Judgment creditors routinely settle judgments for less than the full balance. There are many reasons for this and they certainly are not going to tell you. This is why an experienced attorney makes financial sense. In addition to getting the best settlement of the judgment, you must make sure that the entire judgment is settled.
They could rent a. after a deficiency judgment for the remaining loan balance after the repossessed property was sold. The conclusion expressed by the author has far-reaching implications. As he.
It might hire a collection agency to badger you into paying, or, if it’s believed that you have substantial assets, get a deficiency judgment from the court. The deficiency judgment allows it to take money from your paycheck by garnishing your wages, or from your bank by levying against your checking or savings account.
The deficiency judgment allows it to take money from your paycheck by garnishing your wages, or from your bank by levying against your checking or savings account. texas collection Agent Laws. When a debt collector tries to collect a debt from a Texas resident, it must comply with both Texas debt collection law and the federal Fair debt collection practices act. A violation of the Texas law may result in criminal or civil penalties.
I have no debt other than my mortgage. At worst, you might be hit with a deficiency judgment for the difference between what you owe and what the lender sells the house for. But instead of going.
The quick answer is that your social security income cannot be garnished at the source, and most pensions are exempt from garnishment too. You would first have to be sued, and a judgment entered in court, before there is any risk to your money from a debt collector.
If you are going to pay a judgment, you absolutely must ensure it will, in fact, be paid off and a Satisfaction of Judgment will be filed. This should be done by a lawyer. Fitzgerald Campbell has a very affordable, performance-based program to resolve judgments. 3) Discharging the judgment through bankruptcy.
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B of A finally sold the property on 10/27/11 for $68,500 leaving roughly a $180,000 deficiency. I am not aware of any deficiency judgment against me at this time. My wife is currently experiencing potential financial issues where bankruptcy could be a consideration.