wolfthing2000
Member
What is the name of your state (only U.S. law)?
I am having difficulty paying mortgages on a lot loan to a bank. There is a first and a second mortgage. The property is for sale. The bank tells me that if foreclosed on they will auction and then go after me by garnishment for the deficiency if any.
I have exhausted all options of a refinance to reduce payments. They won't do a thing for me because it is bare land.They are even suggesting trying another bank to get a loan to pay this one off. They had no problem loaning on it 6 years ago however.
I have offered to keep up the interest payments until property sells and they said no to that idea as well.
What can or will they attatch , garnish etc. if this goes to foreclosure? They aren't even returning calls at this point. I have been dealing with them daily for 2 weeks straight. Now that it comes down to me not able to comply with their position of pay payments in full or we foreclose they are not replying.
How does a short sale work?
I am having difficulty paying mortgages on a lot loan to a bank. There is a first and a second mortgage. The property is for sale. The bank tells me that if foreclosed on they will auction and then go after me by garnishment for the deficiency if any.
I have exhausted all options of a refinance to reduce payments. They won't do a thing for me because it is bare land.They are even suggesting trying another bank to get a loan to pay this one off. They had no problem loaning on it 6 years ago however.
I have offered to keep up the interest payments until property sells and they said no to that idea as well.
What can or will they attatch , garnish etc. if this goes to foreclosure? They aren't even returning calls at this point. I have been dealing with them daily for 2 weeks straight. Now that it comes down to me not able to comply with their position of pay payments in full or we foreclose they are not replying.
How does a short sale work?