Can a credit card company take your house or ?

by  |  earlier

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what is this judgement they can get how does that work do you have to go to a court?




  1. it depends on how much you owe, they might just get an injunction against you, your credit will be ruined no matter what happens, they can force you to sell your house to get the money you owe them plus legal fees, which will be a lot.

  2. They can put a lien on your property.  Suppose you owe them $10,000.  Well, if/when you ever sell your house, $10,000 of the profits (off the top) goes to them.

    They have to go to court to get a lien put on your house.  They have to let you know about it.  You have the right to attend the court hearing.  If you don't attend, the judge will not hear your side of the story and will make a ruling based totally on what they have to say.  Why wouldn't you attend?

  3. I'm not sure if the company itself can, but I know your house can get reposessed if there is a major problem with your credit. It can be appealed of course.

  4. If you don't pay your credit card debt, the company sues you and gets a judgment which will be valid for a long time (some are good for 20 years) and which accrues interest at a fairly high rate until paid off.  With the judgment, in most states, they can garnish your wages and seize your personal property.  They can also place a lien on your house.  Most of the time, they can't foreclose but you will not be able to sell the house until the judgment and interest is paid off.

  5. No they can not take your home.

    If a credit card company takes you to court and is awarded a judgment 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.

    All the liens do is make you pay them from the profits if you sell the property.

  6. If a company gets a judgment against you, they can record a lien against your home.  That doesn't give them title to the home but if you sell it they will have to be paid off in the transaction.

    If you are served papers, you'll need to show up in court or they will get a default judgment.

    Sounds like you are getting threats.  Try to work something out to get back on track with them.

  7. As the other answers have implied they can't take your house. They can place a lien on your home. In the event you ever sell your home, the profits from the sale would first go to the lien holders before they would you. Most often I see people with judgments for credit card debt seek wage garnishments, This depends on the state however. For example I know SD, and TX don't allow them.  

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