Posted on: 07th Feb, 2011 02:00 pm
IF I WANT TO WALK AWAY FROM MY PROPERTY BECAUSE I HAVE NOT BEEN ABLE TO SELL IT FOR ALMOST A YEAR NOW...CAN THE LENDER GARNISH MY WAGES...DO I HAVE TO PAY CONTY AND OR CITY TAXES...DO I HAVE TO DECLARE A 1099 IF THE BANK 'WRITE OFF' THE DEBT...PLEASE LET ME KNOW
Hi ITRENTO!
Welcome to forums!
Once you walkaway from your property, the lender will foreclose it and after the sale, you'll be liable for paying off the deficient balance resulting from the property sale. If you don't pay off the deficient balance, then the lender can file a lawsuit in order to garnish your wages.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once you walkaway from your property, the lender will foreclose it and after the sale, you'll be liable for paying off the deficient balance resulting from the property sale. If you don't pay off the deficient balance, then the lender can file a lawsuit in order to garnish your wages.
Feel free to ask if you've further queries.
Sussane