Comments on: Banks seize homes over credit card debt http://masteryourcard.com/blog/2008/10/29/banks-seize-homes-over-credit-card-debt/ The best Credit Card Debt Blog online Wed, 02 May 2012 03:22:04 +0000 hourly 1 http://wordpress.org/?v= By: MoneyGrubbingLawyer http://masteryourcard.com/blog/2008/10/29/banks-seize-homes-over-credit-card-debt/comment-page-1/#comment-8184 MoneyGrubbingLawyer Thu, 30 Oct 2008 14:27:04 +0000 http://masteryourcard.com/blog/?p=372#comment-8184 Interesting article, Jonathan, but I don't see this as anything new or particularly troubling. It's not really a loophole, and it doesn't change the nature of secured debt. As I understand it, a creditor can usually only get a charging order after judgment has been obtained. The people being hit with charging orders aren't just people with credit card balances, they've defaulted and had a judgment entered against them. Keep in mind as well that a charging order doesn't necessarily mean that a house will be sold, it just means that the creditor has that remedy available. The banks are just looking out for their interests and making sure they can get at least a portion of what they're owed. That's not theft- it's business. Interesting article, Jonathan, but I don’t see this as anything new or particularly troubling. It’s not really a loophole, and it doesn’t change the nature of secured debt. As I understand it, a creditor can usually only get a charging order after judgment has been obtained. The people being hit with charging orders aren’t just people with credit card balances, they’ve defaulted and had a judgment entered against them. Keep in mind as well that a charging order doesn’t necessarily mean that a house will be sold, it just means that the creditor has that remedy available.

The banks are just looking out for their interests and making sure they can get at least a portion of what they’re owed. That’s not theft- it’s business.

]]> By: Jonathan http://masteryourcard.com/blog/2008/10/29/banks-seize-homes-over-credit-card-debt/comment-page-1/#comment-8182 Jonathan Thu, 30 Oct 2008 12:15:46 +0000 http://masteryourcard.com/blog/?p=372#comment-8182 Jesse - you're not kidding! I wouldn't put it past the banks to try it, either. Barry - they are, and with good reason: they made a bunch of stupid loans in the first place and are now trying to make the rest of us foot the bill. Jesse – you’re not kidding! I wouldn’t put it past the banks to try it, either.

Barry – they are, and with good reason: they made a bunch of stupid loans in the first place and are now trying to make the rest of us foot the bill.

]]> By: Barry http://masteryourcard.com/blog/2008/10/29/banks-seize-homes-over-credit-card-debt/comment-page-1/#comment-8180 Barry Thu, 30 Oct 2008 12:00:15 +0000 http://masteryourcard.com/blog/?p=372#comment-8180 Wow, The banks are getting pretty nervous about recovering as much money as possible these days. Wow,

The banks are getting pretty nervous about recovering as much money as possible these days.

]]> By: Jesse W. http://masteryourcard.com/blog/2008/10/29/banks-seize-homes-over-credit-card-debt/comment-page-1/#comment-8167 Jesse W. Thu, 30 Oct 2008 04:26:20 +0000 http://masteryourcard.com/blog/?p=372#comment-8167 WOW, that is some scary stuff; this that MANY Americans do not want to hear. Jesse W. http://www.subprimeblogger.com WOW, that is some scary stuff; this that MANY Americans do not want to hear.

Jesse W.
http://www.subprimeblogger.com

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