Home foreclosed on 15 years ago. What can happen if I can’t pay?

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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 11 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.


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