Banksters Starting to Come After Wages & Bank Accounts for Mortgage DefaultsSubmitted by weebles on Fri, 01/29/2010 - 14:47
Banksters Fight Back: Deficiency Judgments
Remember my repeated warnings about consulting with both a lawyer and CPA before defaulting on your debts - including mortgages - on purpose?
Well, here's why doing so is a good idea:
King is among a rising number of borrowers who are learning that they can be on the hook for years after losing their homes. Amid a crisis that stripped $6.4 trillion, or 28 percent, from the value of U.S. residential real estate since the 2006 peak, lenders are exercising their rights to pursue unpaid mortgage balances. To get their money, they can seize wages, tap bank accounts and put liens on other assets held by debtors.
In some cases they can seize wages, tap bank account and lay liens.
This is very situational and state-specific...(cont)