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Question
If you have already moved to another city trying to start over and have had your house on the market for over a year and currently is worth $40,000 less than owed, and you can't sell and wind up in foreclosure in effort to move on, what ramifications do you face and can you set aside money to start over without it (the savings) being in jeopardy?
Submitted: 82 days and 14 hours ago.
Category: Legal
Value: $38
Status: CLOSED
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State/Country relating to Question: Georgia
Already Tried:
How will it affect credit and future ability to buy a home if they choose to stop making house payments and fall into foreclosure? Will there be any court appearances?
we are concerned parents
Accepted Answer
If the home is foreclosed the lender will likley sue you for any deficit and in some states your saving and banking accounts can be levied against. Also some states allow your wages to be garnished to repay that amount.
Expert:
Shelley
Pos. Feedback:
99.3 %
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Answered:
9/1/2009
Lawyer (JD)
Attorney-Business degree from The University of Texas
Posted by
Shelley
82 days and 13 hours ago.
Answer
Sorry, your state did not show when I originally answered. But yes in GA the lender can garnish your wages (see law below) and they can levy/garnish from your bank accounts.
Pursuant to OCGA 18-4-20, the maximum part of the aggregate disposable earnings of an individual for any work week which is subject to garnishment may not exceed the lesser of twenty-five percent (25%) of his disposable earnings for that week, or the amount by which his disposable earnings for that week exceed thirty (30) times the federal minimum hourly wage. For earnings for a period other than a week, a multiple of the federal minimum hourly wage equivalent in effect shall be used.
82 days and 13 hours ago.
Reply
Thanks regarding Georgia. You have been very helpful. By the way, they now reside and work in Tn. Will they still be subject to Georgia law?
Accepted Answer
If they are now in TN the TN laws would control. TN is the same as GA where their wages and bank accounts can be garnished.
Expert:
Shelley
Pos. Feedback:
99.3 %
Accepts:
Answered:
9/1/2009
Lawyer (JD)
Attorney-Business degree from The University of Texas
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