Legal Question in Credit and Debt Law in South Carolina
Can my home be taken by a creditor?
1.5 years ago, personal friend loaned me $13,000. no promisory note was signed everything was just verbal. No collateral either. I was to pay him back as quickly as I could. A month afterwards, he wants me to sign a promisory note and asked if I would create it on my PC. I agreed-it was only fair. We agreed on $300 a month or the equiv. of $1500/6 months. At that time, I had a good job so, However, illness struct and the company I was working for closed down which left me out of work and not yet recovered from the illness. Been employed since November, but at less than half the salary I was earning. So, it is very difficult/impossible to pay the $300 a month or $1500/6 months. I am now behind and he is telling me that he will file legal action to take my home from me in payment for the debt. I own my home along with 2 other family members. Can he do what he is threatening? If so, is there anything I can do to stop. Debt consolidation loan is out - my current salary does not support a $50K loan. I am also finding it very difficult to find an attorney that I can afford to hire either. $1000 retainer upfront is much more than I can put together right now. Any assistance is greatly appreciated.
1 Answer from Attorneys
Re: Can my home be taken by a creditor?
If he files suit against you and at the time the court awards him a judgment, then the judgment will attach to any real estate that you have in the county where the judgment is rendered. If he turns the judgment over to the sheriff for execution, your home could be sold. You have homestead exemption in your home up to a certain amount. These days, people don't have much equity in their homes, so a judgment against you may be only worth the paper it is written on.
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