Collections Law/forecloser

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Expert: Michael Brotherton - 5/14/2007


Question
I have so many credit card and medical bills that i can not pay them. my wife and i have health problems and are on S.S. just enough to live on,our home is financed and we keep that current. Can these debt collectors force us to sell our home?

Answer
Unless you have substantial equity and a large balance with a creditor it is not likely they would try to foreclose. It costs money to foreclosure and they stand a chance of you filing bankruptcy. They may sue and get a judgment and place a lien against your home but that is as far as it will probably go. They wont throw good money after bad. They may attempt to take your checking or savings account so keep the balance to a minimum. Each state has their own collection laws so they may not be able to collect their money. Your social security is safe.

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Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

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