Friday, December 14, 2007

Bank foreclosing on house. Can they garnish wages

I have a ? a friend of mine at work, is forclosing on her house, she asked me to ask you when this happens can they come after her later for the money? can they garnish her wages? thanks again
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normally a house has equity and the payoff is not that hard to cover
hopefully this is the case here

But the answer would be yes they can come after me for the negative difference between the sale price and the payoff if there is any.

This is why 100% loans are not done much in the house market.
Ask her to decide how much she owes and how much it should sell for.
This should ease here mind

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