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I got a Citibank account because I was spending a lot of time and money abroad. My then-current account was charging me excessive foreign currency conversion and ATM fees for using my debit card out of the country. I found out that the Citigold account had a monthly fee, but did not charge fees AT ALL for ATM or POS transactions conducted outside the US, realized i could save a lot of money. I eventually opened up a second Citigold account in another country. Not only did the US staff help arrange that for me, the system lets me send up to $2000 to my foreign account instantly. This is much better than trying to get that same amount of money out of an ATM. Overall I think it is great for international travelers, expats or business people.
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I wish they had the feature to create sub-accounts to help you save for certain goals like some of their competitors do. I have several different goals that I save for and knowing how much I have saved towards each one would be very handy. Otherwise, it is just a plain boring savings account with no real features to help you organizes your finances or improve your saving habits.
The state you live in and the kind of mortgage you have are big influencing factors to determine whether your wages can be garnished for mortgage debt after foreclosure. If your house has been foreclosed upon, the lender can try to sell it. If the sale price is more than you owe, then you don’t owe anything more. If the sale is less than the amount you owe, the lender may try to collect the balance from you.
First, they’ll need a document giving them permission to sell the property to settle the debt – depending on the state, this is judgment against you or a deed of trust. Some states, called judicial foreclosure states, require the lender to take you to court to obtain a judgment against you, if you do not hand over the property voluntarily. If the lender wins, the judge will determine the amount you owe in the judgment and give the lender the right to sell the property.
Other states, called non-judicial states, allow the lender to use the deed of trust typically signed when you buy the house. This document in the sale contract gives the lender the right to sell the property in the event of default, eliminating the need for the lender to sue you for a judgment in order to get permission to sell the property.
Non-judicial states typically do not allow a first-mortgage lender to collect any left over debt after the property sale. There are some exceptions typically when the debt has the potential to include debt that isn’t related to the original purchase of the house, as is the case when the property has been refinanced or contains additional (second or third) mortgages or home equity lines of credit.
Judicial states differ in whether they allow recourse or not in the recovery of left over debt after a foreclosed property is sold.
In recourse states, the leftover debt is collectible by the first mortgage lender. If the property is in one of these states, the lender can pursue the collection of the balance after the sale (e.g. by garnishing your wages).
Recourse states (at the time of this writing):
In non-recourse states, the leftover debt is typically not collectible by the first mortgage lender and your wages cannot be garnished. There are usually exclusions, however, that allow lenders of home equity lines of credit or additional mortgages to collect the leftover debt. One way to do this is by garnishing your wages.
Non-recourse states (at the time of this writing)
Foreclosure laws change frequently, so be sure to double check your state’s current regulations to find out whether it is judicial or non-judicial, recourse or non-recourse.
If you live in a state that allows the lender to collect any leftover amount after the sale of a house, you still have options to avoid garnishment of your wages. A foreclosure attorney can help you find out if any exceptions apply to you or if bankruptcy is a reasonable option.