Creditors and Bankruptcy/creditors and quit claim

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Expert: Regan Shinski - 12/9/2010


Question
I co-signed for my son to get a loan.  I put my house up for collateral.  Can the creditor come after my home?  Also, can I file  against the creditor to save my home if they come after it?

Answer
Hello Betty:

In most cases they can come after your home.  Typically, they cannot take your home - meaning they can't confiscate it or make you move.  However, they can place a lien on your home in most states.  This is typically done through the court system.  A lawsuit is filed and a judgement is entered against you.  As part of the collection process, they can place a lien on the home if your state law permits it.  Then if you go to sell the home, refinance it, or transfer it, that lien has to be paid or settled.

I'm not exactly sure what you mean about filing against them.  You can file a suit if they break any law including the laws governing the collection and lien process in your state but generally your actions will be predicated on what they do.

Good luck, I hope this helps.
Regan

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Creditors and Bankruptcy

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA - University of Minnesota

Past/Present Clients
(private)

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