How long after foreclosure on my house can I purchase another home without anyone going after me for the outstanding balance?

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How long after foreclosure on my house can I purchase another home without anyone going after me for the outstanding balance?

I am afraid of garnishment of wages or liens in the state of California.

Asked on March 24, 2009 under Bankruptcy Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Well, the issue is would you be able to purchase another home.  With a foreclosure on your credit report, it will not be easy to get the financing to purchase another home.  This will appear on your credit report for many years (10 years I believe). 

In terms of garnishing wages, liens on any other property, California has what is called deficiency judgment.  3151.  Whenever on the sale of the property subject to any liens
provided for in this chapter, under a judgment of foreclosure of such
lien, there is a deficiency of proceeds, judgment for the deficiency
may be entered against any party personally liable therefor in like
manner and with like effect as in an action for the foreclosure of a
mortgage.


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