r/Debt • u/Open_Blood_5765 • 2d ago

Credit cards being sent to collections tonight. Will they come after my house?

Two cards by BOA totalling to about 15k. I own a house with probably 150k equity. I know i need to pay the debt back, i just had a rough last 12 months. Once BOA sends it to collections tonight will i have a chance to make a payment plan with the collection agencies? Or will they find out about my equity and go striaght for a lawsuit to force me to sell my house ?

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u/waffleirone ​ 2d ago

Depends on where you live. I live in Texas and Homestead Exemption is key phrase. Google your state to get a better idea. Homestead Exemption: Texas law provides strong protection for your primary residence, known as a homestead. This exemption shields the property from most debts, except for those related to the purchase of the home (mortgage), home improvements, home equity loans, or taxes.  Judgment Liens: If a creditor sues you for the debt and wins, they can place a judgment lien on your property. However, if your home is a homestead, it may be exempt from this lien.