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I had an 80/20 loan on a property, a condominium, and I ended up foreclosing on the property. The property went back to the bank (Wells Fargo) and hasn't been sold because it isn't worth anything (-200k).
The second mortgage company (US Bank) is attempting to collect the remaining amount (52k), and threatening litigation, to include garnishing my wages and putting a lien on other property. I have since gotten married and am living in a house that my wife purchased before we got married.
Can the second mortgage sue me, put a lien on my new property or garnish wages? Does anyone know of this actually happening? I am probably going to work out a settlement, unless someone can give me advice to the contrary.
I am willing to retain a lawyer to defend me.