 |
Foreclosure on One House |
| |
 |
My sister has a house that she wants to move away from, high payment, can't sell the house for value of loan, etc. They are buying another home right now, what happens to them if they do not make payment on 1st house. They don't care if they lose first house but will anything happen with them with 2nd house, wages garnished, etc. |
| |
| |
 |
If a mortgage is foreclosed, and the sale doesn't bring enough to cover the loan, the lender can ask for a "deficiency judgment" for the rest of the money. That judgment could be placed against other real estate your sister owned, and yes, her wages could be garnisheed. I'm not saying it would happen, but it could. |
| |
|
Edith
Originally published on January 23, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
