Foreclosure

[kless]

What legal action can a lender take against me if I foreclose on my property?

 

[kless]

Can a lender garnish my wages if I foreclose on my property?

 

[Forgiven]

i want to know this as well.... i'm not looking for an easy way out BUT my wife asked for a divorce. neither of us can afford the payments on our income and we are trying to sell quick. The wife moved out and i stopped making payments. if its foreclosed on what will the bank likely do? My payoff is $113,200.
I was told they'll likely sell it for 2/3 of what i owe and i get stuck with the remaining amount and that they'll come after me.

Please HELP with some advice!!!!!

 

[jacklogan]

If your divorce will prohibit you or your spouse from staying in the house on one income, then you have to get out. If the current market value is less than the loan amount then the lender may let you sell the property under what is called a 'short sale'. Under this type of sale the lender stops the foreclosure and gives you a short period of time to sell it for the market price and they will forgive the balance of the loan. The lender's foreclosure costs the lender attorney fees, and the cost of maintaining and then selling the property so they like to avoid foreclosure if they can