Can a person clear up their credit after a foreclosure?
Question:
It depends on where you live. Some states allow "deficiency" judgments, others don't.
A deficiency judgment is an award based on the difference between what the bank obtained after selling your property and what you owed.
If the bank gets a judgment, yes your wages can be garnished, your bank accounts seized, etc.
If you are sued for the deficiency you need to hire a lawyer. Find out if such awards are allowed in your state. The lawyer can also investigate the foreclosure sale to make sure the bank complied with all laws and got fair market value for your house.
You can avoid all this by going bankrupt.
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Foreclosure means you forfeit your home due to your failure in repaying the mortgage. Here we tell you what the foreclosure process actually involves. It is the final step in the lengthy process that begins by the lender attempting to recover their money. It begins with pre-foreclosure. If you miss the first payment, you get a late payment notice from the lender. If you ignore this notice and skip another payment without contacting the lender, you will get another payment request. Failure to contact ..
if you owe on the house loan after they sell it then they can get a judgment on you and take what your state allows by law
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