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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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