Posted on: 07th Jan, 2011 02:44 pm
My husband and I are losing our primary residence to foreclosure and my husband has a rental house that is obly in his name that we are trying to short sell because of not being able to make those payments due to renters loss of job.
The second keeps calling and we have explained to them the situation and then they tell us that they can sue for remaining balance. My husband explained
that we are losing our primary residence and we have nothing to offer. They said that they can garnish wages. Is this true? If so, will they go after my wages too or only my husbands? And what if we have property in my name only that was given to me, can they take that since it's not in my husbands name?
Thank you for your time.
Sincerely,
Lindsay
The second keeps calling and we have explained to them the situation and then they tell us that they can sue for remaining balance. My husband explained
that we are losing our primary residence and we have nothing to offer. They said that they can garnish wages. Is this true? If so, will they go after my wages too or only my husbands? And what if we have property in my name only that was given to me, can they take that since it's not in my husbands name?
Thank you for your time.
Sincerely,
Lindsay
After a short sale, you will be liable for paying off the deficient balance to the lender. If the lender does not receive his dues on time, then the lender will have the rights to garnish your savings account or your wages.