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losing house for judgements

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patyann958



Joined: 08 Sep 2009
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Posts: 1



80 Magic Points

Subject: losing house for judgements
 
Posted on Tue Sep 08, 2009 9:34 pm  

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?
MDenton
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Subject: Losing House?
 
Posted on Wed Sep 09, 2009 12:57 am  

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.)
goodnatured



Joined: 03 Nov 2007
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490 Magic Points

 
Posted on Wed Sep 09, 2009 1:25 am  

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.
Sarah_123
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Subject: property foreclosure
 
Posted on Wed Sep 09, 2009 5:11 am  

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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Posted on Wed Sep 09, 2009 6:17 am  

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
goodnatured



Joined: 03 Nov 2007
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490 Magic Points

 
Posted on Wed Sep 09, 2009 10:23 am  

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.
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30060 Magic Points

 
Posted on Wed Sep 09, 2009 11:01 am  

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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wetz501
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Subject: can Ilose my home for a judgement against me
 
Posted on Sat Mar 20, 2010 7:33 pm  

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
ar8294



Joined: 16 Mar 2010
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Posts: 9



239 Magic Points

Subject: ar8294
 
Posted on Sun Mar 21, 2010 11:59 pm  

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
NightStar



Joined: 10 Mar 2010
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Posts: 142
Location: Illinois


3141 Magic Points

 
Posted on Mon Mar 22, 2010 5:33 am  

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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wetz501
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Subject: losing house for judgements
 
Posted on Mon Mar 22, 2010 11:45 am  

ar8294, The assoc fees are for the land only and have nothing to do with my condo. Does this matter?
Martha
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Subject: bank judgement
 
Posted on Thu Apr 15, 2010 12:20 am  

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?
Aaron

Aaron

Joined: 08 Feb 2010
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48565 Magic Points

Subject: bank judgment
 
Posted on Thu Apr 15, 2010 12:35 pm  

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
 
Posted on Thu Apr 15, 2010 6:42 pm  

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
Aaron

Aaron

Joined: 08 Feb 2010
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48565 Magic Points

Subject: judgment for unsecured debt
 
Posted on Fri Apr 16, 2010 12:00 pm  

Hi,

If there is any mortgage against this jointly owned home, then you people can sell it and divide the money according to the share in interest. The creditor or collection agency won't come after you for the money.

Thanks,

Aaron
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