I'm a lion protecting her cubs and I'm angry that my short sale and foreclosure clients are being threated with wage garnishment and bank account attachments. Lenders can be NASTY. Families are being torn apart, jobs are being lost, divorce is spreading like a virus. People are loosing their possessions. Many are homeless. If a person can get their life back together it could be a decade before they can buy another home.
Big threats are coming from lenders. "We'll garnish your wages!" "We'll take your bank accounts!" "A Judgement is going to follow you for the rest of your lives!" I haven't had this happen to a seller yet, although an excellent real estate attorney and my CPA both say a bank can do it. But they don't.
Wage garnishment and bank attachments come after AFTER the short sale or the foreclosure if they ever come. People I care about are very worried and loosing sleep over this when most people don't need to. I recommend that all of my sellers retain and attorney to protect their interest so we can negotiate these issues to protect their future.
If you have some recommended reading or good ideas, please share!
To buy or sell property in the Florida Keys and Key West call me at (305) 522-1398 or e-mail me at MayaMarieThomas@Hotmail.com.
Maya M. Thomas
REALTOR®
(305) 522-1398
MayaMarieThomas@Hotmail.com
www.ShowcasePortfolioProperties.com
www.myspace.com/topkeysrealtor
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The Keys have been my home for nearly 30 years. Your ultimate source for real estate information, Key West and luxury estates, waterfront real estate, waterfront lots, distinctive residences.
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Hi Maya,
Best I know is to get your Real Estate Attorney negotiate the Short Sale with the Bank to include the forgivemess on the Personal side.
Easier said than done, but Attorneys are insisting or telling the bank "no deal".... it's a catch 22 for both sides.. the bank can't afford a foreclosure on it's books.. they have too many already!??!?
I know one Attorney who didn't do the personal side and the bank came after the seller after the settlement!!!! Not good!!
Bernie Martin & juli Morella
Thank you Bernie and Juli!
Maya
The mortgage and debt forgiveness act changed the rules that banks can play by. I would consult an UP TO DATE attorney on this one!
Hi Ron,
GREAT point! I'll call my CPA and attorney.
Maya