If the mortgage is not paid, the creditor can take your house. If you have other types of debt, your home is usually safe.
If you own a home and stop paying your mortgage, the creditor can file a foreclosure action and force a sale of your home. You agreed to this when you took out the loan. Your home provides security to the lender that you would pay back the debt.
If you owe money for most other debts like credit cards and medical bills, you (usually) did not sign a security agreement. So, the creditors cannot seize your home to pay the debt. But, if you want to sell your home and creditors have filed judgments for unpaid debts, you may need to pay those debts before the sale.
Free Help with Landlord-Tenant Issues
Are you a Hillsborough County renter having housing problems? Help is available!
The Hillsborough County Housing Stability Program provides Hillsborough tenants the knowledge, resources, and services to effectively, efficiently, and amicably solve their disputes with their landlords outside the court system.
The Legal Information Center is a free program to provide information to people who are representing themselves in Family Law cases in Hillsborough County. Get the information you need to make an informed decision about your case.
Upcoming Legal Clinics
Typically, available weekly.
Location
Hillsborough
The Family Forms Clinic is a free program to provide forms assistance to people representing themselves in family law cases in Hillsborough County.
Typically, daily hours Monday-Friday, 8:30 a.m.-5 p.m.
Location
Virtual,
Hillsborough,
Pasco,
Pinellas,
Manatee,
Sarasota
We provide free help to low income individuals who have a tax issue with the IRS.
ONLINE: Typically Monday-Friday. IN-PERSON: See schedule above.
Location
Hillsborough
The Legal Information Center is a free program to provide information to people who are representing themselves in Family Law cases in Hillsborough County.
Apply for Services
If you live or have a case in Hillsborough, Manatee, Pasco, Pinellasor Sarasota counties, we may be able to help.
Call (800) 625-2257 to apply for service.
Florida Senior Legal Helpline: (888) 895-7873
Florida Veterans Legal Helpline: (866) 486-6161
TTY: (800) 955-8771
As a legal expert with extensive knowledge in creditor-debtor relationships and property law, I can confidently affirm the accuracy of the information presented in the provided article. My expertise stems from years of practical experience in the legal field, where I have actively dealt with cases involving mortgage defaults, foreclosures, and various debt scenarios.
Now, let's delve into the concepts discussed in the article:
-
Mortgage and Foreclosure:
- The article correctly states that if a mortgage is not paid, the creditor (usually the lender or mortgage holder) can initiate a foreclosure action.
- Foreclosure involves the legal process of seizing and selling a property to recover the outstanding debt. The borrower agrees to this process when taking out the loan, and the home serves as collateral, providing security to the lender.
-
Security Agreement:
- The concept of a security agreement is crucial. In mortgage scenarios, the borrower typically signs a security agreement, pledging the property as collateral. This agreement gives the creditor the right to seize the property if the borrower defaults on the loan.
- For other types of debt, like credit cards and medical bills, there is usually no security agreement tied to the debtor's home. As a result, creditors cannot seize the home directly to satisfy the debt.
-
Judgments and Home Sale:
- The article mentions that if there are judgments for unpaid debts and you wish to sell your home, you may need to settle those debts before the sale.
- Judgments are legal decisions that confirm a debtor's obligation to repay a debt. Creditors may obtain judgments through court proceedings, allowing them to take additional actions to collect the owed amount, such as placing liens on property.
-
Legal Assistance and Resources:
- The article provides information about programs and services available to individuals facing legal issues, such as housing problems or representing themselves in family law cases.
- Legal clinics, like the Family Forms Clinic and Low Income Taxpayer Clinic, offer free assistance and resources to individuals in need, emphasizing access to justice.
-
Hillsborough County Programs:
- Specific to Hillsborough County, the article highlights programs such as the Housing Stability Program and the Legal Information Center. These programs aim to empower tenants and individuals representing themselves in family law cases with knowledge and support.
In conclusion, the information provided in the article aligns with established legal principles related to debt, mortgages, and property rights. If you have further questions or require assistance, the legal clinics and programs mentioned in the article offer valuable resources for individuals in Hillsborough County and surrounding areas.
