I bought a condo in Florida with my then girlfriend and we put the house in my name. We let the bank foreclose on the condo and now the bank is coming after me for the difference/deficiency. The bank has threatened to garnish my wages and seize my bank accounts. Since the foreclosure has been completed, my mortgage guy said that i have no leverage or bargaining power. I need some legal advice as to what i should do to protect my assets from the bank. Its imperative that my employer does not find out about the garnishment otherwise that could affect my job security.

Based on your thread, it appears that the foreclosure already occured. With a foreclosure, the bank can go after the debtor for the difference between the sale price and the mortgage and costs absorbed by the bank. The residential foreclosure process occurs as follows: The bank or other secured creditor sells or repossesses a parcel of real estate or real property after the owner has failed to comply or make payments with an agreement between the lender and borrower called a "mortgage" or "deed of trust". This default allows the bank to foreclose as the bank is a secured party because it has a lien on the property. When the foreclosure process is complete, the bank/lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

With a short sale, the bank is agreeing in advance, that they will forgive the diference between what is owed along with costs and what the bank recovers from a sale.

So, in your case, if you didnt request a short sale then the bank will likely go after your other assets to recover the deficiency. I'd sale hire an attorney. If you ex-girlfriend is not collectable, then the bank will likely go after you for the entire amount owed.

Was the foreclosure judicial or nonjudicial foreclosure? If nonjudicial foreclosure, then most states, including California, via Cal. Code Civ. Pro. 580d bars a deficiency following a non-judicial foreclosure.