Legal Question in Credit and Debt Law in Georgia

Maybe, but that is a question only the lender can answer.

It may or may not but the question you failed to ask is the important one.

That lien puts your home in danger. It means you already waited far too long to get legal help and lost a law suit. That lien sits on your property and accrues interest. It must be paid before you can sell or refinance. Additionally, the lender can foreclose on the lien and take your home.

The judgment also means the lender can garnish your paycheck and bank account.

You are way overdue to see a lawyer. A lawyer may help you get out of the lien. See one before you lose your home or lose money.

I don't understand the question. Credit cards don't put liens on the property. The only way a a credit card can lien property is if the credit card company or their assignee (a junk debt buyer) sues you and gets a judgment against you.

Was a judgment entered? If so, when?

What was the date of the loan modification? Was it before or after any judgment? Or was the judgment entered and you are only in the process of modifying the loans?

If this was a situation in which you were refinancing your home with a different lender, then a judgment would be a problem. Mortgage lenders like to be in the first priority and they would lose this if a judgment was entered.

However, if there already is a mortgage on the property and then a judgment is entered, the mortgage lender does not really care as they are still in first place should you default on your mortgage.

I would have to see your paperwork but if you are truly only doing a modification and not a new mortgage then nothing should change as you are only changing the terms of the existing mortgage and your mortgage lender is still in first place in terms of priority. However, you should get this clarified with your mortgage lender.

Attorney Ashman is correct. If there is a judgment against you, more important that the lien is the ability of the creditor to garnish your wages if you work for someone else. They can also levy on your bank (meaning seize the funds that are in there) or take any assets that you own free and clear. They are looking for things that are not liened and that can be sold.

How much do you owe on the credit card? It would be better to resolve this debt. Have you tried to settle? I can assist for a reasonable fee if you have the means to resolve the debt. Most creditors, if the debt has gone to judgment, will accept between 50% and 80%, but it depends on the law firm and the creditor and the settlement authority. It also depends on your circumstances.

If you do not have the funds, creditors will accept repayments, usually valued at 1% to 2% of the debt. However, you have to pay on the whole debt. I have done this for clients who did not want to worry about their bank account or wages being garnished. It is better, if you can save up until you have at least 50% of the balance on the judgment and then try to resolve the debt. Before the creditor or their attorney is paid a dime, you need to get the terms of any settlement in writing.

If you wish to discuss your credit card debt in confidence, I give free consults via email and can be contacted at [email protected]. If you would like to resolve the credit card debt and have the funds, I also can do that for a reasonable fee.

If you are behind on your mortgage and have this or other credit card debts, maybe resolution is not right for you. In such case, you may want to consult with a bankruptcy attorney. Many attorneys give free consults and just because you have a consult does not mean that you have to file now. Its just good to be prepared.