Home sold off for $20,000 after credit card debt

By | May 12, 2009

http://agentwill.com/wp-content/uploads/2008/07/home-debt.jpgA BRISBANE couple lost their $315,000 home over a credit card debt of $8000, only finding out after the home was sold for $20,000 at a bailiff’s auction.

The first they knew about it was when the new owner, who had to pay the couple’s outstanding $220,000 mortgage, phoned them and said: “Get out.”

Legal Aid Queensland lawyer Catherine Uhr said the couple were not given notice of the auction in January.

“All this married couple got back from the $20,000 that was paid for their house was a cheque for less than $5000, because of costs,” said Ms Uhr, of the Consumer Protection Unit.

Legal Aid Queensland says it is just one of several cases of debt collection companies moving to sell Queenslanders’ homes at bailiffs’ auctions to recover credit card debts of less than $10,000.

via Home sold off for $20,000 after credit card debt | The Courier-Mail.

I like this photo. This is how I feel right now. Luckily I don’t have any credit card debt, but I wonder if credit card companies will eat homes for peanuts here in the US.

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