I was wondering if a credit card company could take my condo if I cannot pay the debt? I have not worked in a year but I have been actively looking,but in a years time I have used up all my savings so it appears I wouldn,t be able to pay my credit card and other bills.So what does it mean when a credit card company puts a lein on a piece property like my condo,can the credit card companies take it away?
2007-12-27 09:14:51 · 5 answers · asked by maxcat2005 1 in Business & Finance ➔ Personal Finance
First, until they SUE and win a judgment, the credit card company CAN'T put a lien on ANYTHING.
Second, a lien give them fist claim on the proceeds IF the condo is sold. It DOES NOT force a sale.
Unless you owe the credit card BIG TIME, and you have significant equity, they won't even TRY to take your home. If they do, they have to pay of your mortgage to get the title. Foreclosing, paying the mortgage, and selling the condo cost time AND money. Your credit card debt may not be worth the trouble.
2007-12-27 10:31:01 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Unless you secured the debt with your condo, a credit card company should not even be able to put a lien against your condo without first taking you to court and having a court ordered judgment to place the lien. You may want to look into if your state allows home equity loans. This could help you survive a while longer.
You may also want to talk to a lawyer about the possibility of bankruptcy. Also, you should contact your state agency that deals with unemployment as they may be able to help you find a job.
2007-12-27 09:22:01 · answer #2 · answered by Thrasher 5 · 0⤊ 0⤋
When a lien is put on a property the organization that applied the lien is stating that they are owed money and if the property is sold they get their money before you would get any. If there is still a mortgage on the property then that holder would get their money first and then the lien holders would get theirs. You'd be last in line to get any money.
Also will affect your credit and the ability to get any loans or even a home equity on the condo.
2007-12-27 09:19:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Credit cards are basically unsecured loans. They can not place a lein against an asset.
2007-12-27 09:18:37 · answer #4 · answered by Tim 7 · 0⤊ 0⤋
I would consult with a laywer because they don't expect you
to.
www.creditinfocenter.com
buddhibbs.com
2007-12-27 09:33:53 · answer #5 · answered by Anonymous · 0⤊ 1⤋