My primary residence in fl was foreclosed in 2010 with deficiency judgment. What is the best thing that I can do to start all over? Do i need to file for bankruptcy or just wait for them to pursue payment from me. I am the head of the family, is it true that i can be exempted from wage garnishment? Is there a way out for me so as not to worry about our future?
I have not heard from the mortgage company since the foreclosure. What is the best thing for me to do? Negotiate with the mortgage company now or do the negotiations when they starts collecting from me?
The deficiency judgment can be enforced for a very long time. Yes, you can file for Bankruptcy, but in my experience, many deficiency judgments can be settled for significantly less than the full judgment amount. As the head of household, your wages are exempt from collection actions.
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Bankruptcy might be a possibility. If you have money it also might be an option to negotiation the judgment for a fraction of the total amount. An attorney will want to know more information and will advise you of all your options. Set up some consultations.
You need to speak with a foreclosure and bankruptcy attorney because if the deficiency turns into a personal judgment and you settle it for less than you owe, you may be subject to income taxes with a 1099 for the amt of the debt that was forgiven. There are exemptions, but you've got to work it through with the attorneys
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. Leonore M. Greller, Esq. is a Supreme Court Certified Civil Circuit and Family Mediator and a Qualified Residential Mortgage Foreclosure Mediator and Arbitrator.
Bankruptcy can give you the fresh start you are looking for. However, you should consult an attorney to see if this would be the best course of action for you. Any attorney will most likely consider the amount of overall debt, the type of debt, your assets, and condition of your credit to make these determinations. Many attorneys like myself offer a 15 min free consultation.