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Can credit card companys take your house if the cards are unsecured?
Wiki User
∙ 12y ago
No, Unsecured is exactly That Unsecured by any collateral. Now the process is that after they write off the debt a collection agency can take you to court and if they win a default judgment , BOW they can proceed to garnish wages, seize assets and so forth. But a lien on the property would come first.
The main goal is to prevent a judgment from happening in the first place. Get legal assistance or work something out with the collectors.
The answer is No and collection companies are 3rd party vendors that have no legal right to a judgment or a lien. I agree with the above beginning and end but nothing in the middle. There are other options with unsecured cards. Cindym
Wiki User
∙ 12y ago
Wiki User
∙ 15y agoYES FIRST YOUR POSSESIONS THEN URR HOUSE
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If you stop paying on your house does it have an effect on your credit cards?
I would think not paying on your credit cards would have the biggest effect on them. I'm sure they would care less if you pay on your house as long as you pay them. If you have to make a choice between the two then pay on your house. Your house is more important to your survival and is secured by your mortgage but your credit card is most likely an unsecured loan.
Can you lose your house if you cant pay unsecured loans or credit card debt?
no
What is the difference between secured and unsecured loan at the bank?
A secured loan is where there is a physical item that can be claimed if the loan is not paid - a house, a car, jewelry, etc. An unsecured loan is where there is nothing for a bank to take to get its money back if you default, such as education loans, credit cards and similar loans.
What companies offer unsecured loans with no credit check?
Companies that offer unsecured loans with no credit check include: Credit Loan Sources, PRL, Chesterman House Loans, PayDay Advance, One Up Loans and Easy Loans.
Why is it called unsecured credit if they can come after you?
It's called unsecured because there is no concrete collateral such as a car or a house that you explicitly use to guarantee the debt. For example, a car loan is a secured debt. If you don't pay, they repossess the car. A credit card is an unsecured debt; if you don't pay, they can come after you... but there is nothing (such as a car or a house) that they can immediately and swiftly go after and take.
What is unsecured personal indebtedness?
Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.
Can you lose your house to credit cards in Virginia?
yes
If you have unsecured loans and credit if since taking them you've brought a house if you do debt consolidation will it affect your house?
No, only if the loans are secured against the property
Do the terms buying and owning a home mean the same thing when applying for credit?
No, a house is considered a secured loan. When you apply for credit it will be either a secured or an unsecured loan.
What are the different types of Personal Loans and will it affect your credit score if you avail of one?
Secured, and unsecured. Both will affect your credit score if you fail on both of them. Secured is a secured collateral to pay to your borrowed sum (like a house). Unsecured is a credit check with a higher interest rate, due in part to the lack of collateral.
Can your house be taken for unsecured debt in Illinois?
In general, an unsecured debt cannot lead to the forfeiture of a solid asset like a house. Unsecured debt is not tied to collateral.
Can non payment of credit cards show up on your title of a house?
It will show up in your credit history report.
