0
Can a lien be put on a House So one can get the money back for the charges that were made on a credit card?
Wiki User
∙ 14y ago
Credit cards are almost always "unsecured debt". That means that the loaning company does not use your house as security. Pretty much all they can do is sell your debt to a loan collection agency, which will then simply keep calling you and sending you letters.
However, it is theoretically possible for them to take you to court and get a judgment against you. Then after that they could garnish your wages, or get a lien against your checking account. I suppose in theory they could get a lien against your house, but I've never heard of that happening.
Note this is different from a "mechanic's lien". If you call in a carpenter or a plumber to fix your house, and then don't pay him, he can put a lien against your house in the courthouse. Then he has to get paid back when you sell your house. I had a burglar turned moving company that put a mechanic's lien on my property when I moved it using him...said he could come reposes any of my stuff if I didn't pay him...scary.
Collection agencies assume that 70% of the unsecured debt they buy simply will never get paid back. It's not worth their time to take you to court, unless it's over $5,000 or $20,000 or so. They just rag on you.
Of course the credit bureaus hear about it also. If you've proven you can't respect one credit card, why should anyone else lend you any more money? But typically at this point you no longer really care about what the credit bureaus think, so do what you have to. It just might be harder to buy a car next time around.
Unsecured debt means your house is pretty well safe.
Secured debt is another thing altogether.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
How do you get money back for unauthorized charges?
You call your cc co. and dispute the charge. They investigate, do a charge back if valid and apply a credit.
What is BillGuard?
BillGuard is a personal finance security service that alerts you to hidden charges, billing errors and fraud on your credit/debit card bills and gets your money back.
What is the advantage of having a cashback credit card?
When one has a credit card which offers cash back one can get cash or a credit to the balance of credit card charges. A certain amount of charges must be applied to the credit card before receiving a reward.
Can you withdraw the money from your credit card account?
This gets a bit trickier. With many secured credit cards the answer is "No", if you want the money from the savings account back you need to let all of your charges on the secured credit card clear, close the card and than close the savings account and get your money back. Often you maintain the ability to withdraw some money and reduce your credit line, but do not count on that option from all secured cards. In no case would you be allowed to withdraw so much money that your savings account dropped below the minimum set by the bank to establish such an account.
How to Buy a House with No Money Down?
During the housing boom, it was easy to buy a house with no money down. However, the disastrous consequences of that have caused lending to be tightened. The best way to buy a house with no down payment in today's market is to purchase a small house and use a loan with large, stable payments. This reduces the risk to the bank, and makes it clear they will get their money back. It is necessary to have good credit as well, so one should repair their credit or cultivate good credit beforehand if they want to buy a house in such a manner.
Does Costco give money back or store credit?
store credit only
What is a credit on credit card?
A credit on a credit card is the amount of money you are allowed to spend before you have to pay it back
What do you do when you have fraudulent credit card charges?
You can either look on your statements for the instructions or call the number on the back of your card.
If you buy materials to build your home on a credit card can they take your home?
Paying with a credit card, or lending money from the bank and paying cash, or having them send an invoice doesn't matter. Eventually the cost must be payed, and if it isn't the business you owe money can have your house seized and sold so that they get their money back, regardless whether you used a credit card for it or not.
What are some of the best money back credit cards on the market?
There are many different money-back credit cards on the market. One such popular option is the Discover card, that advertises the perk of cash-back with its use.
Are there any major banks that will lend me money with my bad credit?
Probably not, after much research I find that you can give money to get money and they when you pay it back you can get your money back.
I am a corporate secretary and the company that i work gave me a credit card and told me i can use it now they want their money back?
Credit cards borrow money, so if you've used the card, then you owe the company that money back.
