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I currently have a first and second mortgage on a home in utah

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I currently have a first and second mortgage on a home in utah that is valued at about 120,000 and i owe 150,000 on the first and 40,000 on the second. I cannot afford the morgage payments and keep getting farther in debt with creditcards and am not able to purchase a vehicle to get to work with. I am wondering what happens when i default on the two morgages? Apart from a foreclosure can they persue me for the balance left after a foreclosure sale and what assets of mine are at risk?
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  Attorney & Mediator replied 3 years ago.
I am wondering what happens when i default on the two morgages?

Apart from a foreclosure can they persue me for the balance left after a foreclosure sale and what assets of mine are at risk?

The lender can foreclose the property. If the property sells for less than what you owe on the two mortgages the lender(s) can come after you for the difference (called a deficiency). Utah has no anti-deficiency protection, so they can come after your other property to collect the difference.

The following is a summary of what property is exempted (protected) from seizure. Please note the property may be protected of a limited to an unlimited amount.

Real Property: Real property or mobile home used as residence or water rights up to $10,000; if property jointly owned, then each debtor can claim the exemption, but total joint exemption cannot exceed $20,000 [78-23-3]
Personal Property: Animals, books and musical instruments to $500 total [78-23-8(1)(b)]; refrigerator, freezer, sewing machine and stove, unlimited amount [78-23-5(1)(g)]; bed, bedding, carpets, washer and dryer, unlimited amount [78-23-5(1)(g)]; burial plot, unlimited amt [78-23-5(1)(a)]; clothing (not furs), unlimited amount [78-23-5(1)(g)]; health aids, amount needed [78-23-5(1)(b)]; heirlooms or sentimental items up to $500 [78-23-8(1)(c)]; furnishings and appliances to $500 [78-23-8(1)(a)]; artwork depicting or done by a family member, unlimited amt [78-23-5(1)(h)]; equipment required for military use, unlimited amt [39-1-47]; food and fuel, amount to last three months [78-23-5(1)(g)]; implements, books and tools of trade up to $3,500 [78-23-8(2)]; business vehicle up to $2,500 [78-23-78(2)]; personal injury recoveries, unlimited amt [78-23-5(1)(i)]; any insurance proceeds from damaged exempt property up to exemption limit [78-23-9]; wrongful death recoveries, unlimited amt [78-23-5(1)(i)]
Insurance / Annuities: Fraternal society benefits, unlimited amount [31A-9-603]; life insurance policy, unlimited amount, but cash surrender value to $1,500 [78-23-7]; life insurance proceeds if beneficiary is insured's spouse or dependent, amount needed for support [78-23-6(2)]; disability, illness, medical or hospital benefits, unlimited amount [78-23-5(1)(c) and (d)]
Pensions / Retirement Plans: Public employees, unlimited amount [49-1-609]; retirement benefits, unlimited amount [78-23-5(1)(i)]; any pension, amount needed for support [78-23-6(3)]
Public Benefits / Entitlements: Unemployment compensation, unlimited amount [35A-4-103]; workers' compensation, unlimited amount [34A-4-422]; veterans' benefits, unlimited amount [78-23-5(1)(e)]
Wages: 75% of earned but unpaid wages [70C-7-103]
Miscellaneous: Alimony or child support, amount needed for support [78-23-5(1)(f) and (k) and 78-23-6(1); business partnership property, unlimited amount [48-1-22]


The better approach would be to see if they are willing to allow a short sale or hand over the deed in lieu of foreclosure with their agreement to waive coming after the difference.

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Customer: replied 3 years ago.
how long does a lender have to persue losses from me and all i have of value is my retirement. can they persue that or garnish my wages??
Expert:  Attorney & Mediator replied 3 years ago.
If you take a look at the list I gave sent you, they can garnish your wage (25% of it).

If they get a judgment against you they have 8 years in Utah to enforce collections.



_______________________________________________

Please Note: JustAnswer.com is a public forum. JustAnswer.com is not a law firm. JustAnswer.com is only a question and answer site. Asking a question does not create an attorney-client relationship nor is your question protected under the attorney-client privilege. An attorney-client relationship is established when you enter into written contract for representation and pay a retainer directly with the attorney or attorney’s firm.

JustAnswer.com uses the term “Expert”. I do not hold myself as an expert when I answer your questions. The information given by me is not legal advice. I am not establishing an attorney-client relationship with you. I am providing only research, resources and information only for you to be informed and educated about your particular needs and my answer is limited to the facts presented. You are only paying me for such information given.

My answer or reply is limited to your facts presented and additional information you post may not come in after my reply or answer has posted, if this has occurred please let me know and I will answer further. Due to site tech reasons, oftentimes I am initially only able to see the first part of your post, so this may result in more interactions between us. There might also be a delay in my reply or answers, as I may be helping other customers, or called away from my office or have logged off. Please be assured your question(s) will be answered promptly.

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Customer: replied 3 years ago.
do you know how often they actually garnish wages?
Expert:  Attorney & Mediator replied 3 years ago.
I have no idea what their policy is. It is upto them.


_______________________________________________

Please Note: JustAnswer.com is a public forum. JustAnswer.com is not a law firm. JustAnswer.com is only a question and answer site. Asking a question does not create an attorney-client relationship nor is your question protected under the attorney-client privilege. An attorney-client relationship is established when you enter into written contract for representation and pay a retainer directly with the attorney or attorney’s firm.

JustAnswer.com uses the term “Expert”. I do not hold myself as an expert when I answer your questions. The information given by me is not legal advice. I am not establishing an attorney-client relationship with you. I am providing only research, resources and information only for you to be informed and educated about your particular needs and my answer is limited to the facts presented. You are only paying me for such information given.

My answer or reply is limited to your facts presented and additional information you post may not come in after my reply or answer has posted, if this has occurred please let me know and I will answer further. Due to site tech reasons, oftentimes I am initially only able to see the first part of your post, so this may result in more interactions between us. There might also be a delay in my reply or answers, as I may be helping other customers, or called away from my office or have logged off. Please be assured your question(s) will be answered promptly.

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