Union City CA – Many people are concerned about a deficiency after a short sale. They are afraid that their bank may garnish all of their wages.
It’s scary to think that at any moment your bank could grab every dime you make and leave you broke. Most people short sell their house because of financial problems.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
They can’t afford to lose a month’s worth of salary. But, here is the good news. There is a maximum amount that anyone can garnish. According to Department of Labor’s Website, anyone garnishing your wages can take a maximum of 25% of whatever you earn.
Sure, it’s not fun to have 25% of your earnings taken. But, 25% is much less than the 100% that most people think they will take.
So, even if you do get a deficiency on your short sale, it is not the end of the world. They cannot take all of your money and ruin your life.
Before your lender can garnish your wages they usually have to go to court and get a judgment against you. That takes time and costs money. A lawsuit can cost them a thousand dollars or more.
The high costs causes lenders to think twice before sueing most homeowners. Even better news is the fact that there are a lot of loopholes. For example, in Florida the head of household is exempt from garnishment.
Most garnishments have to be approved by a judge. If you can show the judge that you have kids to take care of, then they may deny the garnishment.
Or, you can show the judge that a garnishment would cause you serious financial hardship where you couldn’t afford gas to drive to work.
The bottom line is that so few homeowners who short sell their house will ever be pursued with a garnishment.
We have helped hundreds of homeowners with a short sale and haven’t met anyone whose wages were garnished after the short sale. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at jdiazrealtors@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 510-912-4519
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Union City loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jose Diaz.
Jose is a Real Estate Broker at J. Diaz, REALTORS. Union City Short Sales Realtor:
Phone: 510-912-4519. jdiazrealtors@gmail.com.
Union City’s Most Sought After Short Sale Specialist”
Have Questions? Need Help? Call Today For Your Free Consultation “The 7 Options Available When You Have NO Equity” Call Today 510-912-4519
Jose Diaz specializes in loan modification assistance and short sales in Union City California. Union City Loan Modification Help, Union City Short Sales. Union City Short Sale Realtor. Union City CA Short Sales. Union City Realtor.
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Important Notice
Jose Diaz, J. Diaz, REALTORS, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
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