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If a foreclosure is filed on my home, will all of my assets be frozen?
Nope. One has nothing to do with the other unless you are involved in RICO actions by the Feds.
Nope. One has nothing to do with the other unless you are involved in RICO actions by the Feds.
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resent the Note -and you can stay at your house until the Lender will find your Note on a mortgage which is impossible right now where everything everywhere is a mass
They will take your house only There is a way to stay at your house
Just say
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LikeDislikeNo, but there are a few other things that could happen. If the sale of your house doesn’t cover the full debt, your bank can sue you and get your wages garnished until the difference is repaid. Your only option to get out of the debt at that point would be bankruptcy, and the bankruptcy court would consider all your assets and may force you to spend everything you have toward the debt before your bankruptcy goes through.
OR
If the bank cancels the debt they are obligated to issue you a 1099 for the amount of canceled debt. This counts as income and will be reported to the IRS. If the bank cancels a significant debt, then it could leave you with a huge tax bill and then the IRS would be after you. If that happens, bankruptcy won’t help a bit and the IRS can actually take your stuff and sell it if you refuse to set (and stick to) a reasonable payment plan.
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