Unsecured credit line wants to see my house??

[Overmylimit]

I have a business line with Banco Popular for 50k its about 4 months behind. I get a call a few days back from an auditor that says she want to come take an inventory/assets of the business (can they do that?) but she has my home address. I told her that was my home and she googled it and agreed. She said they shouldn't be looking at my home. So she said she would let them know. She calls back today and says the Bank said that was fine but they still needed to look around the property anyway?? I told her I didn't see why they would need to do that since the line is unsecured, what would that have to do with my home. Unless they are seeking equity which the Mortgage company would have 1st crack at that anyway. She then asked if my Mortgage was with them and I told her no. So she said well are you declining and I said yes....

[AngelinaCatHub]

Good for you on the “yes”. They have no rights to trespass. That is not wise of them to even attempt. I believe it to be a scare tactic. They cannot take your house I don’t know your state, but any state, for unsecured credit cards. UNSECURED means what it says. Tell them next time to kiss your assets. ‘Hub

[BK2008]

It's a business line. It's unsecured. Did you personally guarantee the line??

[Overmylimit]

Yes all lines are guaranteed by me as most with business lines have to give their Social. I still don't see how that would have any bearing on the situation. Thanks Hub, I am in California by the way

[BK2008]

Yes all lines are guaranteed by me as most with business lines have to give their Social. I still don't see how that would have any bearing on the situation. Thanks Hub, I am in California by the way

No bearing, really. Was just trying to figure out what their angle was on wanting to see your home.

[Overmylimit]

Me too especially when they found out it was a residence, strange but I think things are going to get stranger yet.

[BK2008]

The only thing I can thing of, off the top...is if they see your 'assets', maybe they will push for a lawsuit/judgment, to put a lien on the property. I didn't say it was right or legal, just thinking....

[Overmylimit]

Those were my thoughts also. I'm not sure but I am sure they will be back.

[BK2008]

Weird. I had a business line, and the only thing they ever asked me to do was give them updated financials from time to time. Never to see the assets. Of course, the asset was an 18 wheeler with a 53' trailer. More than happy to back that up in their offices, with or without trailer,loaded or unloaded, their choice.

Of course, if they wanted to see my house, as long as they are coming with a mop, broom, vacuum and a nanny or two....might as well take advantage of the situation. Just kidding

[Overmylimit]

I felt like telling them that I was upside down about 300k on my mortgage they were welcome to have the house as long as they paid it off!

[JRScott]

Most likely they were trying to assess whether to file suit for judgment and garnishment. By not cooperating (which is good) then they'll have to go through the courts, which means you'll probably be filed long before they can do anything .

[philslyn]

What the! Well dont worry they cant take that away from you.
Besides they better hurry up before ur 60 days coz they thats their time limit if they go over that then they cant do nothing. never heard that. it goes to lien when u have more than 1. but they cant take ur house have u sell that to pay them now way jose'