Legal Question in Credit and Debt Law in Florida
To Whom It May Concern:
Because of the current economy, I�m finding it hard to comply with my finances. I have an auto loan and I may have to turn it over to the finance company. The car owes much more than what it�s worth. My credit will be affected. Can they put a lean on my house?
2 Answers from Attorneys
I am assuming you live in your house. A creditor can put a lien on your house (homestead property), but they cannot make you sell the house to collect on the debt. If and when you sell the house (your home), the lien is enforceable. The lien acts as a cloud on the title so that you cannot convey the property without satisfying the lien.
An auto loan is a secured debt, and the bank may come to repo your car. See Bankrupcy for a way to delay that.
You should see an attorney who practices bankruptcy and foreclosure law to help you.
Regards,
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Thank you!
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