Need advice from lawyer/person with experience – I live in Texas where they cannot garish wages. I am married, have 1 daughter and another on the way and make just enough to get by. My wife does not work. We have 30,000 in student loans, 10-15 thousand in credit debts, 25,000 for our 2 cars and over 80,000 on our house. We have literally 0 equity in any of these because our interest rates were so high when we got the house/cars. I am currently being sued by a plumber that we couldn’t afford to pay after he completed the job and it is the first of several probably to come as we cannot afford to pay our credit cards anymore because we don’t want to be late on mortgage and cars. When the court claims a judgment on me, what happens n
Posts Tagged ‘wages’
Default on Home Equity Line?
Sunday, January 17th, 2010About a year ago my family experienced a horrible financial hardship when I lost my job. We also lost our home in foreclosure during this time as well. When we were in good standing thoguh we had a 10K dollar home equity line that we had used to "fix up" the home. This was a secured debt tied to our home as is customary. When the house went into foreclosure, the bank that issued the home equity line was only paid 1500.00 by the first mortgage holder instead of the full 10K. Why this happened I have no idea, since the contract verbage states that if I default they take possession of my home and can go as far as auctioning it off if need be to collect.
Recently I have been receiving calls from the bank that issued the home equity line want to set up payment arrangements with me to pay this debt off. We do not have the money to amke these payemtns since my current position literally pays 40% less than I was amking prior to my job loss. The bank has also threatend to file a judgement against me and possibly garnish my wages. My question is this: If the debt was secured with my home, and the bank did not collect when the house was sold/ went into foreclosure thne what rights do they have to file a judgement or even try to collect? IN other words can they actually sue me or are they simply trying to get me to sign off on an "unsecured" loan so that they can actually hold that document over my head??? ( this option is on the table at present) Please help…. we are in a desperate finacial time already and surely can’t afford to pay any more than we already are. It is a struggle just to "eat" and pay the utility bills not to mention a 250.00 loan payment.
Thanks-
The home was located in Mississippi
Foreclosure…bank seeking judgment on Home Equity Line of Credit?
Monday, November 23rd, 2009I was told by my real estate agent that if I did a short sale or foreclosure on my home in Arizona, that both the first mortgage and Home Equity Line of Credit (taken out 9 months after home purchase) would both be relinquished in a short sale or foreclosure. Because the house had dropped significantly in value and half the lots were vacant from owners doing the same thing, I decided to proceed with the short sale. It wasn’t approved and went into foreclosure. Now the bank is pursuing judgment against me to garnish my wages. Unfortunately, I can’t afford to retain an attorney. Is this a case I can win, even if I represent myself in a civil suit against this realtor? I also have email documentation asking him specifically how both loans would be treated. He responded with "Don’t worry, I have it!" I also have a witness to him telling me this verbally. According to the anti-deficiency laws, the second loan is not forgiven because it’s Non-Purchase Money, is this correct? Also, I’m wondering if I have a strong enough case to pursue this in civil court, representing myself.
Can new spouse's income/assets be considered in calculating child support or arrearages in California?
Thursday, October 22nd, 2009I am the "new spouse" of a man who’s ex (partner, never married till me) BEGAN child support orders in family court in San Jose, California. He was unemployed at the time and had no income or assets to report on which the court could calculate child support. The ex- started this petition before he and I were married. I bought a house before he and I were married where we both live now. He has been unemployed for 4 years (this is another blog) and his daughters visit nearly every weekend and on vacation time. I think she may have never followed thru on the petition because he never received notice of anything, so I have a few questions, all inter-related:
1. Does the child support order stand because she started it and it is registered with the courts, even if there was never a court date they both attended and where an amount would have been declared by the judge? In other words, is he "screwed" because the child support petition already entered the system?
2. Are arrearages accumulating regardless of whether he OR SHE continued with the process and there was no declaration made by the court?
3. Can the court (or the ex) have my wages garnished?
4. Can the court (or the ex) have my income considered in calculating HIS child support debt – future or past?
5. Can the court (or the ex) take any action against my assets, mainly the house I bought before he and I were married?
6. I read somewhere that the courts could possibly go after HIS HALF of our community property. Would that apply here if the house was something I purchased on my own (loan and title are only in my name) before I even met him?
7. Would a post-nuptual agreement between he and I (he is VERY supportive of his ex not being able to get to my assets or income) be a good idea given the facts and chronology of events?
8. Does the fact that he is unemployed and I am his sole support have any bearing on this question?
9. Would he and I divorcing do the situation any good (we really would like to stay married, but WOULD divorce to avoid this happening; my prospects for our financial success as a couple are greater than his in general – that’s another blog)
10. How does it factor in that we are almost certain the ex applied for welfare since their separation and she claimed the father is MIA, that he is completely absent from their lives, which is a complete untruth?
11. I asked about my house earlier: IS the house even considered community property if I purchased in my name alone BEFORE we were married?
12. What about other assets like vehicles? What about the smaller stuff like all of my personal property (high-end furniture, jewelry, TV’s, electronics, etc.) Can they go after that (seize and auction like with the drug dealers?!), or use as a basis to calculate value of my worth?
13. If all of this is true and she CAN go after my things, what if my house is currently upside down? What it behoove us to file the petition RIGHT NOW so that the negative property value be taken into consideration? Or would it all be re-visited periodically by the courts to see if the house value increased and there is now equity to tap into?
Any suggestions or legal facts based on valid legal knowledge would be highly appreciated, doesn’t have to be a lawyer, but a lawyer’s response for CA Law is preferred. I am working on seeing a lawyer but cannot afford it right now. My middle-class income won’t qualify me for assistance, and I’m doing my best to protect myself before 10 years go by and suddenly my home equity is garnished to pay for children who aren’t even mine! I care about them, but I didn’t bring them into the world…it shouldn’t be my responsibility EVER, but not sure how screwed up California courts could be on the variable factors of this topic.
Thanks.
Discouraged – Need a financial plan for the future?
Thursday, October 8th, 2009I want to start saving for a down payment for a house. I want to start investing in a retirement plan. I have no savings at all.
I currently make about 3K each month after taxes (I work at a firm that pays less than competitive wages with no benefits, but I get great experience – I probably will change jobs next year for higher pay). Rent is 800/month (I live in LA). I have excellent credit (score is 770), but I owe 55K in federal consolidated student loans. I also owe my mom 130K (I pay the home equity line directly) that was used to pay off my private student loans. I don’t have any significant credit card debt.
My mom, understandably, would like me to pay off her home equity loan first. While I do want to, the sheer amount is discouraging. I pay about 600/month in interest alone.
Ideas? I want a plan with milestones. I kinda wanted to be able to buy a small house in the next 5 years. My debt is so overwhelming that I almost disregard it as being permanent and unchangeable.
My mom used her home equity line to pay off my private student loans. She can deduct the interest on her taxes, and I can take advantage of the lower fixed interest rates. When I can, I have made extra payments towards the principal.
Moving home is not an option, as I live about 8 hours away since jobs are more scarce there.
I expect that next year, if I changed jobs, I could probably make about 70-80K/year (which is the competitive wage for my position).
Still discouraged. If I focus on paying off that loan first, and then start saving for a down payment and retirement, I’ll have to wait at least 20+ years . 20% for a down payment would be the amount of the loan itself here in CA, which would probably be just as long.
That is a long time to go without any savings or investments or retirement plan.
want to get rid of my home asap, help!!!!!?
Monday, September 28th, 2009Well lets see my sister-in law purchased a home 18 months ago, and has had nothing but problems since doing so. She is young and this is her and her husbands first house!
Since she has lived in this home she has had things stolen from outside, and her home has been broken into three times in which she put a security system into the home! A neighbor had mentioned that there next door neighbor is planning on steeling her husbands new car, and the boy who is the suspect just got off house arrest for the same thing. The neighbor hood is kind of hill billy and i told her not to buy a house there, but the Realator told her she would be fine it is not a bad neighborhood, and that they are building the area up, so it will end up being an investment for her in the long run. My sister in law lives with my neice and her husband and she is expecting her second baby soon, and she is devastated and want to foreclose and just wants to move somewhere else, asap. We live in Maryland, in Baltimore and i was wondering how can she go about getting out of this aweful neighborhood, she is starting to fear that the boys will jump her husband because he confronted them about the issues, and because he has contacted the police on them. If she does just move and stops paying payments will they garnesh her wages? She has perfect credit, i dont want her to ruin that. She was thinking about forclosing and then filing bankruptcy. Do you know how she get rid of this house with little to know equity in it? Please help! Thanks in advanced
anyone really believe this bailout/rescue will fix the problem?
Thursday, September 10th, 2009my thoughts…
…D”oh!…
Come on peeps we all knew it would never work…
Think back, why were people buying up fancy cars and second homes? because the value of their first home skyrocketed, so they refinanced used the equity in their homes to go buy all those fancy toys…
now that market has crashed the moneys dried up. homeowners are stuck with a 400k loan and a house worth around 150k.
just because you free up credit people will still walk away which makes perfect economic sense to a struggling family! They already took the money now its time to run!
Fund managers are already looking to foreign markets to invest our tax dollars in, and for good reason. we make nothing in our country, wages are a joke when compared to cost of living.the line between rich and poor grows wider everyday. Forget middle-class even they find themselves bordering on working poor or about to join the ranks of the jobless!
Lets say you pass this bill? how long will it take the market to turn around, 3, 4 months? Half a year is more likely, in which time we lose another 2 million homes to forecloses. Come on lets be realistic here this proposal fixes noting, not in time at least!
what do you think?
where on a mortgage note does it specify whether or not a loan is considered recourse or non-recourse?
Wednesday, July 22nd, 2009I bought a home 4 years ago and am now having trouble paying my mortgage. I have a first and second TD, the first was refinanced once as a rate/term refi, and the second, an equity loan with wells fargo, was partially used to cash-out. I have to consider foreclosure as an option, if the lender is not willing to modify the terms, but I’m unsure if either the 1st or 2nd lienholder can pursue any of my other assets, including a property my wife owns free and clear that was gifted from her grandmother, a pretty decent size 401K (over 100,000), or possibly even garnishment of my wages. Credit and Tax issues aside, is there any way the lender will seek repayment through the court system, or will foreclosure pretty much protect me? BTW this house is considered my primary residence. I am also trying to find where on the note/deed of trust that I signed, it states whether or not the liens are considered recourse or non-recourse, but cannot seem to find the pertaining verbiage
Can our 2nd mortgage company attach our wages once our home is sold as a short sale?
Friday, June 26th, 2009Our 2nd mortgage company is suing us for ,000 (the balance on our 2nd after they signed off the lien for the short sale). They have submitted paperwork to attach 25% of our wages until it is paid off? Is their any legal way out of this?
Options if defaulted on a federal student loan?
Saturday, June 20th, 2009My boyfriend defaulted on a federal student loan in 1995, and his wages have been garnished ever since. None of the money has ever been applied to the principal. The loan holder will drop ,000 in collection charges if the loan is paid off in a lump sum.Yet, he can't get this kind of financing (,000) at a regular bank because of his poor credit, and because he has already consolidated once. If he enters the loan holder's "rehabilitation" program and pays additional money for 9 months (on top of the garnishment) they will drop the default status, enabling him to get the financing, but they will not drop the collection charge. He can't get a home equity line of credit, and the typical student loan financers won't help him because of the "default status" on this loan – a catch 22. Who can go to that will loan him the money to refinance this nightmare? It seems like they make it difficult for him to get out of this because it is a cash cow for them, and a perfectly legal scam.
My boyfriend defaulted on a student loan. He made a mistake and is not trying to "welch" on the deal. He is trying to fix his mistake. It is a legal scam because they make it difficult for him to do so because this is a CASH COW for Sallie Mae. I posted this question to see if anyone else knew where to go, not for you to reign down your judgment on him.
He has paid the price already and this SCAM is designed for him to pay the price until he dies. How much does he have to be punished? It's outrageous!
He's not HITLER for crying out loud!
Related ‘wages’ sites :
| Wage - Wikipedia, the free encyclopedia A wage is a compensation, usually financial, received by workers in ... Compensation in terms of wages is given to workers and compensation in terms of salary is ... en.wikipedia.org/wiki/Wage | |
| Wages by Area and Occupation For about 400 industries - occupational wage data for sector, 3-, 4- and 5-digit NAICS (North American Industry Classification System) industries. ... www.bls.gov/bls/blswage.htm | |
| Wages Home Page Wages Search--allows you to search through all National Compensation ... Get wage data quick by clicking on the map or by choosing a state from the drop-down list ... www.bls.gov/ncs/ocs/home.htm | |
| U.S. Department of Labor - Find It By Topic - Wages These standards are enforced by the Wage and Hour Division of DOL's Employment Standards ... These standards are enforced by the Department's Wage and Hour Division. ... www.dol.gov/dol/topic/wages/ | |
| Wages: a key concept in Economics By contrast, the self-employed do not receive wages, but sell directly their labour in the market. ... Nominal wages are written down in contracts between the employee and ... www.economicswebinstitute.org/ | |
| wage: Definition, Synonyms from Answers.com wage n. Payment for labor or services to a worker, especially remuneration on an hourly, daily, or weekly basis or by the piece www.answers.com/topic/wage | |
| Minimum Wage - Wikipedia Hyperlinked article covering the history and consequences of minimum wage laws. en.wikipedia.org/wiki/ | |
| U.S. Department of Labor - Find It By Topic - Statistics ... The U.S. Department of Labor's Bureau of Labor Statistics (BLS) publishes a large amount of information on the wages, earnings, and benefits of workers. www.dol.gov/dol/topic/ | |
| Women's Action to Gain Economic Security (WAGES) WAGES' mission is to build worker-owned green businesses that create healthy, dignified jobs for low-income women. We launch cooperatives where women ... www.wagescooperatives.org | |
| Payment & Deduction of Wages Wageline addresses frequently asked questions on employer requirements to keep time and wage records of all employees, payment of wages, and issue of payslips ... www.wageline.qld.gov.au/ | |