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Facing Foreclosure |
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i bought a home with a very bad loan, i can no longer afford this home, nor can i sell it to break even, i have pmi insurance for 25%. i understand that covers the loan holders loss to that percent, if the company reposses this home, and loses more than the pmi covers can they attach my wages, for the difference? thank you |
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California has a special law about that. If a foreclosure sale doesn't bring enough to clear the debt and the legal costs, the lender can usually seek a deficiency judgment against the borrower, which could indeed be placed against your wages. But there's an exception, and they can't get the judgment if the place is your main residence and the loan is still the one you used to buy the house in the first place (not a refinance.) |
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Edith
Originally published on September 21, 2007 |
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