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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Deficiency judgment Posted by Ward-CA- on April 28, 2003 at 11:18 AM In Reply to: foreclosure selling for less posted by anxiety on April 28, 2003 at 10:34 AM : I just bought a house that I think I paid too much for. I have a VA loan. My wife got laid off the day of closing And now a month later I too am laid off. Im worried I will slowly but surely not be able to pay for my $1049 mortgage. I was thinking of putting it back on the market but I don't think I can get what I paid for it, especially with the red flags that will be flying because I'm selling so soon (people will wonder what is wrong with it) I was told that if I get foreclosed on I would have to pay the difference if it sold for less. Is this true? If I can't pay the mortgage how am I supposed to pay for the "rest". Do they garnish my wages? Do I get a loan for the outstanding balance or is foreclosure like going bankrupt where my balance is zero but my credit is destroyed? If I do get a loan for the outstanding balance what are rates and conditions for such a loan? : My "American Dream" seems to have turned into a nightmare from the day I moved in. I know I'm having remorse but this seems to be going beyond the typical buyers remorse. I was also looking for stories of people who have gone thru foreclosure on the internet to see what life may have in store for me but can't seem to find any on the internet. I really didn't know what I was getting into here. =•=•=•=•=•=•=•=•=•=•= Yes, if the lender of the VA loan ends up getting less than what you owe them after the final disposition of your property, they could possibly go after you for the deficiency in court. Generally lenders don’t bother spending the time and money necessary to go that far. But if they did and got a money judgment against you they could then garnish your wages, grab your bank accounts, etc. Again, I want to reiterate that though a lender could proceed to get a money judgment against you they usually don’t bother. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I just bought a house that I think I paid too much for. I have a VA loan. My wife got laid off the day of closing And now a month later I too am laid off. Im worried I will slowly but surely not be able to pay for my $1049 mortgage. I was thinking of putting it back on the market but I don't think I can get what I paid for it, especially with the red flags that will be flying because I'm selling so soon (people will wonder what is wrong with it) I was told that if I get foreclosed on I would have to pay the difference if it sold for less. Is this true? If I can't pay the mortgage how am I supposed to pay for the "rest". Do they garnish my wages? Do I get a loan for the outstanding balance or is foreclosure like going bankrupt where my balance is zero but my credit is destroyed? If I do get a loan for the outstanding balance what are rates and conditions for such a loan? : : My "American Dream" seems to have turned into a nightmare from the day I moved in. I know I'm having remorse but this seems to be going beyond the typical buyers remorse. I was also looking for stories of people who have gone thru foreclosure on the internet to see what life may have in store for me but can't seem to find any on the internet. I really didn't know what I was getting into here. : =•=•=•=•=•=•=•=•=•=•= : Yes, if the lender of the VA loan ends up getting less than what you owe them after the final disposition of your property, they could possibly go after you for the deficiency in court. : Generally lenders don’t bother spending the time and money necessary to go that far. But if they did and got a money judgment against you they could then garnish your wages, grab your bank accounts, etc. : Again, I want to reiterate that though a lender could proceed to get a money judgment against you they usually don’t bother. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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