Legal Question in Credit and Debt Law in South Carolina

house loan

I own a home which I owe 130000 for I have a situation were I can no longer be making the payments I can't sell the house if I let the loan company repo the house can they garnish my wages. or anything like that?


Asked on 4/17/03, 10:49 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: house loan

Yes. The typical procedure is that the house is sold at auction, if the sale price is less than the amount you owe, the mortgage holder can sue you for the difference. Once a judgment is obtained the lender can then seek to garnish your wages.

You may want to offer the mortgage note holder a "deed in lieu" of foreclosure. Sometimes a lender will accept this instead of foreclosure.

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Answered on 4/18/03, 10:05 am


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