What happens if my employer garnishes my wages?

If one of your creditor’s has a judgment against you (which means the creditor sued you for nonpayment of a debt, and won), it can garnish your wages. With a wage garnishment (sometimes called a wage attachment), your employer holds back some of your wages and gives them directly to the creditor.

Can a mortgage company garnish my wages after a foreclosure?

The answer depends on several factors, including whether you live in judicial or nonjudicial foreclosure state, whether home loans in your state are recourse or non-recourse loans, and whether the loan was a first mortgage or some other type of home loan. In most cases, a creditor must get a judgment against you before it may garnish your wages.

Can a sheriff garnish a debtor’s wages?

Generally, creditors holding money judgments obtain sheriffs’ levies, using them to compel a debtor’s employer to garnish the debtor’s wages. By law, usually no more than 25 percent of a debtor’s wages can be garnished at any one time, though.

Can a deficiency judgment be used to garnish wages?

Mortgage deficiency judgments are like any other money judgment in that they allow creditors holding them to seek wage garnishment. Using a deficiency judgment, your former mortgage lender will seek to garnish a portion of any wages you’re earning in order to satisfy that judgment.

Can a mortgage company garnish my wages for a foreclosure?

Social Security. Should a first- or second-mortgage lender have grounds to sue you following a foreclosure, it can obtain a wage garnishment against the wages you earn but not against your Social Security payments. Social Security benefits are exempt from wage garnishment by private companies such as mortgage lenders.

Can a garnishment be used to garnish wages?

Using a deficiency judgment, your former mortgage lender will seek to garnish a portion of any wages you’re earning in order to satisfy that judgment. Generally, creditors holding money judgments obtain sheriffs’ levies, using them to compel a debtor’s employer to garnish the debtor’s wages.

Can you be sued or have wages garnished as a Resul?

Additionally, foreclosing mortgage lenders are often allowed to sue and seek deficiency judgments to help them recover money they lost on the foreclosure. They can seek recovery through garnishment of the wages of their foreclosed borrowers.