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Can the mortgage company garnish my wages if we foreclose on our FL home?
FL home $ 200,000 upside down due to market changes. We need to move out of state for family reasons. We both have good paying jobs, but can’t manage a mortgage and another residence outside of the state. Only option we see is to walk away from this home…
...asked on March 6th, 2012 @ 10:25 pm in Loan - Home
If the mortgage company decides to pursue the foreclosure that far, they can eventually ask for and possibly receive a garnishment order against you for any unpaid balance. The process would be: foreclosure; sale of home; calculation of any amount owed; attempt to collect the amount owed; file for judgment; attempt to work out payments or debt settlement; file for/possibly receive order of garnishment.
...answered by Steve D on March 6, 2012 @ 10:55 pm
You will not be required to pay anything to your lender if the lender complete the foreclosure procedure using the non-judicial foreclosure procedure.
Under this procedure normally the lender has the right to sell the property after completing the foreclosure procedure. The lender, under this procedure can not normally sue for a judgment after the sale. You do not have the right to reclaim the house under any circumstance.
If you are not required to go to court and has not received documents from a court stating that you must appear. This is probably the procedure being used by your lender.
Most lenders use this procedure.
If the lender use the judicial foreclosure procedure they are allowed by law to file a judgment against you.
Most lenders, though the law allow them to file for a judgment do not do so. they would just rather sell the property, write any loss off and move on without other legal problems that might cost them money and then would have to collect on the judgment if they won.
On the other hand the law also allow you the right to reclaim your house after the foreclosure procedure has been completed normally up to a year.
If you received a document stating that you have to appear in court and a date for you appearance has been set, your lender is probably using this procedure.
This method of foreclosure is used by a few lenders where both procedures are allowed.
I hope this has been of some use to you, good luck
...answered by loanmasterone on March 6, 2012 @ 11:43 pm
I would think that can happen once sold and a judgment is rendered
...answered by golferwhoworks on March 7, 2012 @ 12:04 am
Yes, they can, unless you are moving to Texas, TX will only allow them to garnish your tax returns. If you move to Tx they will just have to keep the collection agencies hounding you to return the money.
...answered by Landlord on March 7, 2012 @ 12:35 am