Posted: Thu Jan 29, 2009 7:09 pm Post subject: My neice own a home in Michigan that is being foreclosed on,
My neice own a home in Michigan that is being foreclosed on, if she walks away what will happen?...My low life sister manipulated my naive niece into taking a mortgage out on her home, after her divorce because her credit was so bad she was unable to secure the loan herself. Now, my sister has walked away, left the country and put this on my 23 year old niece.
The home is in foreclosure, collectors are calling my niece and telling her the bank will accept $8500.00 dollars of the $22,000 that is owed. Unfortunately, my niece does not have this kind of money.
The bill collector is telling her if she does not pay by a certain date, the mortgage company will garnish her paycheck for the full balance.
What happens if my niece walks away. She has since married, and her and her husband have a home which is obviously in his name only. Can the bank put a lien on this home, eventhough it is not in her name.
The home that is being foreclosed on is in Michigan, but she lives in OH.
I'm just trying to help her. She is scared about what is going to happen to her family and their home.
If the property in OH is not in her name, then the lenders will not be able to place a lien on that property. If she does not pay the dues on the mortgage for the property in Michigan, her wages will be garnished and due to a foreclosure, her credit will also be affected as the mortgage is in her name.
hansen Guest
Posted: Fri Jan 30, 2009 5:57 am Post subject: Garnished Wages
The bill collector is telling her that they will garnish X amount of dollars, which is basically her total paycheck every two weeks. Can they do this, or is their a maximum amount/% that can be garnished? I don't know what other options she has, at this point.
As far as I know, if the bill collector can get a judgment against her, then he may be able to garnish her pay check. As the home is in foreclosure, she should speak to the lender and check if she can short sale the property or go for a deed in lieu. In both these processes, the lender will sell off the property to recover the debts. To know more about deed in lieu, check out the given link:
http://www.mortgagefit.com/deed-lieu.html
Thanks
frankie58 Guest
Posted: Sun May 10, 2009 4:01 am Post subject: My neice own a home in Michigan that is being foreclosed on,
hi, is the house worth the 8500.00 find a buyer and sell it for the money
and clear your credit. i have been looking for a home to move to in that area, cause i am disabled and live on a fixed income!
would the house be paid off with this 8500.00????????? email me back at
jenny
