Credit Card Liens - Foreclose?
I have an owner in NY who has a credit card lien on his property and both his personal and checking accounts frozen.
He has no cash and is concerned that the credit card company will foreclose on his property. Can they?
Does bankruptcy help when judgements have been posted?
Any help would be greatly appreciated.
Thanks much!!!
We as real estate investors like to find problems to solve so congrats on finding a huge mess! I'm not so sure what exactly you can do though. I'm not an attorney (and this should be your first phone call) but as far as I am aware there is no way to get a bank account frozen through the civil court.
My guess is that the IRS or some other governement body is investigating fraud and froze the accounts. I would be very careful getting involved.
Thanks Frogger...he is actually a friend of mine and client. I'm not getting involved in his property/frozen account status, but thought I would put it out there to see if anyone had any suggestions. My first response to him was an attorney, but he has no money.
The circle continues...
Thanks again!
Cree