I got a call from a collection agency
May 13th, 2015 by Questions
I am a low-income senior (67) living on a CPP / OAS presently disabled from hip surgery. I got a call from a collection agency regarding an outstanding credit card debt from about 6 or 7 years ago. They threatened to place a lien on my home. I own the home with my brother. It is not his principal residence, nor has he anything to do with the outstanding debt. I still have a large mortgage and my equity would be 1/2 the home less mortgage and outstanding property tax. Can they put a lien on 1/2 the home? Or is this just a threat.
I’m also at the point; I can no longer stay in my home because my expenses have increased so much over the past few years. I have to put the house up for sale, but I know you can not sell if you have a lien imposed. I have very little money to offer as a settlement, what should I do? Is bankruptcy my only option?
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May 13, 2015 at 6:18 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
Without the actual amounts it is very difficult to give precise answers. You may want to check on whether the collection agency has obtained a Judgement from the Courts for the debt. If they have not, the debt may be statute barred because of the age of the debt. However, if the debt is not statute barred, the collection agency may wish to pursue the matter through the Courts and obtain a Judgement against you. The Judgment can then be filed against your half of the property. The Judgement does not prevent you from selling the property together with your brother provided that there is sufficient equity in your half to satisfy the Judgement.