What are the implications of unpaid judgments?
Worst case scenario, your wages can be garnished. • How long does the foreclosure process take? Complicated question depending on what you consider the start of the “process” to be. Generally, the Bank will send and NOD (notice of default) to the title company and trustee. From that time it takes between 3-9 months for the house to go up for auction, during which, you can pay the delinquent amount to “cure” the foreclosure proceedings. • Will I still have to pay taxes if I do a short sale? This is a broad question depending on whether we’re talking about property taxes or federal income taxes. You’ll always have to pay extra income tax if the bank sends you a 1099 for the deficiency. SOMEONE will always have to pay property taxes. Whether its you or the lender depends on their policies and the specific agreement you reach while negotiating the short sale. • I made a loan to a person buying a house as a second mortgage. Now that person is going through foreclosure. Do I have any way of
