Can a bank who owns my real estate condominiums in Florida put a lien on my home in NM if I stop paying my mortgages?

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Can a bank who owns my real estate condominiums in Florida put a lien on my home in NM if I stop paying my mortgages?

I own 2 properties in Fla that I paid $90,000 and they are worth $40,000. Can they garnish my wages here in New Mexico and put a garnish on my wages?

Asked on May 14, 2009 under Real Estate Law, New Mexico

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If you paid $90,000.00 and due to falling real estate prices, they are only worth $40,000.00, how much do you owe? 

If the mortgagee (lender) stops getting payments and you don't wish to salvage/save the home, the lender will foreclose on your homes and sell the properties.  If the bank doesn't get the amount you owe (which will now include atty fees and foreclosure costs) to wipe clean the debt, then, the bank will attempt to seek a deficiency judgment for the amount it is still out.  There are many ways to enforce -- placking a lien on your bank accounts, properties, garnishing wages are among the ways.

Talk to a real estate attorney about this at www.attorneypages.com or if you want to attempt to modify the loan, contact the New Mexico Financial Institutions division about filing a consumer complaint or having the dept start communications between you and your lender about a possible modification.

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

With respect to the bank, they can put a lien on your property, but may not execute on it (i.e. foreclose) until it gets  a judgment against you. If the bank gets a judgment against you, it can also garnish your wages in new mexico if they go through the proper court procedures.  I suggest hiring a lawyer that can find ways to negotiate a deal with the bank if you are behind on payments.  as for your real estate in FL, the bank can domesticate the judge to FL, however, thete may be homestead exemptions that prevent the bank from tagging your condos.  Are all the properties in your name or in a limited liability company?  The bank can only collect against the people/entity that is on the note.


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