Jun
06
A credit card company put a lien on my house. I have to sell quick and can’t afford to pay it off. Help!
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I lost my job a year ago, i’ve been struggling since. A credit card has put a lien on my house and now I have no choice but to sell the house and can’t pay off the credit card lien. Can I sell or no? I either have to sell or there will be a foreclosure on the house. I don’t know what to do, is there anyone who can tell me what to do? Thx
Real Estate Professionals
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10 Comments
June 9th, 2010 at 4:51 am
Depending on how much equity you have in your house, that equity will be used to satisfy the lien. You can still probably sell the house, but you just won’t get that much out of it.
Sounds like you’ve had a rough year. I wish you all the best, and hope things get better.
June 12th, 2010 at 12:30 am
get a bancruptcy lawyer….
go to court because they can’t take a loan on your house, only a judgement against you. Hope you didn’t get a really sucky credit card with yucky fine print….
call Legal Aid in your area soon, it can take awhile to get help.
June 14th, 2010 at 1:55 pm
Please double check with a real estate attorney as this is a serious legal matter.
June 16th, 2010 at 4:59 pm
If you only lost your job a year ago, you wouldn’t have time to get THAT FAR behind for a credit card company to go out and get a lien on your house.
You have been living your life how you see fit, despite your income, and decided not to pay your bills. Guess what! The piper has not been paid either…and it’s time. Become homeless and move into a shelter until you get off your lazy ass and get a real job and pay your real bills.
Stop living off the kindness of others.
June 17th, 2010 at 9:50 am
When someone puts a lein on your house it usually means that if you sell it you have the amount owed garnished out of the proceeds of the sale. If you are still paying on the house then they can’t take it away from you, it doesn’t belong to you. Until you make your final payment it is owned by the mortgage lender.
It sounds like they are just trying to scare you. I don’t know where you live, but here in Tx. you have what is called Homestead Exemption, it prevents you from losing your house because of debt other than the mortgage, or foreclosure. A credit card can’t foreclose on a loan by a mortgage lender, only the lender can foreclose.
June 18th, 2010 at 4:10 pm
Call or have your Real Estate Broker or escrow agent call the credit card company’s department that handles payoff demands.
Tell them that that there isn’t enough equity to cover the credit card debt. Ask for a short payoff.
They might reduce the debt if they realize that they won’t see anything if they don’t facilitate the close.
June 20th, 2010 at 10:18 am
Go to this web site, they will buy your house (not just take over the payments until they can sell it.) so you don’t go into foreclosure. Good idea to get to a credit counselor as well.
June 23rd, 2010 at 7:21 am
You need to talk to a lawyer. You do not need to sell your house and it will not be forclosed on unless you do not pay your house payment. The lien cannot force forclosure, they have to wait for the money until you sell your house, even if it is 50 years from now. It will however continue to impact your credit rating.
June 24th, 2010 at 7:46 pm
I wish I had better news. But in order to convey your home to a new buyer there has to be “clear and warrantable title” which means all judgments and liens will have to paid off at time of closing it will deducted from your proceeds and satisfied. Sorry
June 28th, 2010 at 1:25 am
You cannot sell it with the lien. You have to be able to convey clear title to the new owners, and that isn’t going to happen with the lien. Have your Realtor call the credit card company and negotiate a settlement as part of the sale. Then when the closing takes place, the title company will clear the lien as part of the closing.