Posted on: 06th Oct, 2009 01:08 pm
Hello, been reading up on other's issues here, and wanted to ask some questions of my own.
My wife and I own a mobile home in Long Neck, Delaware. Shortly after we moved in, the community took a nosedive and crime, violence, and vandolism became commonplace. We have a four year old daughter, and was outside playing with her one day, when someone pulled up offering to sell crack to my wife. This, after a neighbors son got beaten getting off the bus (And ended up hospitalized with brain damage) as well as stabbings and shootings, caused my wife and I to flee.
we now own a home in Altoona, Pennsylvania. A real 2 story house, where we actually own the land and the home, in a good quiet community.
However, I am on disability (fixed income), and my wife lost her job and when she got another, took a serious hit to her income. This has caused us to face not being able to afford the payments on the mobile home that we still have up for sale in Long Neck, Delaware (been on sale for 10 months, with not one offer). We owe 35k on the loan, and have been told we would be lucky to even sell it at 28k, with the reputation that the area has now, as well as depreciation on the homes.
The company that we financed through, Tammac, is not willing to work with us on a short-sale amount to try to benefit everyone, and seems like they are trying to force me into foreclosure and an eventual judgment.
My question is this: What exactly can they do with this judgment? Is it very likely that they even WILL take it that far? We financed 40k total 4 years ago. They have made back approximately 28k in payments, but of course as far as the loan itself is concerned, that has been all interest, and almost no principal. Hence why we still owe so much.
Can they garnish my wife's paycheck up here easily? Could they put holds on our bank accounts or do anything to our new house?
I'm really upset that they don't seem to be willing to work anything out. I have heard from a realtor that Tammac filed for bankruptcy, and has 20 reposessions now in that community. At this point, I am wondering if I just let it go since they don't seem to want to work something out, would my foreclosure just get lost in the shuffle and end up written off after the auction?
And is a lawyer to represent in cases of foreclosure expensive? I really have no idea of the legal repercussions. I don't care about the credit hit at this point, I just want out of that house and the financial headaches. Being on disability and having a ton of health issues, I have enough to deal with.
My wife and I own a mobile home in Long Neck, Delaware. Shortly after we moved in, the community took a nosedive and crime, violence, and vandolism became commonplace. We have a four year old daughter, and was outside playing with her one day, when someone pulled up offering to sell crack to my wife. This, after a neighbors son got beaten getting off the bus (And ended up hospitalized with brain damage) as well as stabbings and shootings, caused my wife and I to flee.
we now own a home in Altoona, Pennsylvania. A real 2 story house, where we actually own the land and the home, in a good quiet community.
However, I am on disability (fixed income), and my wife lost her job and when she got another, took a serious hit to her income. This has caused us to face not being able to afford the payments on the mobile home that we still have up for sale in Long Neck, Delaware (been on sale for 10 months, with not one offer). We owe 35k on the loan, and have been told we would be lucky to even sell it at 28k, with the reputation that the area has now, as well as depreciation on the homes.
The company that we financed through, Tammac, is not willing to work with us on a short-sale amount to try to benefit everyone, and seems like they are trying to force me into foreclosure and an eventual judgment.
My question is this: What exactly can they do with this judgment? Is it very likely that they even WILL take it that far? We financed 40k total 4 years ago. They have made back approximately 28k in payments, but of course as far as the loan itself is concerned, that has been all interest, and almost no principal. Hence why we still owe so much.
Can they garnish my wife's paycheck up here easily? Could they put holds on our bank accounts or do anything to our new house?
I'm really upset that they don't seem to be willing to work anything out. I have heard from a realtor that Tammac filed for bankruptcy, and has 20 reposessions now in that community. At this point, I am wondering if I just let it go since they don't seem to want to work something out, would my foreclosure just get lost in the shuffle and end up written off after the auction?
And is a lawyer to represent in cases of foreclosure expensive? I really have no idea of the legal repercussions. I don't care about the credit hit at this point, I just want out of that house and the financial headaches. Being on disability and having a ton of health issues, I have enough to deal with.
Hi Bill_H,
If the lender forecloses the property, then it would badly affect your credit. Your credit score would go down by 250 points. Also, it would remain on your credit report for the next 7 years. The lender can always garnish your wife's salary or your savings account in order to recover the deficient amount resulting from the sale. However, he will have to pass a judgment regarding this. However, as far as your property is concerned, they would be able to place a lien on it but they would have to file a lawsuit in Pennsylvania.
If the lender forecloses the property, then it would badly affect your credit. Your credit score would go down by 250 points. Also, it would remain on your credit report for the next 7 years. The lender can always garnish your wife's salary or your savings account in order to recover the deficient amount resulting from the sale. However, he will have to pass a judgment regarding this. However, as far as your property is concerned, they would be able to place a lien on it but they would have to file a lawsuit in Pennsylvania.