Dealing with Debt

questions & answers

Question: IF I CAN'T PAY MY CREDIT CARD DEBTS. AND MY HOUSE IS ON A REVERSE MORG. WITH NO FUNDS LEFT. CAN THEY TAKE MY HOUSE?

Answer: I assume that by "they" you mean the credit card company. If that is the case, the answer is no - the credit card company cannot take your house. A credit card is an unsecured debt, meaning that you didn't have to put up any collateral (like your house) to be given the line of credit that you have on the credit card. Instead, the credit card company will sue you for the debt, get a judgment against you, and then attempt to collect on that judgment either by garnishing your wages or garnishing your bank account(s), or both.

QUESTIONS

  • IF I CAN'T PAY MY CREDIT CARD DEBTS. AND MY HOUSE IS ON A REVERSE MORG. WITH NO FUNDS LEFT. CAN THEY TAKE MY HOUSE?

STORIES

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