Posted on: 03rd Sep, 2009 11:43 am
I have an FHA mortgage thru the once countrywide. I am going into forclosure. My house is wrth about half what I owe. If i forclose can the lender comeafter my bank accounts, paychecks etc...?
Hi mbowmanresource,
If your property is foreclosed upon, then you would be liable for the deficient amount resulting from the sale. If you are able to pay off the deficient amount, then the lender will not come after your bank accounts, pay checks etc.
However, if you are unable to pay off the deficient mortgage dues, then the lender can garnish your bank account or your pay checks to get back the dues.
If your property is foreclosed upon, then you would be liable for the deficient amount resulting from the sale. If you are able to pay off the deficient amount, then the lender will not come after your bank accounts, pay checks etc.
However, if you are unable to pay off the deficient mortgage dues, then the lender can garnish your bank account or your pay checks to get back the dues.
so people that forclosed on many houses, and will never be able to pay off the debt are they to just wander the streets because no matter how much they make the will never get a retirment of any kind?
In this market situation, it would be difficult for people to improve their situation who have too many foreclosures on their credit report. However, we should be optimistic and hope that things would improve in the near future.