knowledge of the details facts about the Home Equity Loans
article by Mark Twinton
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Question by : Will I owe foreclosure debt in Oklahoma on an FHA home loan that is in foreclosure?
My home is in foreclosure. I have an FHA loan on which I paid monthly mortgage insurance payments when I was current on the loan. Will they come after me for foreclosure debt by garnishing my paycheck or taking my state or federal tax returns, find or will the FHA mortgage insurance prevent that?? I need any answers or suggestions about what to expect in the coming months.
Best answer:
Answer by kc
The FHA insurance you were paying was not to protect you from having to pay if you defaulted (in this case foreclosure). The FHA insurance helps protect the banks from loosing money if you defaulted. You are still responsible for anything owed after the house is sold. The mortage company will sell the debt to a 3rd party collection company. Yes, you will be hounded by debt collection agencies and they can get a judgment so that your wages could be garnished. They can get a garnishment on state and federal taxes.
You might want to contact a real estate attorney to help you. Sometimes you can negotiate with the lender and they will forgive the debt if you hand over your deed. The down side of getting the debt forgiven is that the IRS considers it income and it will be taxed as income, but it is better than paying for it with interest to a debt collection agency.
The bottom line is that everyone looses (you and the lender), but the debt collection company will be the only one who comes out on top.
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castle with drawbridge
Image by NapaneeGal
This castle was halfway down the hill, no rx about five minutes’ walk from exactly where we had been staying. The walls about the castle housed a flower shop and a convenience retailer, pilule inset into the thick stone.
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Great shot.
A very different world from here, where houses with history are made of dirt and stones.
History at it’s finest!
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Great shot.
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great frontal view
Your KARMA Group
Lvoely balance and skillful sharpening
What a magical place to see !
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Perfect symmetry….a fabulous shot….it could be here in Blighty.
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Congratulations: Voyageurs du monde
Yup it looks like England 🙂
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This is really another world in another time. Beautiful shot.
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amazing place and take
*This is a *Brilliant~Eye~Jewel!*
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stunning capture wow
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beautiful capture
have a nice week end
Looks like a great place – wonderful photo!
Great perspective and detail Liz.
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great photo.. wonderful detail..
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splendid gritty shot with good framing !
Awesome photo of this castle. I love the detail on the stonework. Have a great weekend 🙂
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great entrance and wonderful texture!
*This is a *Brilliant~Eye~Jewel!*
molto bella!
The texture on this is simply amazing as is the contrast
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Fantastic texture with the stone work..oops, I’ve just dittoed John Glass!
A fairy tale come true?!
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Great shot Liz – I love the detail and the tones
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Wonderful. Has an almost HDR – like quality to it.
Love this, Liz. It looks like it could be in jolly old England.
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lovely!
Excellent, detailed photo my friend.
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Wonderful perspective and post processing.
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oh… well I do like this one too 🙂
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Creative Medieval Buildings and Castles
Beautiful shot! Thanks for sharing this with a Creative Commons license. Fave.
Hot, sexy pose!
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That’s a great shot!
Cheers from Brazil!!!
Dre.
Please JOIN US and post this wonderful picture !!!
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This photo is a good sample in the flickr. It is awarded the flickr Award!
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I have seen this amazing picture in the "IQ" – Image Quality Group.
Amazing photo of a stunning model!!! Well done!
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Thank you for sharing with us
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Thanks again! I hope you like what I made with your beautiful model.
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