paycheck garnishment in arizona for foreclosure??
My house has began the foreclosure process and will be final in aug. I can not afford to keep it. im not worried about my credit, but i am worried that the bank will try to recover the approx. 80k that will remain after it is sold at auction. I owe 260k and the same house down the street sold for 180k the foreclosure has been given to a local atty to act as trustee. I have only one loan on the house. please advise!!
Most likely the bank will not try garnishing your wages, although they can sue you for the difference and attempt to collect on their debt if they so choose. More likely though you will receive a 1099c for the amount of the difference and you will have to claim this difference as “normal” income and you will have to pay taxes on this amount though. The 1099c is due to a cancellation of debt. Your other option is to file bankruptcy which will protect you from the lender coming back after you for this difference. Best of luck and read below for more information on foreclosures.
Saint Louis Bankruptcy Lawyers Rochelle D. Stanton, Attorney
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