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patyann958
Joined: 08 Sep 2009
patyann958's page
Posts: 1
31 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: 3735
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: 3735
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: 1308
28489 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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