Home foreclosed on 15 years ago. What can happen if I can’t pay?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Home foreclosed on 15 years ago. What can happen if I can’t pay?
I had a home foreclosed on 15 years ago. I have not heard from a debt collector regarding this loan in over 6 years. I got a phone call this morning. They offered to settle my $43,000 debt for $17,000, and then went down to $5500. What happens if I can’t pay? My husband and I own a home now, my name is on the deed. Can they try to take it or put a lien on it? What about future accumulated assets?
Asked on June 29, 2009 under Bankruptcy Law, North Carolina
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If you and your husband were able to get a mortgage on the home you own now, it would be my guess that the lender who foreclosed on you all those years ago never got a judgment against you for the deficiency, and if that's the fact, it may very well be much too late for them to get it now. If so, it's almost certainly too late for them to even put this on your credit report. Too late, and too bad for them.
Please, before you agree to anything (or tell them off!), talk to a lawyer in your area. The reliable answer to this very, very important question depends on the facts, and the law of your state (where I don't practice, and it can make a difference). One placed to look for counsel is our website, http://attorneypages.com
There is a lot of this sort of thing going on these days. Just because a collection agency calls you, doesn't always mean you have to pay.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.