What happens after foreclosure if money still owed.?
Please. Wage garnishment is the last step in the process. First the lender will file what is called a deficiency judgment, which will tie up the former owner’s credit. The judgment will show up on any name search made by any serious lender or creditor. The underpaid lender must then decide if it is worth ‘perfecting the lien’–that is, going after the former to get the rest of the money. If possible the current assets will be seized by court order, or the lender may appeal for wage garnishment if there are no liquid assets. If the lender ‘flips’ the property and reclaims the original balance of the loan, he may decide it is not worth the expense to collect from the defaulter. Quicky lenders are more likely to pursue and garnish, since they tend to lend on a shoestring. Check with an asset law firm that does financial evaluations for free. They will know the state’s current laws governing foreclosure. B.
here is a good article about what is the effects of foreclosure t life. http://www.badcreditresources.com/articl… I hope this will be helpful for you.
