Hello, My husband and I are heavily in CC debt. I

Hello,
My husband and I are heavily in CC debt. I would like to follow the debt settlement route on my own with our various accounts. Of course, I would like to protect our assets as much as possible. Presently, we have two mortgages on separate proprieties that we are current on. The first is with our primary residence, -the is in both our names. The second is a vacation property in both mine and my mother's names (my husband,s name is not on the deed). My husband and mortgaged the vacation property to finance the down payment on our primary home. The possibility of selling the vacation property to reap a profit to settle our CC debt in this economy, is nil. My question is how can I protect this 2nd home from the Credit card people. Can they force us to sell the property or seize it even though it is jointly owned with another party? Should I just transfer the property wholly in my mom's name? he house in in Maine where I live and my mom lives in Massachusetts.
Thanks so much for your Help!

2 Answers

The credit card companies won't be able to seize the property unless they win judgment against you. Credit cards are unsecured debt. They can't seize or sell it all of a sudden. They will have to sue you and secure judgment against you. You may go for the debt settlement route for paying off your debts. Check out the url to know about the steps to settle debt yourself:

http://www.debtconsolidationcare.com/steps.html


You will have to negotiate with your credit card compnies in order to settle the debts. If they are convinced and ready to settle the debts with you and if you can pay off the debts as per the settlement plan, then they won't come after your second home or ask you to sell it off. Thus, your second home will be safe. However, if you wish, you can transfer the property to your mother.


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