I have a judgement for $12k from a unsecured creditor from 6/2001. I currently have Ford Credit (via their attorney) trying to sue me for a $10k repo. Does anyone know if a judgement can turn into a lien against my home if I don't pay it?
It really depends on where you live, all states do not have the same laws on repossessions and judgements. If you will tell what state are you in I will help you research these two issues.
I found this information in seconds by going to google.com and searching using these searchterms (exactly as follows with "by state" in quotes and the other words dangling outside the quotation): "by state" lien debt laws I love Google, lol. If you've not given it a try, have at it. Here's a great link that will provide quick reference to credit, debt, and lien-related laws on a state-by-state basis. You'll get your answers quickly here, I'll bet: http://www.lawdog.com/state/laws.htm Finally, the following page provides a quick and easily-read summary regarding liens and debt generally: http://www.llrx.com/guide-gen/2/562.html Hope this is helpful. Doc
Thanks all. I research the info that Pychdoc found and I did find out that there are many companies for hire who will execute a judgement. I read all kind of crap about how they do all this research and find out a persons assests and seize them. I mean this is so depressing. I guess I really don't have a choice but to sell my home. I can't risk them placing a lien on it and snatching all my equity.
you always have a choice. You can negotiate with Ford and try to avoid a jdugment. they do not want a judgment any more than you do. on the unsecured judgment, i would not do anything. you can negotiate that also. they only way they get money from your house is when you sell or refinance you would have to pay them off. they cannot force you to sell your home. Calm down. if you have equity in your home, you have a secret source of cash to tap when your scores are higher.
SLAPP ACROSS THE FACE!!! LOL!! ok, i guess i was freakin out here. you're right, they can't get anything unless i sell the house, that's if they put a lien on it. you know, the issue has not come up at all about a lien, it's just something i've been thinking about in the back of mind. as a matter of fact, the creditor of the judgement that i have now ($12k) has never once contacted me about payment. thanks uniondiva, feel free to give me a swift kick again next time i get to caught up and can't see the forest because the trees are in the way-LOL!!
