Legal Question in Credit and Debt Law in Missouri

WE are seventy yrs old have two different property with different contract.

Also we own some property with a doublewide needs a lot of work no lein on it.

Having problem making payments on others, can our creditors take our lein free home?

[email protected]

Asked on 7/20/10, 9:47 pm

1 Answer from Attorneys

Anthony Smith LawSmith

It appears that you own three parcels of land, one of which you live on. If you live on A, but cannot keep up payment on B, then the creditor for B can foreclsoe on that property. If they sue you for the deficiency (differnece betwen what you owed, and what B sold for) then they may have lien against properties A & C. They can foreclose on C. They may not be able to foreclose on A, as that is your hometead, and you are entitled to exempt some of the equity.

Good luck

Read more
Answered on 7/23/10, 12:33 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Missouri