Can They Force Me?

The danger of falling between two collapsing walls was able to mark the lives of the people who are in the struggle to fight against economic crises. Training and retraining programs were being imposed in the pursuit of making something fruitful out of sweat and prayers coursework writing service.

When buying a house or nay properties, financial matters are taken into much consideration. As a buyer, it is your priority to find ways on how to finance your purchase while still deciding as to how much you are wiling to pay for a property. Not going beyond your financial limits is very much important to avoid being burdened by your debts.

If you owe money that you cannot afford to repay, your creditors will normally take a number of actions to try and recover the money you owe. In most cases, the actions of the creditors involve offering you an arrangement in terms of your pay using their internal collections department. If they fail in this initial step, the next thing they would try is employing an external debt collection agency. This collection agency would try to keep in touch with you thru telephone calls and letter to make an arrangement for you to pay.

Court proceedings may then follow if the previous actions taken yield unsuccessful. The intention of this proceeding is to take out a county court judgment against you. This judgment requires you to pay all your debt. However, if you fail to follow this order, then an attachment of earning can be taken against you. When this happens, monthly payments towards the debt are taken form your salary before you even receive them.

If you are a home owner and a county court judgment has been issued on you which you have failed to fulfill, the creditor can then apply to take a charging order against your property.

Unlike the previous order issued by the court, A charging order is a court order which turns the creditor’s unsecured debt such as a personal loan or credit card balance into a debt secured against your property. Now, if this charging order is granted, this is registered against the property. In this case, when the property is sold and once any exceptional mortgage has been paid, the charging order will then be paid just before the home owner receives the any remaining profits from the sale.

One point to consider here is that even with a charging order attached to a property, the creditor has no power to force the home owner to sell his property just to get back what they are owed. Charging order is equitable charge and has no power of sale attached to it. The only thing the creditor could possibly do is to wait or better yet accept token monthly payments which could take years to repay the debt.

An Order for Sale is the only way a creditor can force a home owner to sell the house. But, for the creditor to have this opportunity, he needs to return to the court and apply for it. However, in reality, courts will only grant a very small percentage of applications for Orders of Sale. Because before they decide on issuing this order, they would first evaluate the size of the debt and the property’s value. if the cost of the sale is more than the amount of the debt, or if there are families living in the property, the less likely that the court will give such an order. Of course, where house prices are already depressed, any sale may not even pay of any prior charges such as the mortgage so to grant an order for sale would be pointless.

All in all, a creditor may force you to sell your property, but if he does so, then he will surely gain more years by age due to stress and inadequate rest.

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