Foreclosure in 85050>Question Details

Jimmy, Other/Just Looking in Phoenix, AZ

o.k. how can I find out if my second mortgage can come after me. I am barely making it here in Az and I can't

Asked by Jimmy, Phoenix, AZ Sat Sep 13, 2008

afford to have a garnishment in my job.Can they garnish me the loss

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Dan Harris’ answer
You should be proactive and get your situation under control. Your lender will work with you to mitigate their loss.

Homeowners can negotiate their own Loan Modification, there is no need to spend thousands of dollars on a third party.

There is a Great Book & CD Kit available to help distressed borrowers through the Loan Modification process. It is a Complete Step-by-Step Guide to the Loan Modification negotiation. The Kit cost less than $100..

It is available at:
0 votes Thank Flag Link Sat Oct 4, 2008

Your first step should be to talk with both lien holders, the first and the second. If the borrower have a real hardship and can prove it the banks can try to work something out with you or give you a short sale approval. Only you can know which one is the best option.

Whatever you do keep in communication with the bank. Thru a short sale both banks will settle the debt for less money. Since it is a settlement the impact on your credit will be less than if they have to foreclose the property.

Good luck!
0 votes Thank Flag Link Mon Sep 15, 2008
they can definately come after you but they just cant garner your wages, they will have totak you to court for tha, if you cant make your payments you best bet is to call them and make an attempt to work something out, they may be able to rewrite the loan or checghe your interest rate or do something to help, it is worth a try and ius better than waiting and looking over your shoulder. good luck jimmy
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0 votes Thank Flag Link Mon Sep 15, 2008
Hi Jimmy,

Struggling to make payments is a very common problem for many homeowners in the Phoenix area and around the country. There is a process that lenders follow if you do not make your payment. Nothing is set in stone, but typically after missing 3 months of payments the lender will file a Notice of Default. The Notice of Default starts the foreclosure process.

I have never heard of a lender garnishing someones wages, but that does not mean it never happens. You would be best served to contact an atty if this is of a concern to you.

If would like to stop a foreclosure you may want to consider a Short Sale. Much easier on your credit and would allow you to buy a home again in the next 2 years. Drop me a note and I will send you a Free copy of my book "Should I Short Sale My Home?"

Best Wishes,

John Sellers
0 votes Thank Flag Link Mon Sep 15, 2008
Hi there, Jimmy! They can certainly come after you if you stop paying your second mortgage. The smart thing to do would be to work with a realtor to determine how much your home is truly worthe in this market. Then you would contact the lender for your second mortgage and see if you can work something out with them. It is possible that you could reach an agreement to put your home on the market as a short sale. This is much better on your credit than an actual foreclosure.
0 votes Thank Flag Link Sat Sep 13, 2008
The sad answer is yes.. When you received the loan, they attached a lean to your home. That was the security they had to give you the money. To get a garnishment they will have to take it to court and get an order though. Depending upon how much the loan is for, they may or may not pursue a garnishment.
0 votes Thank Flag Link Sat Sep 13, 2008
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