The value of our condo has decreased by $80,000.00 and our loan was for 100% of the value at the time of the mortgage, which was about 3 years ago. Can the mortgage place a lien on your wages or just reunion your credit.
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The value of our condo has decreased by $80,000.00 and our loan was for 100% of the value at the time of the mortgage, which was about 3 years ago. Can the mortgage place a lien on your wages or just reunion your credit.
Quote:
Originally Posted by steven0109
You can't foreclose on your own property - only a bank or lending institution can foreclose.
They can pursue you for their loss - the difference between what you owe plus all the related expenses and what the property sells for.
And a foreclosure, whether the financial institution pursues you or not, is going to ruin - which I assume you mean - your credit.
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