Posted on: 26th Jul, 2009 08:46 am
If I just walk away from the our house in Florida, since we are upside down by 140K, can they come after us and garnish our wages? I don't care about my credit rating because we make enough money to not have to resort to credit cards, and we want to move and don't feel like paying into a house that I will never get the money back from.
We are in a position to rent and move around rather than pay on our house when all of the homes around us are foreclosed because the bank decided to give loans to people working minimum wage jobs. So due to the banks lack of foresight we will get penalized and have to pay into something that we will never see a return on for at least 10 years!
Any ideas? I just want to make sure that they can't garnish our wages to pay on this house. Thanks in advance.
We are in a position to rent and move around rather than pay on our house when all of the homes around us are foreclosed because the bank decided to give loans to people working minimum wage jobs. So due to the banks lack of foresight we will get penalized and have to pay into something that we will never see a return on for at least 10 years!
Any ideas? I just want to make sure that they can't garnish our wages to pay on this house. Thanks in advance.
If you are not worrying about the credit score then you can file for bankruptacy so then they will never after you for the payments.garnishement of the wages will be no longer a problem for you.
keep in touch....
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keep in touch....
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I can't file bankruptcy. I've got too much in 401K and everything else. They would take all of that to offset the house. I just want to walk away from the house without them touching my current income or any investments that I currently have. Any thoughts anyone?
does anybody else have any ideas besides filing bankruptcy?
lots of drivel on this forum...
i don't think you really have much to worry about with a garnishment of wages to compensate for a bank's loss on a foreclosure. don't just take my opinion and run with it, though. i suggest you contact your attorney, if you have one, and get a reasonable opinion about this. the odds of getting a straight answer from someone with a legal background are far greater than you run with us on here.
i don't think you really have much to worry about with a garnishment of wages to compensate for a bank's loss on a foreclosure. don't just take my opinion and run with it, though. i suggest you contact your attorney, if you have one, and get a reasonable opinion about this. the odds of getting a straight answer from someone with a legal background are far greater than you run with us on here.
