Will my lenders sell my house? How? 10 Answers as of May 25, 2015

I was unable to file for bankruptcy. Now I am worried that my creditors will go after the equity in my house. Will they be able to force a sale of my property?

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The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
They will sue for a judgment and then generally attach a lien to the house. You may want to look into chapter 13 if you have not already.
Answer Applies to: New York
Replied: 5/25/2015
Ronald K. Nims LLC | Ronald K. Nims
Every state has a homestead exemption from collection actions, consult a local attorney about whether the homestead exemption will protect your equity.
Answer Applies to: Ohio
Replied: 5/25/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
You need to protect your home by filing a Declaration of Homestead at the recorders office. They have the forms and it costs about $20 to record.
Answer Applies to: Nevada
Replied: 5/22/2015
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
Your creditors can file collection lawsuits and obtain money judgments against you if you do not pay. Those judgments can then be recorded as liens against your property. It is rare, but not impossible, for a judgment creditor to foreclose on such a lien. More likely, the lien will remain in place and accrue interest until you try to sell or refinance your home, at which point the debt will have to be paid before you have clear title.
Answer Applies to: Colorado
Replied: 5/22/2015
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
I have about thirty minutes worth of questions to ask before I can answer this question. I charge for my consultations. This is no time to skimp! Get the answers you need to make an intelligent decision on how to proceed.
Answer Applies to: Colorado
Replied: 5/21/2015
    Patrick W. Currin, Attorney at Law | Patrick Currin
    If your "lenders" have secured loans with the house as collateral, then yes, they can foreclose on the house, but it is a process and you have 90 days notice after a Notice of Default. If the creditors are unsecured, they cannot force the sale of the home. They must sue you and win a judgment (on the merits or via your default if you do nothing), then record an Abstract in the county of the property. After that, you cannot do anything without satisfying the judgment with any related costs and interest at 10%.
    Answer Applies to: California
    Replied: 5/21/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Not quite enough information. Does your lender have a judgment of foreclosure against the real estate? If so, they can schedule a sheriff sale to take place any time after six months from the date of the judgment, assuming you are still residing in the property. If the lender has no judgment of foreclosure, it cannot (yet) oust you from the property. You don't say why you were unable to file for bankruptcy. Perhaps you should find a skilled bankruptcy lawyer and review the facts with him or her. Perhaps the lawyer will see an opportunity which you or your prior lawyer missed. Good Luck.
    Answer Applies to: Wisconsin
    Replied: 5/21/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    The process for this is different in each state. In California I have never seen a judgement creditor do that. What they actually do is get a judgement and then record an "abstract of judgement". This creates a lien on the house which accrues interest at 10%. You have to pay it when you sell it if you ignore it. Under some circumstances you can avoid these liens in bankruptcy.
    Answer Applies to: California
    Replied: 5/21/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Perhaps, I would need details to know.
    Answer Applies to: Michigan
    Replied: 5/21/2015
    Law Offices of Daniel J Winter
    Law Offices of Daniel J Winter | Daniel J Winter
    You don't give a reason why you couldn't file a bankruptcy. You might be just talking about Chapter 7, liquidation. However, you might have options in Chapter 13. Call an experienced bankruptcy lawyer to discuss all of your options.
    Answer Applies to: Illinois
    Replied: 5/21/2015
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