My inlaws are in a very bad financial situation. They life in Texas, are extremely low income, and just filed bankruptcy in 2003. They kept their trailer when they filed bankruptcy. They are extremely upside down on their trailer (at least $50000), and they cannot affort the payments. They also owe back property taxes for the last 3 years ($1070). They obviously need to get out from under the trailer, but sale is not an option. I did some research, and learned that a deed in lieu of foreclosure may be an option for them. However, it now appears that the government is ready to auction the trailer b/c of the overdue taxes. I am assuming that if this happens the bank will automatically foreclose and take out a garnishment order. Is there any way out for these people? Like I said, they currently live in Texas but are considering a move to Wisconsin, where we live. As I understand, garnishment laws in Texas are much more generous than those in Wisconsin. If the bank takes out a garnishment order while they live in Texas, can they enforce it under Wisconsin law if they move here?
I hope someone has some good info for me. I understand the situation is bleak, but I atleast want to give her accurate information next time she calls.
I hope someone has some good info for me. I understand the situation is bleak, but I atleast want to give her accurate information next time she calls.