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 realestate123
Joined: 08 Apr 2009
Posts: 1
1.00 Dollars($)
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 Posted: Wed Apr 08, 2009 4:26 pm Post subject: Complex question on deficiency judgements? Please help |
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Hello,
I am no longer able to make my loan payments due to hardship. I live in Massachusetts. I invested in land in North Carolina. It is my understanding that N.C. is a deficiency state and the bank (BB&T) has told me they will file a deficiency judgement on me which will last 10 years. My question is this: Massachusetts is a non-deficiency state and that is where I live. My investment was in North Carolina which is a deficiency state. Can the bank BB&T in N.C. sue me for my personal assets (I own two homes) in Massachusetts or garnish my wages? Thank-you very much for any help with this. Things have been tough personally and financially. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed Apr 08, 2009 7:34 pm Post subject: |
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Hi billywright,
If your lender in North Carolina decides to come after your property in Massachusetts, he will have to file a lawsuit in the court and get a judgment for that. Most of the times lenders do not file a lawsuit but your lender can definitely garnish your wages or savings account in order to recover the deficient amount.
Thanks |
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candria77
Guest
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| Posted: Wed May 27, 2009 8:10 pm Post subject: Wage Garnishment |
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| It was my understanding that the wages cannot be garnished unless the bank can get a deficiency judgement which in Massachusetts, I do not believe they can. Your best bet would be to hire a lawyer. A few thousand dollars now could save you quite a bit later and buy you some piece of mind. |
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