QUESTION
Is it likely that property would be foreclosed on after 5 years since newest credit card lien?
Asked on Apr 30th, 2012 on Bankruptcy - Missouri
More details to this question:
Liens are more than property is worth. 7 different credit card liens. Deed was signed over to us by his mother after we paid her mortgage off at the bank in July of 2008. We were told we would have to wait 5 years from date of transfer before his mother could file bankruptcy (if we didn''t want to chance losing it before hand) and the liens could be squelched and then the property would be free and clear. No mortgage on property.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
In my experience, it is unusual for judgment lienholders (such as credit cards) to seek foreclosure against a property, even though they can seek to do so legally.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
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Answered on May 02nd, 2012 at 8:18 PM