I need to foreclose on my home. Can my wages be garnished ?

[theslautrs]

6 month behind in Northern Indiana due to instructions not to make payments while trying to get a modification to go through. Today they called wanting 3 months of payments that are higher then the payments we got behind on (due to job losses, decreased income) in order to grant the re modification of our Mortgage. If we turn this down and let it go to foreclosure, will they garnish our wages? Can they take our cars, belongings, etc? What will happen to us? Our credit is already completely ruined now, so that is not a concern at this point! What about deed in lieu of foreclosure....do you have to do a short sale, in order to do that? Then will we still be liable for any deficiencies? Please advise.
Desparate.

[marmac]

Originally Posted by flburgos

i wish i could answer that.i can tell you i'm in the car business and check credit 10 to 15 times a day and have been doing that for 11 yrs.i ve never seen anybody's wages garnished after a foreclosure.i think collateral loans are a lot different from personal or credit cards.i've seen a lot of repo's on customer's credit which the bank can do nothing about.they loaned the money here is what you loaned it on and it 's over.i could be wrong but i've never seen garnishment on homes or cars.these day's there's thousands of foreclosures and i haven't heard anything like that so i think you are safe.

-"I've never seen garnishment on homes or cars"--

homes------I haven't either
cars----quite common

The loan company re-possesses your car, sells it a car auction, and goes after you if the proceeds don't cover the loan.

It then goes to a bill collector who will go after any wages or property in that person's name.

It happened to a friend's wife who bought a 1 year old car.

[marmac]

Originally Posted by theslautrs

6 month behind in Northern Indiana due to instructions not to make payments while trying to get a modification to go through. Today they called wanting 3 months of payments that are higher then the payments we got behind on (due to job losses, decreased income) in order to grant the re modification of our Mortgage. If we turn this down and let it go to foreclosure, will they garnish our wages? Can they take our cars, belongings, etc? What will happen to us? Our credit is already completely ruined now, so that is not a concern at this point! What about deed in lieu of foreclosure....do you have to do a short sale, in order to do that? Then will we still be liable for any deficiencies? Please advise.
Desparate.

go the route of short sale

[templete]

So is the home was sold for more that I owed, am I okay? besides the years that foreclosure will stay in my credit?

thanks