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Re: CC debt lawsuit/retain home?


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Posted by Why Chat (209.240.198.61) on September 27, 2003 at 13:11:42:

In Reply to: CC debt lawsuit/retain home? posted by Sinking in MI on September 27, 2003 at 11:34:15:


You say you are "being sued"-- have you been served? Is this a licensed Mich. collection agency? How old is this debt?

If they get a judgment against you there is nothng they can or will do, to try to force a sale of the house is not in the cards, as your homestead exemption would eat up the proceeds of any possible forced sale -minus mortgage minus selling costs.

The judgment would of course have to be paid off if and when you sell the house,provided that your net proceeds are greater than the homestead exemption.

Make sure you show up for the Court hearing and require them to prove they have ALL the proof of the account plus their authority to file the suit, licensing, purchase of the debt etc.


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