Posted on: 27th Jun, 2009 10:51 pm
my spouse and i just did a voluntary repo on our mobile home...first i contacted the morgage company and told them we could no longer keep our mobile home, our home is on our son's property and we were told our kids were getting a divorce, therefore we had to leave...we were told the morgage company would refinance with a land package if we could find something with utilities...ouronly source of income is #ss which is social insecurity to us! and refinancing would only make the payments higher and we could not afford the higher payments. we have our ss as a direct deposit can the morgage company get into our bank account and take away our only means of financial support?
Hi
If your name is on the loan and there is any deficiency due to the foreclosure, the lender can come after you and can get a judgment against you for non-payment. But they will not be able to take your social security income. It's immune from such deficiency judgments and hence, cannot be taken away by your lender.
If your name is on the loan and there is any deficiency due to the foreclosure, the lender can come after you and can get a judgment against you for non-payment. But they will not be able to take your social security income. It's immune from such deficiency judgments and hence, cannot be taken away by your lender.
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