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