So I have this question about debt collections across borders. Can a US lender actually recover unpaid debt from someone living in the UK? I heard it’s possible but super rare, especially for things like mortgage judgments. Seems like it would be expensive and complicated for them to enforce a US judgment over here. Anyone know more about this?
I’ve never heard of it happening tbh. A US lender trying to force bankruptcy on someone in the UK? Sounds unlikely.
Aubrey said:
I’ve never heard of it happening tbh. A US lender trying to force bankruptcy on someone in the UK? Sounds unlikely.
Yeah, apparently it’s super rare. I saw something about ‘involuntary bankruptcy’ but not for this kind of thing.
Aubrey said:
I’ve never heard of it happening tbh. A US lender trying to force bankruptcy on someone in the UK? Sounds unlikely.
Wait, what’s ‘involuntary bankruptcy’?
Aubrey said:
I’ve never heard of it happening tbh. A US lender trying to force bankruptcy on someone in the UK? Sounds unlikely.
Wait, what’s ‘involuntary bankruptcy’?
Basically, creditors can try to force someone into bankruptcy if they owe a lot. But it’s really rare, especially for a mortgage deficiency.
If the property’s been listed for sale and there’s no second mortgage, couldn’t they try a deed-in-lieu of foreclosure instead?
Tatum said:
If the property’s been listed for sale and there’s no second mortgage, couldn’t they try a deed-in-lieu of foreclosure instead?
Yeah, that’s when you just give the property back to the lender instead of going through foreclosure, right?
Tbh, sounds like an aggressive debt collector trying to scare you. They probably don’t wanna actually deal with international enforcement.
Avery said:
Tbh, sounds like an aggressive debt collector trying to scare you. They probably don’t wanna actually deal with international enforcement.
Agreed. I doubt they’d go through the hassle if they think they won’t even get their money back.
I don’t see why a mortgage company would want to push for bankruptcy anyway. That just means they probs won’t get their money, right?
Winslow said:
I don’t see why a mortgage company would want to push for bankruptcy anyway. That just means they probs won’t get their money, right?
Exactly. It wouldn’t make sense unless they were really desperate or misinformed.