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Article: Can a credit card company foreclose on your home?
- Article from:
- Daily Breeze
- Article date:
- May 7, 2007
- Author:
CopyrightCopyright 2007 Daily Breeze. Provided by ProQuest LLC. (Hide copyright information)
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uestion: My sister-in-law has asked us to borrow $5,000 to pay her
credit card bill. She told us that the credit card company won't
accept monthly payments of $100 and are going to foreclose on her
house if she doesn't pay the full amount. This doesn't sound right to
me. Credit card companies are usually willing to make arrangement for
payment. Can such companies foreclose on your home?
-- KATHY
Answer: The simple answer to your question: No. In general, a
credit card company cannot foreclose on a home. If the company is
truly threatening your sister-in-law with foreclosure of her home,
then she should let it know that threatening an action that it is not
seriously going to pursue is not ...