Can A debt collector garnish my wages??

Question

I have foreclosed on a home and the second mortgage was $190,000. A debt collector is now calling me wanting me to pay the $190k. Can they garnish my wages, or take any tax refunds? Also, can they put liens on my current home, cars, boats, ect?

If so, what is the best way around this? I heard file bankruptcy?

BTW- I live in California

Answer 1

yup they can garnish your wages and take your tax refunds...and liens.

Best way? Pay it off

Answer 2

cars? boats? like plural? gees guys sell your luxurys and pay stuff back!

Answer 3

depending really if the loan was used as a purchase money loan (loan used stritly to buy the home not a cash out refi if its any type of refi get an attorny quick) then NO California state law has protections in acted in the 90`s prohibiting that, the law states the ( in normal english) that any home loan wiether it be a first or second mortgage home equity line of credit (HELOC also knowen a ELOC) can not be presuded. NOW THE FUN TRICKY PART many lenders in the fun filled foreclosure filled martket are finding loop holes in the laws by converting the loan to a privite notes (like a unsecured personal loans) and then going ahead and persuing the debt that way SNIKY GUYS now i havent seen any of these loans accually go to court ( I wonder way but just wait they will) but larger lenders like CITI Mortgage are preparing thier foreclosed on loans and spending LOTS AND LOTS of money to set up their own internal debt recover divisions not under their own names of course or operating license SNIKY SMART and then they sell it to thier own internal company thus showing less losses on their books and thus making wall street happy, and then to their fun filled  back yard BBQ cooking those books. in most states almost all lenders use "first american title company" (or any really large debt recovery company i.e fidelty title, Land American, most CHL country wide home loan uses land american there own company) to do recovery on these loan legally but in the US there are 11 state that have these provision CA,AZ,TX and i forget the rest (try and ask them too see if they will tell you) First American has refused to even look at this becuase of the sheer risk to them, now the best solution is to try and remind the debt recovery company about this small little law in california and that the mere fact that they have threaten you (remeber they can ask nicely for example are you willing to pay sir or madam but no threats) is a major FDCPA voilation (Fair Debt Collection Protect Act of 1976 or something or other) at least a 5k to 25k fine against not only the collectior on the phone but also the lender TEE HEE  so i would try and settle with them for less then 10 percent of the debt at zero percent interest rate and tell them something like i will pay you 100 for five years take it or leave it. now really you dont have too but I reather have some type of insurance. thats why i only play black jack in vages (best odds in the house 44%) now you only see these problems coming around most from the secound lien (mortgage) becuase when the foreclosure occurs in an upside down property like many of our homes NOW : (  they get striped off title by the senior lien (first mortgage) and now you have 2nd loan floting in the air technilly called release of lien but not liabilty i.e. they cant tie the loan to anything but you still own the money. sorry about the long post hopefully it helps out FYI trust me with information but if you have lots of stuff get an attorny to confirm (once agian insurance)

Answer 4

For them to garnish, they need a court order. What you should do - assuming you want to pay the balance, - is make an agreement with them on how much you will be paying monthly once the property is sold.

If the property was worth $190K why do they want the whole amount back? Will they not get a portion of that from selling it.

Secondly if you file bankruptcy you will likely loose some of your other assets.

Answer 5

yes they absolutely can take your refunds, wages...even if you have a wife they can tap into her money also...because remember my friend, california is a community property state. your best bet is to file bankruptcy.

EDIT: sorry looked over the cars and boats stuff..they can seize those assets.

Answer 6

Hi,

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