Legal Question in Real Estate Law in Colorado
my problem
Our house was foreclosed upon on 7/1/09. They are now suing us for the ''deficiancy.'' They refused a short sale and the other remedy available to us. I make $15,000 a year and my husband works for a day labor company and barely makes 200 a week, which is why the house was foreclosed upon. Will they garnish our wages or is this a judgment that will be filed with the court?
1 Answer from Attorneys
Re: my problem
Sorry about the problem, but yes the lender can sue you for the deficiency. They can only garnish wages and proceed with other collection efforts after they win the lawsuit and get a judgment.
I would strongly recommend that you get an attorney because if you can prove that the lender bid less than a good faith estimate of the property's value at the auction, then a deficiency judgment may be avoided.
See if you qualify for legal aid. Good luck.
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