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Answered 2006-12-30 16:48:50

Short answer, probably. Longer answer, after the property has been sold at auction, the remaining debt still remains and the lending institution could seek payment through court. Once the court acknowledges the debt the judge may allow the lending institution to attach your wages. It depends on the laws in your state but generally the answer is yes.

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When a home is foreclosed in Tennessee are wages garnished?

Yes, when a home is foreclosed on in Tennessee and there is a deficiency between the amount collected and amount owed, your wages can be garnished to pay the difference. You may be able to file an exemption or file for bankruptcy to avoid this.

In default 6000 on a home loan can it be foreclosed?

A home can be foreclosed on if the terms of the loan are violated. The amount does not matter.

What amount have to owe to garnish your wages?


What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?

The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.

Can a collection agency Garnish if paying not full amount?


Can a creditor garnish more than the amount owed?

A creditor can not garnish for more than they are owed. A creditor must have a judgment with a specific amount before a garnishment can be started.

Define deficiency state?

A state that allows the foreclosing party to pursue the previous mortgagor for the difference of the sale price and the debt amount if the foreclosed home is not enough collateral to cover the debt.

What is the most a collection agency can garnish from your check?

this is an amount determined by a judge

If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?

You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.

When you owe a medical debt do they garnish the whole amount at one time?


How much can the state of Alabama garnish your check?

The amount that the state of Alabama can garnish your check is no more than 25%. This is after taxes and other deductions have been taken out.

What happens when returning a car to a financial institution and the car is of less value then the loan amount owed on the vehicle?

The lender will expect you to pay the deficiency which is the difference between the amount owed on the loan and the amount they get for selling the car.

Do you enter the amount paid from a federal garnish on your tax return?

No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.

Does a HOA lien get wiped out if condo is foreclosed by mortgage lender in California?

Liens are not 'wiped out': liens are paid. When the foreclosed property is sold, the lien may be paid from the proceeds, depending on its priority and the amount earned from the sale.

If you try to accept a settlement offer from a creditor after the expiration date can they deny you the settlement amount and garnish your wages?

Yes, they can. Hoever, they can only garnish 25% of your pay after taxes.

The difference between the amount of money received from selling an investment and the amount of money spent to purchase the investment its known as?

The difference between the amount of money received from selling an investment and the amount of money spent to purchase the investment is known as the capital gain or loss. When the capital gain or loss is then compared to the initial investment (through division), the result is the capital gains yield or return on investment (assuming there are no cash flows such as coupon payments or dividends).

Is there a limit on the amount that the court can garnish of your wages?

The limit is 25% of your weekly disposable income.

You make 10.00 but only work 12.5 hours a week can they garnish wages?

If you are talking about the IRS garnishing wages the answer is no. They can only garnish the amount you make over 40 hours.

Is selling concession selling commission?

Yes a selling concession is a selling commission of sorts. The difference is that in an initial public offering the securities are initially bought by the participating brokers at a discount and then immediately resold for the full amount. This spread is called the "selling concession". Although the terms are used interchangeably, a commission is associated with a broker where a concession is associated with a dealer. The difference is wether the agent in the middle uses his own money (dealer) or someone elses money (broker).

What happens when your home forecloses and the lender sells it for less than what you owe?

You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).

What is the difference between the amount of money received from selling an investment and the amount of money spent to purchase the investment is called?

It's Capital Gain you NovaNet Kids but betterly known as ROI (return on Investment).

Can banks come after home owners after foreclosure?

Yes, they can but do not always do so. When a home is foreclosed, the bank tries to resell it. They can then come after the home owners for the difference in the amount you owed and the amount they sold it for. Sometimes though they never even go after hte home owner and just write off the debt instead.

What is Difference between markup and interest?

Interest is the additional amount paid for interest bearing borrowings(loan),, where the mark up is the additional amount added to the cost of a product or service,, to reach a selling price and thereby to earn a profit.

Is it correct for the loan amount of a foreclosed property to appear on a credit report?

what ever the balance was at the time of foreclosure will report on your credit report

After a foreclosure is completed and it show the balance amount if you owe anything would it be put in the past due amount.?

t is very possible that the amount owed on a previous foreclosed house will be put in the past due amount. This depends on the state the house is located and their laws concerning such. It is becoming more and more common that mortgage companies, banks, etc are pursuing the difference of what was owed on that property and what that property actually sold for.

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