Americans face post-foreclosure hell as wages garnished, assets seized
Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets...It appears as if Fannie Mae is doing just that. In Florida alone in the past year, for example, at least 10,000 lawsuits have been filed...
"This is monumentally unfair and damaging to the economy," said Ira Rheingold, the executive director of the National Association of Consumer Advocates. "It prevents people from moving forward with their lives."
Software developer Doug Weinberg was just getting back on his feet when he got served in July with a $61,000 deficiency judgment on his old condo in Miami's Biscayne Bay. Weinberg thought the ordeal was over after Bank of America, which rejected Weinberg's short sale offers, foreclosed in 2009.
"It's a curse," said Weinberg. "It's still haunting me. It just doesn't go away."
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