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Old 11-15-2011, 09:50 AM
 
Location: sleepy bears den
36 posts, read 55,701 times
Reputation: 20

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My house in gainesville is located near a large contaminated superfund site,it is no longer safe to live there,feds.state ,county and city will do nothing.contracted cancer while living there. was never informed by previous owner or real estate agent about this.
house is also virtually worthless now that this has become public.
I have a small pension from my deceased husband and social security.
If I let house go to foreclosure are these pensions safe from garnishment?
Thanks for any help, advice,ect.
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Old 11-21-2011, 02:09 PM
 
7,887 posts, read 9,347,940 times
Reputation: 3214
Quote:
Originally Posted by 9tailfox View Post
My house in gainesville is located near a large contaminated superfund site,it is no longer safe to live there,feds.state ,county and city will do nothing.contracted cancer while living there. was never informed by previous owner or real estate agent about this.
house is also virtually worthless now that this has become public.
I have a small pension from my deceased husband and social security.
If I let house go to foreclosure are these pensions safe from garnishment?
Thanks for any help, advice,ect.
There's no way to really tell without seeing all the documents and facts.

BUT.

Banks generally do not go after homeowners once they get the house in foreclosure, for FIRST mortgages.

If you have a HELOC or second mortgage on the property, and the sale proceeds don't cover that (which they won't), they may come after you for the balance, but they are usually willing to take only part of what you owe.

As to whether they can garnish your pension, I doubt it but frankly I'm not sure about that.
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Old 11-21-2011, 10:05 PM
 
Location: Tampa, FL
3,237 posts, read 5,572,530 times
Reputation: 1492
Quote:
Originally Posted by Strel View Post
Banks generally do not go after homeowners once they get the house in foreclosure, for FIRST mortgages
Dont listen to this guy, he is absolutely wrong
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Old 11-22-2011, 03:29 PM
 
7,887 posts, read 9,347,940 times
Reputation: 3214
Quote:
Originally Posted by crazynip View Post
Dont listen to this guy, he is absolutely wrong
I foreclose on people from time to time. I've yet to see a bank go after a homeowner after they take the house without some very specific circumstances, like fraud. It happens, but it is rare.

I DO see them go after ex-homeowners for debts other than the first mortgage debt. It's bad publicity. Fannie Mae outright refuses to do it outside some kind of special circumstance.

If you disagree, back up your opinion with some facts. I hope you have a license to practice law in Florida, too.

In a situation like this, I find it very unlikely that a bank would want to put these facts in front of a judge.
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