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loan default

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A

alfredo cerda

Guest
What is the name of your state? Texas
I have recently become unemployed and might have to default on a loan from Benneficial Bank for about $13.000. The loan was unsecured. My home is paid for and is my only residence. Can the bank try to go after it.

Alfredo
 


Ladynred

Senior Member
If you default, for that amount, it is VERY likely you will be sued. Once they have a judgment they can put a lien on your property, garnish bank accounts, and grab for any other sources of money for a long time. Since TX has very generous homestead exemptions against judgment, they can't 'take' your home, they'll just find a way to take all your money.

I'm sure Halket can fill in all the gorey little TX details about judgments :D
 
S

seschette

Guest
I would contact the lender before the account becomes delinquent. Most finance companies will negoiate and let you make a partial payment or interest and late fee payments. If you keep in contact with them while you are looking for another job, they will more than likely sit back and collect your late fees rather than sue you for your house right away. You should have at least 60 days to find a job before they take legal action. It will be reported to your bureau as late.
 

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