it's private mortage can this person take me to court to get her money from me I'm disabled and I have a SSi check whichisn't much ,Can my landlady get at my SSI check
2007-07-18 16:56:35 · 10 answers · asked by Thomas S 1 in Business & Finance ➔ Renting & Real Estate
If you let this private mortgage lender foreclose on you, yes your credit will be ruined and it could take up to 7 years to get it back on track, especially if you are on a fixed income. The other problem you may run into is you may have trouble finding another place to live if you need to rent or try to buy a new residence. With a foreclosure on your credit, both of these will be very hard to do. She may report it to your credit and she may not, it is hard to say. Yes she can sue you for however much she ends up losing on the property and yes she could try to garnish your wages. However, if y our wages are barely enough for you to live on the chances of this happening are slim. There are alternatives to foreclosure. Have you talked with her about any options that you may have or even selling your home?
2007-07-18 17:03:04 · answer #1 · answered by dzwreck 4 · 1⤊ 1⤋
You don't foreclose, the lender does.
Yes, your credit will take a major hit if the lender forecloses.
If the loan contract is "with recourse" then they can sue for the shortfall if there is any. Whether or not they can collect anything is an entirely different matter and varies from state to state. (If your only income is SSI, you're probably "judgment proof" so that may not be a problem anyway.) If the loan contract is "without recourse" then the lender has to take whatever they get from selling the house as payment in full. Some states are always "without recourse" such as CA so even if the contract is written "with recourse" it isn't.
A landlord or landlady has nothing to do with a foreclosure -- they rent property to you, not sell it to you. That said, once a home is foreclosed on, the lender becomes your landlord if you're not already out of the property and can evict you. If the foreclosure is run through the courts, an eviction order is often part of the judge's ruling. Not all foreclosures have to go through the courts, state law and local practices vary on that.
Do consult with a local attorney, however, as you do need legal advice and even an attorney can't give you that here.
2007-07-19 00:06:08 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
A foreclosure is a legal process, requiring legal notice to the public, and it will be reported to the credit agencies. Expect that if they do foreclose, it will be 2-5 years before you will be able to get another mortgage, and even then, it will be at a very high interest rate.
No, she can't get your SSI.
However, if you bought it, and are merely paying a loan to the seller, instead of letting it foreclose, why don't you try to sell the house? Even if you only sell it for what you owe, your credit will be infinitely better off. If you can sell it for any profit, then you have some money for a rental or a less expensive house.
There are almost always other options besides foreclosure and bankruptcy. I've been through both a foreclosure and a bankruptcy 12 years ago, and even now, I wish I'd never considered it.
Good luck.
2007-07-19 00:21:07 · answer #3 · answered by rlloydevans 4 · 1⤊ 0⤋
Whether the mortgage holder is a large institution or a private person is irrelevant. The same legal protections and statutes apply.
If a foreclosure occurs, it will most probably make its way into your credit report, which won't RUIN it, but it certainly will take a very serious hit.
I cannot reply as to whether or not a judgment/garnishment action can be taken against SSI proceeds. For that, you are advised to seek legal counsel. Try LegalAid or whatever similar free/low cost legal counsel is available where you live.
Good luck.
2007-07-19 00:08:14 · answer #4 · answered by acermill 7 · 1⤊ 0⤋
Oh my gosh, YES if she forecloses on you, yes it will ruin your credit!! Regardless that she's a private lender, you still have a legal obligation to pay the loan. The fact that you are disabled only recieving SSI is besides the point. She has no right to access your money. You need to be up-front to her, for your benefit and out of respect and courtesy for her. Let her know why you're ready to give up the home and see what alternatives you can work out together.
2007-07-19 00:13:05 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Yes your credit will be ruined.
No she cannot get your SSI check.
If you declare bankruptcy, any extra income you have from other sources, big lottery winnings, inheritances, law suit awards, etc, etc., will be attached, taken away and given to the lender to pay off your debt.
2007-07-19 00:08:39 · answer #6 · answered by godged 7 · 0⤊ 1⤋
she can make you pay court fee. yes youre credit will be ruined. and no she can not mess with youre ssi
2007-07-19 00:05:15 · answer #7 · answered by kirk b 1 · 0⤊ 1⤋
I believe SS income is protected from creditors in most cases. Contact your SS caseworker to confirm .
2007-07-19 00:06:49 · answer #8 · answered by mark 6 · 0⤊ 1⤋
Yes, she can sue you if you signed a contract or made a verbal contract...and yes...it will hurt your credit.
2007-07-19 00:11:22 · answer #9 · answered by blaxjulian 1 · 0⤊ 0⤋
you can declare bankruptcy.
2007-07-19 00:03:55 · answer #10 · answered by Anonymous · 0⤊ 1⤋