Foreclosed Home & Vehicle Repo

[97srad750]

What is the name of your state? South Carolina

I bought a new house with the thought that I had someone renting out my old place. The person that had agreed non contractually to lease with an option to buy backed out off the deal. Needless to say I was stuck with 2 mortgages and 2 car payments. I could not afford all of these, and it was immature for me to take on these payments. Needless to say my old house was foreclosed and one of my cars was repossesed. I have papers from an attorney on the foreclosed house that says I have 30 days to respond, however I don't have any new paperwork yet on the repod vehicle. I'm asssuming they will sale both of these properties, and I will be on the hook for the balance. I'm scraping by now. What can I do with the forthcoming judgements? Unless I finally hit the lottery I won't have the money to pay them. Will they garnish my wages? Will I have to file for bankruptcy? My home had mortgage insurance, shouldn't that take care of the financial responsibility of the home. Isn't that what it's for. Should I get an attorney to represent me now. I don't really think i have a leg to stand on. I signed and didn't pay.

Thanks for any help in this situation. My immaturity has finally caught up with me.

 

[HomeGuru]

What is the name of your state? South Carolina

I bought a new house with the thought that I had someone renting out my old place. The person that had agreed non contractually to lease with an option to buy backed out off the deal. Needless to say I was stuck with 2 mortgages and 2 car payments. I could not afford all of these, and it was immature for me to take on these payments. Needless to say my old house was foreclosed and one of my cars was repossesed. I have papers from an attorney on the foreclosed house that says I have 30 days to respond, however I don't have any new paperwork yet on the repod vehicle. I'm asssuming they will sale both of these properties, and I will be on the hook for the balance. I'm scraping by now. What can I do with the forthcoming judgements? Unless I finally hit the lottery I won't have the money to pay them. Will they garnish my wages? Will I have to file for bankruptcy? My home had mortgage insurance, shouldn't that take care of the financial responsibility of the home. Isn't that what it's for. Should I get an attorney to represent me now. I don't really think i have a leg to stand on. I signed and didn't pay.

Thanks for any help in this situation. My immaturity has finally caught up with me.

**A: you will be hit with the deficiency, if any. Once the judgements are in, you're on the hook. Yes, talk to an attorney.

 

[97srad750]

I'm sure there will be a deficiency it was a mobile home, and those don't resale for anything. I don't quite understand how bankruptcy works, if i filed for that would it cover the deficiencies.

 

[Ladynred]

Yes, Bankruptcy would wipe out the deficiencies on the car and mobile home.

Wages cannot be garnished in SC. They can however seize bank accounts and non-exempt assets you may have.

Read up on how bankruptcy works here:
www.thebankruptcysite.com