Posted on: 18th Feb, 2010 03:36 pm
Hi,
I have two loans on my home. I owe about 195k on my first and I am paying it. My second is for about 155k and I am not paying for it for about one year and three month already. My house is worth about $230k. I got a letter from the second saying that they will sue-on-note. I hired an attorney and applied for a modification. They declined saying that I don't have enough income. They placed a judgment through the court and judgment was granted. Nothing is happening. I still live in the home and pay my first. I don't have a foreclosure scheduled. Does anybody know how they will try to collect on the judgment, or they just going to keep my house hostage? Appreciate any help.
I have two loans on my home. I owe about 195k on my first and I am paying it. My second is for about 155k and I am not paying for it for about one year and three month already. My house is worth about $230k. I got a letter from the second saying that they will sue-on-note. I hired an attorney and applied for a modification. They declined saying that I don't have enough income. They placed a judgment through the court and judgment was granted. Nothing is happening. I still live in the home and pay my first. I don't have a foreclosure scheduled. Does anybody know how they will try to collect on the judgment, or they just going to keep my house hostage? Appreciate any help.
Hi Julka,
Since your second lender has obtained a judgment against you, he can garnish your wages. The lender can also come after your personal assets like your bank accounts, etc. He may also consider putting a lien on your other properties. You can contact your second lender and try to work out some sort of repayment plan which you can afford. Otherwise, your lender can come after your wages, your personal accounts, etc. to recover the outstanding balance on the loan.
Since your second lender has obtained a judgment against you, he can garnish your wages. The lender can also come after your personal assets like your bank accounts, etc. He may also consider putting a lien on your other properties. You can contact your second lender and try to work out some sort of repayment plan which you can afford. Otherwise, your lender can come after your wages, your personal accounts, etc. to recover the outstanding balance on the loan.