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    steven0109's Avatar
    steven0109 Posts: 1, Reputation: 1
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    #1

    Jan 25, 2009, 11:51 AM
    If you foreclose on your home in sarasota, fl What can the mortgage company do to us?
    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.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jan 25, 2009, 11:54 AM
    Quote Originally Posted by steven0109 View Post
    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.

    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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