2007-07-05 02:30:59 · 5 answers · asked by carenage2003 1 in Business & Finance ➔ Credit
Generally speaking, credit card accounts are signature only loans. That is, there is no collateral for the loaned amount. A mrtgage is a loan with a house as collateral. A car loan is one that has a car as collateral. If these are not paid, you can lose the collateral. Credit card companies may take a portion of your wages or other income, but will not and cannot sue for your house.
2007-07-05 02:40:57 · answer #1 · answered by fangtaiyang 7 · 1⤊ 0⤋
The first poster is not entirely correct.
A credit card company can take you to court and sue you and get a judgment at that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars, boats land and homes.
They can not take your home but with a lien on it you can not sell it without paying them in the process.
The judgment will show on your credit bureau for 7-years making it next to impossible for you to get any type of loan without massive down payments, fees and State maximum interest rates.
2007-07-05 09:47:15 · answer #2 · answered by ? 7 · 1⤊ 0⤋
only if the home was used as a security but regular credit cards are unsecured. meaning they get no collateral. many cards have a loss of employment clause as insurance for both parties. if you opted for it you may be lucky if you lost your income as well
2007-07-08 22:49:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I was about to mention what the second poster mentioned, the lien. She is correct, they can put a lien on your house so when you sell it, they get their part.
2007-07-05 09:51:27 · answer #4 · answered by K 3 · 0⤊ 0⤋
This site helped me repair my credit myself.
creditboards.com
2007-07-05 15:45:46 · answer #5 · answered by Janice B 2 · 0⤊ 0⤋