Big G
Has anyone ever done a garnishment on a tenant for unpaid rent.
I got an out judgement against a tenant and she got out of my property, but I want the rent she did not pay for the month.
I want to do a garnishment what information do I need, I know where she works but I do not know her social security number
What can I do to get the rent money she did not pay?
You need to start with a judgment. If the tenant has already relocated, process service may prove challenging.
Once you have the judgment, then you can garhish wages, provided you can find the employer. But, there is a limit to how much of the wages can be garnished. You can only garnish a portion of what would be considered discretionary income. If your former tenant does not have high enough income, then you may not be able to impose wage garnishment at all.
A judgment does not force the debtor to pay you. It only gives the creditor certain legal rights in pursuing judgment collection. Most landlords find debt collection and/or judgment recovery a futile exercise and just settle for whatever portion of the debt that can be covered by the security deposit.
From what I have read a blanket mortgage is more for developers clearing land and building multiple houses. Might work, but fixing up one, then pulling out equity with a line of credit or refi may also be an option. I would just grab the phone book and make a few calls or even walk into the bank you use and ask folks in the mortgage dept. what/who they recommend. Bankers, brokers, realtors, etc network and will have an idea what may work, based on your situation. Just remember, they are tryng to limit their exposure based on what has happened the last few years...
I would check out a credit union as they have more liberal lending rules.
How can the 2nd be discharged? Would they just foreclose and be subject to the 1st?
Thank you David for this information. It has been helpful. I am in a state where the banks can still obtain a judgement against me for any amount not recovered from the loan balance after foreclosure, so one of the BK categories may be necessary for me.
Banks agree not to pursue the deficiency as part of a short sale (the norm).
Also, is the personal recourse / deficiency? I find this topic very confusing and varies from state to state.
is it a purchase money mortgage
is it a non-purchase money mortgage
was it used for home purchase
Is it a HELOC?
BK is a big deal...