Posted on: 06th Apr, 2007 06:33 pm
I had a property foreclose. I purchased the property under false pretenses from a realtor friend needless to say we are not friends any more. The first lender forclosed on the property and the 2nd lien just found out about it. I own another house as my primary residence and I am worried that they may try to take this one or place a lien on it. I would like to know what could happen to me or what type of judgments can they take against me? Better yet can they garnish any wages or bank accounts? Or does this just go on my credit?
second mortgage holder can go for deficiency judgment to recover his dues.
" I own another house as my primary residence and I am worried that they may try to take this one or place a lien on it. I would like to know what could happen to me or what type of judgments can they take against me? Better yet can they garnish any wages or bank accounts?"
If they are able to get a deficiency judgment then placing lien on property or wage garnishment can be possible.
If they are able to get a deficiency judgment then placing lien on property or wage garnishment can be possible.
"I had a property foreclose. I purchased the property under false pretenses from a realtor friend needless to say we are not friends any more."
What kind of false pretense Rickey? If you can tell then it will help me and others become more aware of the pitfalls to avoid while looking to buy our homes.
Hope you have no objections to sharing it with us.
Aldrich
What kind of false pretense Rickey? If you can tell then it will help me and others become more aware of the pitfalls to avoid while looking to buy our homes.
Hope you have no objections to sharing it with us.
Aldrich
Hi Rickey,
The second lender can go for a judgment or garnish wages in order to get back the money he has invested in offering you the loan. This is because he will not be able to get anything from the property as the first lender has already foreclosed. He may also place a lien but for that he has to sue you and get a judgment.
I shall suggest that you consult a mortgage attorney in this regard because it is likely that the second lender may approach the court for any legal action.
Thanks,
Sara
The second lender can go for a judgment or garnish wages in order to get back the money he has invested in offering you the loan. This is because he will not be able to get anything from the property as the first lender has already foreclosed. He may also place a lien but for that he has to sue you and get a judgment.
I shall suggest that you consult a mortgage attorney in this regard because it is likely that the second lender may approach the court for any legal action.
Thanks,
Sara