Garnishment Foreclosure
please i need your help, my house got sold at an auction, now what?
ok, my house went to foreclosure (investment property), the bank bought it back at the sale. I guess they are trying to get some money out of it. The problem is the second mortgage company, they want their money, with everything i know about the mortgage industry, I do know that the 1st is always the one that comes first. As far as i know the 1st mortgage is going to list the home for sale so they don’t loose out, and i know the state of maryland requires the 1st to notify anyone else that is listed on title before a court appointed sale. I’m not sure what to do, the collection agency is calling me asking me for money I don’t have, they keep saying they are willing to make a deal. What are my rights, the property was in Maryland and I currently live in NJ. NJ has very strict Judgement laws, the last thing I need is a wage garnishment on what little money i make right now. Any advice would be great thanks, i may have to contact a lawyer.
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You need to find out if the state you are in is a recourse state or not. If it’s not, the holder of the 2nd lien may have no legal way to collect anything from you. Sure it’ll ruin your credit, but you may not actually have to pay them anything.
Ask a real estate attorney. They should be better able to advise you. I don’t know the law in NJ pertaining to this.
Stop Wage Garnishment & Foreclosures – Sagaria Law, PC
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