Re: Garnishment
Posted by Julio Martinez-Clark on February 24, 2008 at 14:09:02:
In Reply to: Garnishment
Posted by Marilyn on February 23, 2008 at 16:53:36:
Marilyn,
The mortgage company must first foreclose on your home, then if allowed by your state laws, pursue a mortgage deficiency judgment against you if what they get for your home at the public auction is not enough to cover what you owe them.
After the mortgage company gets a deficiency judgment against you (if allowed), then it will try to collect on the judgment by attaching it to your personal, real assets, wages and bank accounts. How they do it and what they are allowed to get from you is based on your state laws.
I hope this helps,
Julio Martinez-Clark
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