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Company Loan Type APR Est. Pmt.

"Judgement" - IRA - 2nd Mortgage - California

Posted on: 19th Aug, 2009 04:03 pm
So far upside down and unemployed. I'm current on my first, but my second is 64 days behind or somthing. Today I was told a "Judgement" maybe placed against me. Scary word for me.

Anyway, I assume they will not forclose since my place is upside down 50-75k from even my first mortgage and that's when I think I heard the word "Judgement". Can they sue me for my IRA? I assume Judgement means taking me to court?

hi mglmstr!

welcome to forums!

did the second lender tell you about the "judgment"? in my opinion, as you are late on your second mortgage dues, the lender might have decided to charge off the loan. thus, a collection agency can collect the dues from you. in my opinion, you should call your second lender and ask him to clarify as to what they are planning to do with your loan. you can try and negotiate for a payment plan in order to clear off the dues.

feel free to ask if you've further queries.

Posted on: 19th Aug, 2009 07:49 pm
Thanks. Yes, my plan is to do some kind of payment plan to write off the loan. Borrow money from parents, etc. I hate being in this spot and if I have another question I'll be sure to ask.

Can they go after my IRA?
Posted on: 19th Aug, 2009 08:19 pm
Hi Guest!

Welcome back to forums!

As far as your retirement accounts are concerned, the lender will not be able to garnish it. However, in case of a default, the lender may garnish your wages or your savings account.

Feel free to ask if you've further queries.

Posted on: 19th Aug, 2009 11:36 pm
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