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What Happens If A Creditor Puts A Lien On My Home?

Author : Jim Brown

Any bankruptcy attorney in can describe for you the toll debt can take on a family. After all, it's something we help our clients deal with on a daily basis. And with foreclosure rates at an all-time high, saving your family's home has been bumped to the top of the to-do list. But what a lot of people don't realize is that it isn't just foreclosure from a mortgage that can pull the proverbial rug out from under them—what are you supposed to do if someone puts a lien on your home?

This is, undoubtedly, one of the scariest tactics that a creditor can use—after all, having something like your home in danger, which you've worked your whole life to have and keep, is a terrible feeling. At this point, now only will you need help with the original debt, but you might end up facing the need for protection from foreclosure.

If a creditor gets a judgment for a debt, for example, an old credit card bill, they can put a lien on your house. If you decide to contact the collection agency about it, they may not immediately relzie they have a lien. As with a mortgage, the lien-holder can then forclose on your home should they so choose.

Even if the creditor decides they don't want to foreclose at that time, the fact that a lien is in place makes it impossible for you to sell your home (the title company will do a search of public record for any judgments or attachments against the property before closing).

So what do you should residents do when find out you have a lien on your home? There are two primary ways to get rid of it. One must "satisfy the judgment," (which means you have to pay the creditor back in full, plus interest). Of course, you probably would have already done that if you could have.

The other way can be a bit more complicated. There is a part of bankruptcy law which will can allow you to remove a lien from your property. This is a very complicated process sometimes known as "lien-stripping,", it should only be trusted to the most skilled and experienced of bankruptcy attorneys.

Why? Well, you literally have your home at stake. If there happens to be a mistake made in the lien-stripping process, you could not only lose your home, but your bankruptcy case may be dismissed as well, leaving you worse off than when you started.

Don't take that chance. Find out your options, you need to know all the ways you can try and keep your home. Make sure you get the best bankruptcy attorney to handle your case.

Author's Resource Box

James Brown is a personal bankruptcy attorney in St. Louis, Missouri. He has filed over 30,000 bankruptcy cases and published many books and articles. You can request his free Missouri and Illinois bankruptcy guide for the best tips on how to prepare for your bankruptcy and find a great bankruptcy attorney.

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Tags:   bankruptcy in St Louis, St Louis foreclosure rates, lien on home, foreclosure, Missouri and Illinois bankruptcy book

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Submitted : 2011-02-13    Word Count : 1    Times Viewed: 231