Creditors and Bankruptcy/judgement lien on my home

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Expert: Michael Brotherton - 1/10/2009


Question
Hello,
Today I received  a notice of judgment lien on my home. I was sued over a credit card I had in college back in July of 2006. I made payment arrangements with the lawyer, but I lost my job and haven't made a payment to them since August of 07. So they put a lien on my home for the $1340.79 that I still owe them. Can they take my home? Force me to sell? Put me and my family on the street? What does this mean? Help? What are my options? Can I settle my debt with them for less than I owe or is it too late for that? I was paying them $100 a month.

Answer
It is not likely they will take your home or force the sale. All a judgment lien is is a public record or notice you owe the money and the lien must be taken care of if you sell the home or try to refinance. I have never seen a creditor foreclose for this kind of money so relax, you are safe. However, if you are employed or have bank accounts they may attempt to attach wages or dfrain your bank account. Keep balances low and until you can pay the debt keep a low profile and dont apply for credit or disclose banking or employment info to anyone. Employment and banking info is private and there is no public record for this. It is possibel to find this info from different sources but it isnt easy for them to locate.

When you are able and have resources offer them a settlement for 50 cents on the dollar and see what they say. If they have a judgment they may hold out for more but you cannot pay what you dont have. Dont worry or be intimidated by them when negotiating. Be assertive and make the offer. Hold to your offer as much as you are able and do not agree to anything you cannot do. Sooner or later you will be successful in getting this cleared up.

Good luck.

Creditors and Bankruptcy

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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. We are well versed in Loss Mitigation practices and the legal collection process. We have 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. We actively promote 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

28 years in financial services industry as a loan officer and debt collctor. Developed bankruptcy and loss prevention manual for large finance company for manager training. 15 years as a debt counselor and consumer advocate.

Education/Credentials
Veterans sponsored OJT Manager Candidate Scool for AVCO Financial Services, Keystones to Management for ITT Financial Services, Certified Finance Management for Associates Financial Services.

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