Will the credit card company force the sale if the mortgage is more than what the home is worth?
So, my credit card company is applying to the courts for sale of my home.
l owe approximately $35,000 for credit card debt.
The home is worth approximately $145,000 but l still owe $175,000 on the mortgage.
Will the credit card company still force the sale if l owe more on the mortgage than what the home is worth? Will l now be in debt to the bank for approximately $30,000 as well as the cc debt?
I can’t believe the Credit Card company will actually follow through on a court application to have the house sold if there is no equity available after paying out the mortgage(s), the property tax and the sales commission.
It is the mortgage holder(s), who will decide on the fate of the home.
You might consider taking the initiative on your debt by seeing a trustee.
There is more information you might find helpful at the following link: