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Post-Foreclosure Hell: Garnished Wages, Seized Assets, Deficiency Judgments

americans face post-foreclosure hell as Wages Garnished, Assets Seized. By now, banks have usually sold the houses. But the proceeds of those sales were often not enough to cover the amount of the loan, plus penalties, legal bills and fees. The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac,

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Americans face post-foreclosure hell as wages garnished, assets seized – page 1. americans face post-foreclosure hell as wages garnished, assets seized. Using a legal tool known as a "deficiency judgment," lenders can ensure that borrowers are haunted by these zombie-like debts for years,

Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets.

Using a legal tool known as a "deficiency judgement," lenders can ensure that borrowers. the debt collector that filed the suit can freeze her bank account, garnish up to 25 percent of her wages,

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After judgment, before a sheriff can be expected to levy, a. Though garnishment is the usual procedure for seizing wages for payment of debt,. creditor always has a right to a deficiency if property execution fails fully to satisfy the.. Private collection generally is foreclosed because upon the filing of the petition, the.

Americans face post-foreclosure hell as wages garnished, assets seized If you or someone you know is in this situation it is important to immediately seek an attorney to understand your rights. You have defenses such as the house was sold for less than fair market value.

By Michelle Conlin NEW YORK (Reuters) – (This corrects paragraph 28 to show financial institutions in Maryland have 27 years, not 36, to collect deficiency judgments) Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets.

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