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Question
My wife and I are about to go into foreclosure on a construction loan. Due to the market conditions, we would have ended up upside down immediately, so we decided to buy a home before our construction loan matured and ended up on our credit report. We are going to voluntarily foreclose on the construction property and we were wondering if the bank can put a lien on our new property, garnish our wages, or levy our bank accounts. We are in CA and in need of some advice. Thanks, Eric
If you let the property go into foreclosure without trying to negotiate a deed in lieu of foreclosure there may be a deficiency balance and they could potentially come back at you and attempt to attach other assets and garnishee wages. Depending on how far you got with the construction they may consider the DIL and release you from any deficiency. However, if you never broke ground this could be a problem. I would need more information before I can give you any more feedback.
I would like to discuss this with you in more detail. Give me a call at 877 270 8204 if you wish to discuss your options. I am in the office 9-6pm EST.
If you wish to research the subject just google deed in lieu of foreclosure and you should get plenty of information but before you do anything get all the facts and don't believe everything you read. Some people blow a lot of smoke and have no clue when it comes to this subject. You can verify anything I tell you so let me help you sort this out before you take any action.
Mike
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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