Legal Question in Credit and Debt Law in Missouri
My Grandmother & Mother purchased a house together in 2005 under a joint loan. Since then, my Grandmother's alztheimers has sunk in and she some how has racked up $15K in debt. My Mother took my Grandmother off the house title (with her permission.) My Grandmother's menial income does not cover her medication and she missed one credit card minumum by one day and now we're getting harassing phone calls. 'We' as in her relatives who don't live with her. They're very mean calls. My Mother has an attorney who is preparing a case criticizing their actions under the Fair Debt Collection Act.
But my concern is can they take my Mother's house away?
1 Answer from Attorneys
At least the first $8,000 in equity of the home is protected. In reality, small credit card debts rarely, if ever result in a Judgement creditor's foreclosure of a home. In your granmother's case, the credit card company would have to pay off the present loan to get anything out of the house. If she has an attorney prosecuting the FDCPA claim, it is unlikely that this creditor will try to obtain a judgment against your grandmother. Good Luck
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