Legal Question in Credit and Debt Law in California

Re: liens, judgements

Whether you speak to them or not, they will pursue their collection remedies at some point. Being honest and open with them is going to get you further in terms of working out some sort of arrangement that will (hopefully) avoid collecitons, but giving how deep your pay cut is, they may not be willing to go far enough. Before they can put a lien on your home, they have to reduce the obligation you owe them to a judgment. That means that they have to file a lawsuit, and obtaina judgement. After doing so, they can levy bank accounts, can attach your wages, and levy on other personal property. Best bet is to keep working with them, and be aggressive - let them know that you may be put in a position of having to take dramatic action to protect yourself if they don't work out a deal.

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