Posted on: 28th Jan, 2009 07:36 am
does the fact that your house expenses with mortage payments and taxes and insurance plus HOA fees takes up 45% of your income quailify as a hardship? What if you are foreclosed on and they come after you for a defiency judgement and you dont own any other properties? If they were to garnish your wages how much are they allowed to take? Also, who do I talk to at the bank to try to work something out so we can stay in our home? By the way I live in TX
Thanks for any help you can give......
Thanks for any help you can give......
hi whisperranch
you will have to write a hardship letter to the lender and inform him about your situation. if he is convinced by your letter, then he may offer you a loan modification, short sale or a deed in lieu.
if you cannot pay the deficient amount to the lender and don't even have another property, the lender can garnish your salary. as far as i know, the lender will file a judgment in the court for wage garnishment and the attorney may decide as to how much of your wages will be garnished. you can speak to the loss mitigation department of the lender and see if they can give you any option.
thanks
you will have to write a hardship letter to the lender and inform him about your situation. if he is convinced by your letter, then he may offer you a loan modification, short sale or a deed in lieu.
if you cannot pay the deficient amount to the lender and don't even have another property, the lender can garnish your salary. as far as i know, the lender will file a judgment in the court for wage garnishment and the attorney may decide as to how much of your wages will be garnished. you can speak to the loss mitigation department of the lender and see if they can give you any option.
thanks