If my house is foreclosed on, will my bank take my car or put hold on my bank account? Also, how fast can I re- build my credit? I live in Ohio.Ohio is known as a deficiency state. This means the lender can come after you for the remaining portion of the debt left over from the foreclosure sale. Usually, a lender will only seek payment if they know a deficiency judgment will offer collectability. If you convince the bank that you have no means of paying and that you will file for bankruptcy and have any judgment thrown out if they seek a judgment against you, the lender may not want to spend their time and money on a judgment if they think they won't ever be able to collect. In the event that the lender does pursue you, there are certain assets that are protected. All retirement assets and income is protected plus up to $3225 of the equity in your car. As far as your credit goes, if a foreclosure is the only bad mark on your credit, your credit should begin to improve within just a few months and you may be eligible for a home loan after two years.
My house has been sent to foreclosure. I am currently working with two different departments for a modification. I recently received a letter stating that there is a judgment of foreclosure and sale. Should I attend the court hearing?It is extremely important that you go to the court hearing. It appears that while you were working on modifications with one department, another department sent this in for litigation due to a lack of communication between departments. There are two things you need to do: 1) Speak with the person that has been working on the modification and see if they can get a continuance to allow some time to get the modification completed. 2) make sure you go to the hearing. Ask for a continuance if you don't have the money for an attorney and also to allow you work this out.
Under Georgia law, does a foreclosure proceeding wipe out a Writ of Fieri Facias (FIFA)?A foreclosure will wipe out the FIFA against the property in question; however the FIFA can be re-filed if you purchase another property. You should be aware that the creditor has the ability to garnish wages to enforce the judgment. So, while the foreclosure will stop a FIFA, the creditor can approach other methods to collect the debt.
My home has been in foreclosure process for over 1 year already. I checked the court system and it shows a FWOP is in place now. What is an FWOP?An FWOP stands for For Want of Prosecution. This means that the court is requesting that the parties in a lawsuit move forward with the lawsuit or the court will dismiss the lawsuit. In this situation, you are a defendant and there is nothing for you to do but wait and see if the court will dismiss the case. In some situations, the lender may be working on a modification and will allow the court to dismiss the suit.
Foreclosure can wreck a credit score as well as create a horrible burden on a family. If you are in the midst of a foreclosure or fear that you may be affected by foreclosure and need answers you should ask an Expert. An Expert can offer solutions and legal insight to assist you in your current situation.