I received a judgment against me. On the judgment it states that my home will be levy. The debt was from a credit card. I live in the state of Massachusetts. Can a non secure credit card debt collector repossess my home?
The legal definition of Levy is:
“To take or seize property in execution of a judgment” as in “The judgment creditor may levy on the debtor’s assets.”
Assuming you have a mortgage, the bank actually owns your home therefore, the collector would have to force foreclosure proceedings and hope that after the bank loan and all taxes have been satisfied, there is enough equity left in the home to pay off your debt.
In most cases, judgments allow the collector (judgment creditor) to place liens on homes which remain generally until the home is sold. However, each state has it’s own rules about foreclosures, liens, and levys.
I suggest you verify the judgment and what exactly it allows collectors to do! Don’t take any chances; contact an attorney well versed in these types of matters!