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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Is true that if you go bank rupt that the bill collectors can still take your houses from you and leave us ? |
homeless. Heres the situation my mom had some surgery about 8 months ago and she can't work and we been helping out with the bills but we can't do that any more we're falling behind . She's stressing and that ain't good if she's tryin to recover could they still take the house away ? Thanks No, if you file for bankrupcy...that is the PURPOSE of filing the bankruptcy, is to protect your assets. I would recommend consulting with a bankruptcy attorney so they can fully explain to you the impact of filing for Chapter 7 or 13. Another option, is if your mother cannot pay her bills, people don't realize that they can apply for Medicaid assistance, to help with major medical in situations such as your mother's. You can contact the Department of Social Services to speak with a case worker who can further advise your mother. I would also be communicating with the hospital, because many of them "charge-off" large bills from people that have zero sources of income and they take it off their taxes as a charitable contribution. PS: In the 18 years that I have been working in Real Estate and/or underwriting loans...I have NEVER seen a medical lien on a title for a home, and I used to underwrite exclusively subprime loans....these were people with the worst of the worst credit. Everyone that I have ever talked to has "heard" someone that lost a home to medical liens, but it's VERY interesting how when you go digging, you can't find any evidence of it. It's one of those real estate urban myths, and VERY bad PR for a hospital...it would be all over the news if they actually did it to someone. Source(s): see profile...I never sell anything online. yes that is totally correct, since you have nt paid they will try to take your house, and if they cant do it they will at least put you in jail Generally speaking, as long as you are making your mortgage payments on time, and are current on all property taxes they cannot take your house. However, this will in part depend on the state that you live in. http://www.legalhelpers.com/blog/2006/03... is a good source to start reading. You should get in contact with a bankruptcy lawyer. Its true unfortunately. They take the house, sell it, to repay the debts. Before this happens start talking to the creditor. Let them know the situation and ask for options. Some creditors can stop the repayment cycle and have interest only repayments until everything improves. My profile under debt has more information. |
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