Need Fincial advise/tough situation

[Greenery]

Can credit card companies put a lien on youre house if minimum payments are not met? Long ugly complicated story that i would rather not go into, but i actually own 2 houses, the real estate market has turned south and i have interest only adjustable rate loans.

[cman]

Originally Posted by Greenery

Can credit card companies put a lien on youre house if minimum payments are not met? Long ugly complicated story that i would rather not go into, but i actually own 2 houses, the real estate market has turned south and i have interest only adjustable rate loans.

technically you don't put a traditional "mechanics lien" on real property....it really is called an attachement.

Without knowing anymore details the answer is no...

exceptions...As long as you have not refinanced your house in someway using that line of credit for that specific purpose....and I am not talking about using your credit card to pay your mortgage payment.

Hope this helps

wde

[pwherr]

Credit cards are unsecured.All mine are anyway.All they can do is turn it over for collections and hound the crap out of you.And your credit is ruined.

[cman]

Originally Posted by pwherr

Credit cards are unsecured.All mine are anyway.All they can do is turn it over for collections and hound the crap out of you.And your credit is ruined.

Paul they can take you to legally binding arbitration ...I dont know of any credit card company that does not require arbitration in their terms....and then after arbitration they can move to attach your wages....

wde

[pwherr]

Originally Posted by cman

Paul they can take you to legally binding arbitration ...I dont know of any credit card company that does not require arbitration in their terms....and then after arbitration they can move to attach your wages....

wde

I had some problems with my first marriage.She moved out and charged up a storm with her new boyfriend and guess who got stuck?I filed banckrupcy after they started hounding.I didn't let it get to that stage you are talking about.It took 10 years to clear my credit.That sucked.All is good now.

[cman]

most the time they do not try and invoke arbitration because they have to pay for it usually the intial two day of it....

a hearing usally would cost a minimum of 2 to 3K not including their attorney fees....so unless the credit card account is really high they normally dont do that.

In fact while representing someone that was a tactic that I used to get them to accept a lesser amount and settle the debt

wde

[robertg]

so much depends on the state in which you live. I deal with credit every day, and I can tell you it varies greatly from state to state. In Texas, for example, creditors can't garnish wages. In many states they can. You should seek counsel from a "reputable bk lawyer." (that may be an oxymoron)
Hang tough, its never as bad as it seems.
rg

ps. generally "unsecured" means "unsecured."