Post-Foreclosure Hell: Garnished Wages, Seized Assets, Deficiency Judgments

Americans face post-foreclosure hell as wages garnished, assets seized. Consumer advocates counter that deficiency judgments blast those who have just recovered from financial collapse back into debt – and that the banks bear culpability because they made the unsustainable loans in the.

The ghost was in the form of deficiency judgments, a legal demand that. the boom and the value of the property at the time of the foreclosure. The collectors came armed with a Florida statute that allows garnishment of debtors' wages.. O 'Neal in 2014 in Lee Circuit Court, four years after the foreclosure.

Using a legal tool known as a "deficiency judgement," lenders can ensure that borrowers. the debt collector that filed the suit can freeze her bank account, garnish up to 25 percent of her wages,

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Americans face post-foreclosure hell as wages garnished, assets seized. garnishing their wages and seizing their assets.. Using a legal tool known as a "deficiency judgment," lenders can.

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Skip to comments. Americans face post-foreclosure hell as wages garnished, assets seized Reuters ^ | tue oct 14, 2014 3:35am EDT | michelle conlin posted on 10/14/2014 10:06:40 AM PDT by Olog-hai. Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them.

The real problem is a judgment debt means they can garnish wages, levy.. After auction you will most likely owe a deficiency balance. I've no assets, equity or income at the moment due to severe illness so I am.. One mortgage officer told us we'd have to wait 3 years after a foreclosure in order to get a mortgage.

Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets.

Americans Face Post-foreclosure Hell as Wages Garnished, Assets Seized. Tuesday, 14 october 2014 07 :34 AM. Consumer advocates counter that deficiency judgments blast those who have just recovered from financial collapse back into debt – and that the banks bear culpability because they made.

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