[splatee]

Hello,

I have a crdeit debt that has gone from a collections agency to an attorney, from what it looks like. I got a letter the other day that says that i have 30 days to notify them in writing of any dispute the amount. The amount is $8,500. My job relocated the department i was in to Texas and my wife had to quit her job to move out here, basically we have dropped down to one income and have two kids with one in school and the other about to start kindergardten. I have informed the collections people and credit card company of the situtation and even tried a debt relief type program but it did not work. I am paying a house mortgage and i am worried that something will happen and i will loose my house, can this happen? I don't know what to do.

Thank you

[ec066096]

I work for a mortgage Co. Amc Mtg Co. and one of my consumer was in the same position we instructed the home owner to speak to the home retention department to report a 3rd prty looking to take legal action this is if you have a mtg on the home they offer some assitance in this department to avoid any leins on the home, This is what would take place if they proceeded with legal action they can take out a lein on the property for the amount owed although Im not familar with your state laws I would contact the mtg co, asked for that department or legal department and see what actions they offer becuz they wouldnt want any 3rd prty having rights to any form of the property until it is paid in full.

[splatee]

Thank you for the help,

I am unfamiliar on what a lien means? Does this put the amount owed onto the mortage amount? Does this cause my monthly house payment to go up or does it just hang over the account and when it comes time to sell the house it is paid? Will i loose my house if there is a lien put on it?

Sorry for all the questions, i am just very worried.

Thank you

[Betty3]

Thank you for the help,

I am unfamiliar on what a lien means? Does this put the amount owed onto the mortage amount? Does this cause my monthly house payment to go up or does it just hang over the account and when it comes time to sell the house it is paid? Will i loose my house if there is a lien put on it?

Sorry for all the questions, i am just very worried.

Thank you

A lien on your home would give the creditor the right to what is owed them if your property is ever sold or you pass away & it becomes part of your estate, etc. However, in Texas they normally cannot take your house/homestead (it's exempt property) & they also normally cannot garnish wages.
If the letter you received indicates you are being sued, you need to submit a reply in the time allowed or they can get a default judgment against you & seize any non-exempt assets you have.