Sears Secured Interest Credit Card - State of Nevada
Date: Sun, 10/30/2011 - 11:13
Contracted to put new roof on home 10/08/2011- $30,000.00.
On 10/14/2011 - after fourteen years with the same company - I and other older employees were laid off.
I own my home. I am not delinquent on any account. Total credit card debt (2- credit cards unsecured BofA) $4500.00 and $6500.00.
The other Credit Card Debt is backed by CITI. and has a secured interest clause for $30,000.00.
My Wife and I receive social security, and I draw $221.00 per week unemployment which ends April 2011.
Without income from my previous job - my accounts go into negative cash flow. I have no savings and no realistic way to make the CITI payment.
Question: Can a secured debt credit card foreclose and take my home, or force me to sell my home?
I live in Douglas County, Nevada.
On 10/14/2011 - after fourteen years with the same company - I and other older employees were laid off.
I own my home. I am not delinquent on any account. Total credit card debt (2- credit cards unsecured BofA) $4500.00 and $6500.00.
The other Credit Card Debt is backed by CITI. and has a secured interest clause for $30,000.00.
My Wife and I receive social security, and I draw $221.00 per week unemployment which ends April 2011.
Without income from my previous job - my accounts go into negative cash flow. I have no savings and no realistic way to make the CITI payment.
Question: Can a secured debt credit card foreclose and take my home, or force me to sell my home?
I live in Douglas County, Nevada.
Have you pledged your home as the collateral against the credit
Have you pledged your home as the collateral against the credit card? If yes, then the creditor may foreclose your home in the event of default. The creditor will wait for a few days. However, if you miss payments for several months, then the creditor may decide to seize your home.