Debt Collection

If you are not able to make your house payment do you have to file bankruptcy or will the bank foreclose on the house and not garnish your income?

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Wiki User
2006-08-21 19:11:03

Bankruptcy only temporarily prevents foreclosure action. A house

is considered secure property so it is up to the lender as to what

action will be taken, foreclosure or reaffirmation of the loan. The

bank would pursue foreclosure and not wage garnishment. If you're

in a house you can't afford any longer, sell it. Too many

homeowners wait too long. Don't wait for the bank to foreclose.

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