Taking possesions

[rholmansep]

What is the name of your state? NC
Can anyone tell me what the ramifications on "walking away from a mortgage" would be? This is a very general question, so don't laugh. I was told that the lender could take your possesions, is that the ones you own outright, or only the ones you are still paying for? Also if you have another house and it is in your wife's name (mine is not on the deed, mortgage, electric bill, etc...) can they come after it? What are the limits for wage garnishment, where do I find out? Thanks for the help.

 

[seniorjudge]

If you default on a mortgage, the lender will take the land that was mortgaged. If that does not give them enough money to pay off their loan, they could get a deficiency judgment against you and try to get other property (real, personal, or mixed) that you own.

Go to the local library and look up in your state statutes garnishment, etc.