your reputation, caused your debt to rack up with no choice, and then made you go bankrupt and threatened to take your car away an cut off all your income while you were able to collect all kinds of hacking evidence, pictures, and suspects, and you became frustrated because even the police and the attorney general ignored you, but I had such power that I could even somehow erase your evidence or break and enter into your home and steal it ! That's the kind of situation I'm in! Oh Canada, Glorious and Free! If I was native or Chinese or some other race I'm sure I would be getting major compensation for past wrongs like this!

Answer 4

They can not take you house. They can after taking you to court and getting a judgment file a lien on it though, but it sound like you are a long way from that happening. Just make your minimum payment as soon as possible and you will be fine.

Answer 5

Hell no they can't and by telling you that they have actually violated the LAW. according to the Fair Debt Collections act.
They can be fined for this. it is also possible to sue a collection agency for harrassment and threatening you. I have read recently that people have won suits that forced the credit card companies or other collection agencies to pay the debt that they were trying to collect. report them immediatelky to the FTc Federal trade Commision

Answer 6

Nope. Credit cards are unsecured debt. Don't pay your mortgage and you may lose your house. Don't pay your car payment and you may lose your car.

Of course with that being said, hurry up and pay the minimum before the late payment hurts her credit more!!