foreclosure

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

foreclosure

if my mortgage company forecloses a mobile home loan and reposes it
can they sue me for the balance of the loan or can they garnish my
employment wages?

Asked on May 19, 2017 under Real Estate Law, Tennessee

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Yes, if the foreclose and  the home brings in at the foreclosure sale or auction less than the remaining principal balance of the loan, the lender can sue you for the "deficiency," or shortfall. If they do and you do not pay the amount of  the judgment they get in court, they can then get a court order to garnish your wages. Whether you lived in the home or not is irrelevant: all that matters is that you were obligated under the loan.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption