Can a credit card company put a lien on your home?

Answer 1

A creditor can sue for a debt, whether or not someone's home can be seized and sold to repay that debt depends on several factors. In the majority of cases the state homestead exemption will protect a person's home from forced sale by creditors. Several states have laws forbidding forced sale of a primary residence, or unlimited exemption amounts which bear the same results. Creditor's prefer to use wage garnishment, bank account levies, or the liquidation of other nonexempt assets belonging to the debtor; rather than the complicated and costly seizure and sale of real estate. Generally when a judgment is used against real property it is in the form of a lien, which is also subject to state statutes on how it can be executed.

Answer 2

Yes. It happened to my neighbor and they couldn't sell until the debt was settled.

True, but this would only happen if the credit card company first sued to collect the debt and was successful in obtaining a judgment.

Answer 3

It depends on what they did. You would need to talk to a lawyer. * Absolutely. It takes a lot of research, stamina and just plain guts but it is a given in the world of litigation that the debtor can always find a casus belli which can be used as the basis of a suit against the creditor. For example, the arbitrary charging of "late fees", antitrust violations, fraud, and so forth. The three words that will strike fear in the hearts (if they had any) of all major creditors are "class action suit".

Answer 4

Yes, if they are awarded a valid judgment against the debtor the judgment can be executed as a lien against real property owned by the debtor.

Liens are extremely damaging to one's credit and finances. The encumbered property cannot be sold, refinanced or transferred ownership until the debt is paid or the lien holder(s) agree to the action. Liens can continue to accrued interest until they are paid and most liens can be renewed some for as long as 20 years.

Answer 5

Lawyers do not have the authority to place liens on property. The creditor would need to sue you in court and win a judgment. It could then request a judgment lien that could be recorded in the land records. You could not sell or mortgage your property until the lien is paid off. The amount would continue to grow since the judgment creditor is entitled to interest and costs.

Answer 6

Yes. It could seek a civil judgment in court and if successful obtain a judgment lien that could be recorded in the land records. Their legal costs and interest will be added and the amount due will escalate. You cannot sell or mortgage the property until the lien is paid off.

Answer 7

Yes, contrary to what some believe a consumer can be sued for unsecured debt (credit cards, promissory notes, pay day loans,etc.)

Answer 8

If you are being sued by a credit card company can they take your house?

Answer 9

YES!