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#1
06-29-2009, 10:58 AM
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80/20 Loan ForeclosureI live in Illinois and our home was foreclosed a little over a year ago.My husband had a 80/20 loan on this house. Both mortgages were financed by the same lender. After living at this house for about 12 month we encountered major financial set backs and personal life changes that financially ruined us. We tried desperately to get help from our lender with no success which then resulted in foreclosure.The foreclosure only covered the 80 morgage.The loan company then sold our remaining 20 loan to a new lender. They are now actively trying to get the remaining amount from us. We are now renting a house and I am not working. We have no valuable assets, just our 5 kids  Can they have my husbands wages garnished ? We are already using every penny ( literally counting pennies to buy milk ) and can not afford legal help at this time  Any advice ? |
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#2
06-29-2009, 11:08 AM
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__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic!  Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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#3
06-29-2009, 11:33 AM
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to ZignerThanks Zigner !! Didn't think of that :S Maybe that should be considered. If anyone else has alternative advice since Bankruptcy would impact our finances even more negatively (credit score), PLEASE add anything, even if it seems out there. Thanks in advance  Thanks again, Zigner ! You have your self a Fabulous Day Jean |
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#4
06-29-2009, 12:04 PM
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__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic! Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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