judgement lien and wage garnishment

[johnm]

What is the name of your state? New Mexico

i had an account at a credit union. they now have a lien on my house and a wage garnishment. i have spoke with the attorney of the credit union and asked if the lien could be lifted just long enough for me to refinance my house, so that the wage garnishment does not make me lose my house. the credit union refused to do it.

my question is what can i do, so that i don't lose my house on top of all this?

 

[bigun]

If you're absolutely out of any alternatives you should speak with a bk lawyer. A bk filing either chapter 7 or 13 will halt any garnishment and may well wipe out the judgment.

 

[johnm]

Judgement lien and wage garnishment

Thank you for your reply. If I file bk, what happens to the lien on my house?

 

[bigun]

A bk will wipe out the underlying debt. You and your lawyer will then need to return to the court that issued the judgment and get it vacated. The creditor should then release the lein.

 

[jlc614]

Refinance with Cash-out

Do you have enough equity in your home to refinance with cash-out? Enough cash to pay off the lien from the credit union. Many ELC mortgage companies will still refinance with cash-out if you are using that money to pay off the lien. They would require it and a check would be cut right to the credit union.