2007-08-14 09:27:25 · 6 answers · asked by Kelly 1 in Business & Finance ➔ Renting & Real Estate
I could tell you a few different things but the bottom line is it depends on the state you are in. FOR EXAMPLE...In Texas there are laws against garnish wages or make someone sell their house to pay a debt BUT that is the state. That does not mean that the Goverment cant or another state cannot. My cousin lives here bu the state of california garnish her wagess for unpais state taxes.
The best thing to do is look up the laws in YOUR state for that answer. BEcause the law is the only thing that can tell you indepth and not leave out an inportant peice of info. If you know a lawyer, ask them. Dont leave a situation like this to chance when you are unsure. Good luck!
2007-08-14 09:37:25 · answer #1 · answered by Lillie A 2 · 1⤊ 0⤋
easily, i might have seen doing this myself yet we had ultimately gotten rid of the final of the condo residences we owned and have not have been given any activity in getting in touch in that employer lower back. the fact of the situation is that _somebody_ has to purchase those foreclosed residences. If the only human beings keen to place the money down for them are traders - a minimum of this gets them wiped sparkling up and availible for individuals to stay in lower back. You seem to think of that - a approach or the different - everyone who invests in a foreclosed assets is a technique or the different profiterring off of somebody else's soreness. What you may desire to understand is that those traders are going to ought to spend much greater money repairing the homes then lease them out - and wish they are in a position to earn extra earnings lease than the finance and maintanence expenditures. Why do no longer you end being so jealous of prople who had greater ambition and self disclipline than your self?
2016-12-30 13:40:25 · answer #2 · answered by ? 3 · 0⤊ 0⤋
They will sell the home at an auction, the remaining balance of monies due will be taken to court and a judgment held against you. It is doubtful that they garnish your wages, (it could happen) but the court can decide that your income tax refunds, and insurance in the event of your demise will go towards paying your debt.
2007-08-14 11:41:05 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
i dont think so with a house...reason being...
the bank wont loose money.....most people have equity in their home. the bank HOPES you default then they can make the money they lent you back PLUS some......because they can sell the house for what its worth....
example:
you owe $95,000.00 on your house.
your house is worth $165,000.00
the bank can sell for $165,000 and make a potential $70,000.00 profit! (see where this makes sense)
they have the house back AND more than enough money now. In some cases they sell the house ONLY for what is owed, then they break even.
I think they can garnish your wages only on federal debts like IRS and Student loans.....if i am not mistaken
2007-08-14 09:35:46 · answer #4 · answered by Anonymous · 0⤊ 1⤋
they can only take the house they have a mortgage on.
2007-08-14 09:31:20 · answer #5 · answered by Anonymous · 1⤊ 0⤋
If you are dead broke, then no they can't.
2007-08-14 09:29:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋