Can credit card companies take my house?!

For just about anything you want to get off your chest about credit cards.
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big credit problems girl
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Postby big credit problems girl » Wed Feb 02, 2011 12:42 am

THANK YOU, BOTH OF YOU! YOU BOTH HAVE PROVIDED A TON OF INFO I DIDNT KNOW! I didn't mean to start a fight. I have had my mortgage for 5 years and paid a lot into it but the value now I'm assuming has to be less than any equity built up. It is a 30 year mortgage and I saw a chart that showed payments are mostly going for interest at the beginning of a mortgage like where I am at. I don't own anything valuable really. I should be OK right?


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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Feb 06, 2011 7:24 pm

If there is no or very little equity in the house and there's a mortgage, I think it's highly unlikely a credit card company would try and take your house.

You could try finding your county's free legal aide department and meet with them to get advice.
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down on luck
 
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Postby down on luck » Mon Feb 07, 2011 3:08 am

If you don't have a house or cash in the bank will credit cards try and seize assets in my apartment? I own things, nothing too valuable. If my furniture and stamp collection was sold it might get $10,000.

DoingHomework
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Postby DoingHomework » Mon Feb 07, 2011 1:36 pm

Look into homestead protection as well. No one has mentioned that, and it may be too late, and Nevada may not have that, etc. But you definitely need to look into that as soon as possible, like this afternoon.

The most important thing you can do, no matter how big the hole is that you've dug, is start taking steps TODAY to dig yourself out. Procrastinating to tomorrow will only make things a little bit worse.

DoingHomework
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Postby DoingHomework » Mon Feb 07, 2011 1:37 pm

down on luck wrote:If you don't have a house or cash in the bank will credit cards try and seize assets in my apartment? I own things, nothing too valuable. If my furniture and stamp collection was sold it might get $10,000.


No, they will garnish your wages instead.

DoingHomework
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Postby DoingHomework » Mon Feb 07, 2011 1:40 pm

Girl: I suggest you get on the forums at getrichslowly.org. There are lots of people on there who have been where you are and have dug themselves out and are now doing well financially. I think they would be a lot of help to you.

Mods: I apologize if this is inappropriate but I think this poster needs some help.

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Elliot Castro
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Postby Elliot Castro » Tue Feb 08, 2011 4:12 am

a lien on the property is also possible but they cannot foreclose.


There are quite a lot of vehicles I have seen with a lien placed on them by creditors. It is a crime here to sell or trade these assets without the buyer being made aware of the lien. So getting rid of these assets are very tuff (as it should be).

BTW, just because your credit card was issued to you without the creditor knowing about your house, doesn't mean you are now immune from reprecussions when you default. The banks refuse to give you loans until they know for sure, because they don't want to get stuck with a dead-beat and leave the banks holding the bag with no assets to go after. This is a common sense principle.

It's been said before, and I'll say it again, if you can just wrack up immense amounts of debts on your cards, and not have to worry about losing your assets gained, then we'd all be idiots for not just buying houses and cars and everything else with credit cards, and then just simply refuse to pay it all back.

How many times have you seen this happen...

...happen in the last year....

...happen in the last 10 years?

...last hundred?

Let me know what countries allow this please, I'll gladly apply for immigration.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Feb 15, 2011 10:04 pm

Unsure about other countries but in Florida there is a homestead clause that protects your house from being taken away.

How does that extend to credit card debt? I am not sure but maybe someone here can offer additional insight.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

4srs
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Postby 4srs » Tue Feb 22, 2011 10:58 pm

Mogul of Pineapples wrote:Unsure about other countries but in Florida there is a homestead clause that protects your house from being taken away.

How does that extend to credit card debt? I am not sure but maybe someone here can offer additional insight.


In Texas they can't touch your house as long as it's 10 acres or less in a city/town or 100 acres or less elsewhere. It also does away with the value limit on (one) vehicle for each adult with a driver's license (or who rely on someone else to drive the vehicle for them) & a bunch of other personal property exemptions.

They can garnish wages though -- any $ you make per week over 30x the minimum wage. Think that'd be $217.50/week..

My only income is SSI, ~$675/month, w/ approx. 80k in revolving debt... fancy, huh? Anyway, that means they can just annoy me with phone calls until I send them certified letters telling them to stop, but can't take any of my possessions or garnish my wages.

coladash
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Postby coladash » Thu Feb 24, 2011 12:36 pm

Man $80k and on SSI is a big amount of debt to have. If theres no end in sight why not file for bankruptcy and wipe it out?



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