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Expert: Michael Brotherton - 12/15/2007


Question
I lost my job, I am not able to pay my credit cards.Can I lost my primary residet if I can not pay them?

Answer
Although the credit card companies can at some point file suit and obtain judgment against you for non payment it is not likely they will take your home unless you have a large balance and a lot of equity in your home. I would be more concerned about keeping up your house payments than the credit cards. If you miss those payments they can foreclose. The collection process can be contained for a while without serious action against you but you need to communicate with your creditors. Priority, get a job that will help you get back on track then get into a debt management program to stop the collection activity and reduce your debt.

First and foremost, DON'T PANIC or let the bill collectors intimidate and harass you. You do not have to fear them. Read up on your rights and try  to get back to work ASAP.

I wish you well.

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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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