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patyann958
Joined: 08 Sep 2009
patyann958's page
Posts: 1
70 Magic Points
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Subject: losing house for judgements
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Tue Sep 08, 2009 9:34 pm
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| i live in pa, have several judgements against me which at this time i have no money to pay back. can the people who hold the judgements take my house? Can they come in and take my furniture and personal belongings? |
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MDenton
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Subject: Losing House?
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Wed Sep 09, 2009 12:57 am
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Creditors can only repossess items which were used to "secure" the debt. Your mortgage company can foreclose on your house, Sears cannot. Unsecured debt, like credit cards, can only garnish your access to cash, like your paycheck or a bank account.
Federal law restricts the amount of money which can be garnished from a paycheck. If multiple creditors petition your employer for more than the legal amount, your employer will place them each in queue and pay out each one in the order they filed for as many weeks as it take to satisfy all garnishments.
Bank accounts have no such protection. Once you deposit your paycheck, the entire balance is subject to garnishment. If you have direct deposit, you should cancel it immediately. Deal in cash until you are back in a stable situation.
(side note: The fine print on your Sears cards actually states that everything you purchase with their card counts as a security against the debt. This works because you had to buy it at their store, so they know exactly what was purchased. They could come back after your washer or dryer.) |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Wed Sep 09, 2009 1:25 am
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| They can actually have a sheriffs sale to recover their money, if you have items of value, they can go through the local magistrate and have a hearing to have the paperwork drawn up to post the sheriffs sale. You should contact your local sheriffs office and find out how these matters are handled. There is no harm in calling them to see what the result of this could possibly be. |
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Sarah_123
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Subject: property foreclosure
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Wed Sep 09, 2009 5:11 am
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Hi patyann,
They can take your house if you have a secured debt. In case your debt is unsecured, then the judgment holders cannot foreclose your house. If you have failed to clear off the debts of your credit card, then do not panic because your house cannot be foreclosed. However, if your debt is a secured one then they can have an auction of the house as well as the furniture inside. I agree with goodnatured that you can contact the local sheriff’s office to find out more o the auction and if there is any way out.
All the Best:-)
Sarah |
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Wed Sep 09, 2009 6:17 am
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Patyann,
I understand from your post that you have a number of judgments against you and are threatened because of the foreclosure of your home by your creditors. Well, if your debt is secured then your property is subjected to foreclosure. Even if your debt is unsecured the creditors can place a lien on your property. If they place a lien on your property, then I am afraid they have the right to take away your home and furniture from you. You must contact the office of the sheriff to figure out a proper method of saving your property. But even then, your credit score will suffer.
Keep Posting!!
Deborah Richards |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Wed Sep 09, 2009 10:23 am
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| You are right Deborah, if the loans are against the house, sorry did not think of that. Is this a mortgage that you have defaulted on? If so then you should be concerned that taking the property is certainly an option that they have. If not then you are probably looking at a sheriffs sale. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Wed Sep 09, 2009 11:01 am
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Hi patyann
| Quote: |
| i live in pa, have several judgements against me which at this time i have no money to pay back. can the people who hold the judgements take my house? Can they come in and take my furniture and personal belongings? |
If the loan is against your home, i.e. if it is a mortgage loan and you have defaulted, there is every chance that your mortgage lender might foreclose your house. You need to tel us what kind of loan you are speaking about here. Otherwise, in case a creditor has got a judgment against you, it is more likely that your bank account will be garnished or your wage will be garnished rather than a foreclosure.
Are you currently unemployed? Why are you not able to pay off the debt? I would suggest that you speak with your lender and explain your situation.
Is your credit score worthy of getting another loan? If yes, and if you can afford it, then you could calculate your total debts and get a loan on the total amount. With this money you may pay off the debts that you have. Also look for a loan that has a low rate of interest. This is how you can consolidate your own debt. Try and speak with your lender (s) and get in to a settlement with them. It is better to be in their good books rather than shying away. This will not just lessen your future prospects of getting a loan but also hit your credit report badly.
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Keep in touch
Carol |
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wetz501
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Subject: can Ilose my home for a judgement against me
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Sat Mar 20, 2010 7:33 pm
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| Here's my situation. About 5 years ago I bought a piece of land in upstate Pa (paid cash) Shortly thereafter I was injured and I am on SSD and workmans comp and have been unable to pay the association fees. I recently received a notice that a judgement was going to be placed against me in the amount of $11,000. The notice also said that they were going to go after my condo where I live in Phila, my car, my bank accounts and my belongings. Can they take my house and other things I listed? They can have the land in thier developement but they didn't mentoin that in the notice |
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ar8294
Joined: 16 Mar 2010
ar8294's page
Posts: 10
227 Magic Points
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Subject: ar8294
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Sun Mar 21, 2010 11:59 pm
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You are right to be wary! At this point you must outsmart the system.
My understanding is that all judgments attach to real property. You must satisfy the judgment prior to transferring title to the property. You will not be able to sell your condo, etc. without settling the outstanding judgment.
The association fees have nothing to do with your land. The association can place a judgment against your condo for the unpaid fees, however, I don't believe that they can pursue a foreclosure, nor a sheriff's sale. If the association fees are part of your mortgage, then the association can foreclose.
If the association were able to take your condo, then they would have instituted a foreclosure proceeding, and not pursued a judgment.
What to do -
1 Talk to a legal aide attorney about the situation.
2 If the judgment has not yet been put against the property, transfer any real property into separate trusts, preferably out of PA, so that any court action will cost the association more. Consult any trust attorney, or asset protection attorney for this paperwork and procedure.
3 Talk to the condo association about the situation and try to set up a payment.
4 Sell your land or any other assets to create cash.
5 Set up a business to create income. For instance, anyone can paint. If you can't paint, you can get the jobs and hire students to do the painting. Set up the business in a trusted person's name, including checking account, and get a gift when needed.
Good luck |
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NightStar
Joined: 10 Mar 2010
NightStar's page
Posts: 143
Location: Illinois
3061 Magic Points
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Mon Mar 22, 2010 5:33 am
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My mother had a similar situations, a credit card company filed a judgment and tried to put a lien against the property, they had to appraise the property. They discovered that my mom owed the mortgage company first before they could pay, and if she was forced to sell the house, nothing would go to the credit card company so they had to back of in her case.
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Credit Cards
Credit Reporting Information
Credit Repair Info |
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wetz501
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Subject: losing house for judgements
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Mon Mar 22, 2010 11:45 am
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| ar8294, The assoc fees are for the land only and have nothing to do with my condo. Does this matter? |
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ar8294
Joined: 16 Mar 2010
ar8294's page
Posts: 10
227 Magic Points
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Subject: ar8294
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Mon Mar 22, 2010 10:00 pm
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@wetz501
It is important to let people know the full extent of the situation and to be careful with how you express it, so that we can understand and help in the best way.
It does matter against which property the lien is attached. The association may be able to pursue an action. Check with an attorney. However, your condo is safe.
If the land has a judgment against it, then you will have to settle with the association prior to selling the land. You can give them the land, but you should get, in writing, a statement that they relieve you of any obligations. If the property is worth more than $11000, then sell it and keep the profit.
Your condo is safe from a foreclosure action, although if you wanted to sell the condo, the lien would have to be settled prior to title being transferred.
If you possibly can, resolve this situation immediately, at least prior to a judgment being placed. Call the association and tell them that you are working on paying them back, that you need some time, and that they should hold up on their legal action. Perhaps you can work on a repayment plan - while you try to sell the land.
If the association will not stop the action, then tell them that you will not pay and they won't get anything for a long time.
If a judgment is given, take all monies out of your bank accounts, as they may will probably be attached.
The 'What To Do' list is still viable.
Good luck. |
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Martha
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Subject: bank judgement
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Thu Apr 15, 2010 12:20 am
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| I borrowed from a bank and I became unable to make my paymwents, They are placing a judgement against me and when I called the persion told me that since I just draw social security ionly they could do nothing but I could not sell my house if I should want to. I did not give it when I borrowed the money. What can I do? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: bank judgment
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Thu Apr 15, 2010 12:35 pm
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Hi Martha,
Can you tell me whether or not you want to sell your house to pay off your debt? However, this is true that social security cannot be garnished by anybody else other than the government. If you owe anything to the government, then the government can garnish your social security.
Thanks,
Aaron
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L.morocco
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Subject: Judgments for Unsecured debt
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Thu Apr 15, 2010 6:42 pm
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| If you own a home jointly with someone and one of the parties has a judgment(unsecured debt) against them, and you sell the house, what happens...does the judgment have to get paid with the sell of the house? Is the person that does NOT have judgment left alone and get the half of the money from the sell |
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