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Send message to mark stacey
Sub: #1 Why not let them have lien against my property
Replied on 02-08-2010, 03:40 AM
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I have defaulted on a business credit card which is personally guaranteed. So, I am very much expecting the creditor to come after me for the amount. However, I am trying to figure out what the worse that can happen regarding this.

My home value has slumped and now worth less than half of its initial value. Even if the lender wins a judgment against me and puts a lien against my property they can't actually get anything out of it. So, I was just wondering if I can let that happen and do nothing about the debt.

By the way, the debt volume is close to $100k.

Any insight would be helpful.

Regards,
Mark

Sub: #2
Replied on 02-09-2010, 08:10 AM
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Mark,

You cannot just do nothing about the debt. There are many other things that could happen before a lein is put on your house. The can first garnish wages or garnish checking accounts. To me the lein would not be a big deal until you want to sell your house.

The debt will never just go away. You should try negotiating with your creditors. Is this debt with 1 company?

Sub: #3
Replied on 02-09-2010, 03:22 PM
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Agreed. BOA settles at 30% on business debt. WF at 50%. Sometimes payment plans are available. Much better than court judgment where they can get the whole thing.




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