foreclosure

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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 3 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.


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