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Generally, credit card debt is "unsecured" meaning there is no physical thing they can take if you don't pay. Your mortgage and car loans are secured debt, meaning if you don't pay, they can reposses the asset (your house or car).
I don't know how they laws work specifically in IN, but here is a good place to start if someone is telling you they will take your house for not paying your credit card.
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm
Sorry, but that is erroneous. In every US state a creditor can file suit against the debtor and if the creditor is awarded a judgment they can execute it in whatever manner is allowed. That includes, bank levy, seizure and sale of unexempt property owned by the debtor, liens against real property owned by the debtor.
Unsecured debt simply means there is no collateral attached to the debt. It does not mean that the creditor cannot initiate a lawsuit to recover monies owed.
The matter in which real property is titled determines to what extent a lien will encumber it.
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoThey can put a lien on your house if they have obtained a judgment against you. Then, when you sell your house, you will have to pay them first.
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What auto dealers use credit acceptance corp in Indiana?
Payton place, clinton IN
What are restrictions place on a company's economic activities by creditors called?
credit controlls
Who owns house at 1230 academy place south bend Indiana?
michell peach and jon preacher
Where can I find information and advice on pre approvals?
I would recommend talking to your current banker or credit company. If you do not have a current bank or credit company, www.mortgage-resources-center.com is a good place to look.
Can you close your credit card account and continue to make payments?
No, what usaully takes place is that the credit card company freeze your credit card account and you continue to make payments
Which company offers the best car financing for used cars?
If you are looking to purchase a used car you will be able to find great financing as long as you have good credit. The best places to look are local credit unions and local banks that have a branch in your area. If that does not work for you then see if the place you are buying from has in house financing. The financing you get will depend largely on your credit score.
All the clauses of letter of credit?
Banking organizations usually write letter of credit. The purpose of the letter of credit is so that you don't have to put down a deposit. This deposit could be for an electric company or any such place. You do need good credit to get a letter of credit.
What action can a credit card company take on unpaid credit cards?
They can sue you, the results can lead to jail time for fraud or allow them to place a lien on property or to garnish wages. They can place a lien on property (depends on the agreement you signed). They can make an adverse entry in the credit reports.
Where can one get help with their credit card bills?
If someone needs help with their credit card bill then the first place they should ask is their credit card company. They can give more details on the transactions and help resolve issues.
Where can someone get a mortgage loan for people with bad credit?
One can get a mortgage loan for people with bad credit in two different places. The first place that one can get a mortgage loan for people with bad credit is a bank, like Wells Fargo. Another place that one can get a mortgage loan is a credit card company, like American Express.
In SC can a Credit Card Collector place in lien on your house?
CAN CREDIT CARD COMPANIES OR THE AGENCIES THEY SELL YOUR DELIQUENT ACCOUNT TO PUT A LIEN ON YOUR HOME IN SOUTH CAROLINA AND IF SO WHAT ARE THE RULES ?
In the state of Florida under homestead exemption can a collection company for a credit card place a lien on that property or force a sale?
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