How long can a debt collector come after me for a foreclosed home?

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How long can a debt collector come after me for a foreclosed home?

I had a home foreclosed on 15 years ago in NC.There was a judgment against me, which I could not pay. 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 not on the loan, but 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

I'm not a North Carolina attorney, but my research suggests that G.S. 1-47 limits action on a judgment to 10 years after its entry, or the last payment made toward satisfying (paying off) the judgment.

You have too much at stake here, to be less than certain;  if it is too late, you can tell the collection agency to go away and leave you alone, but if not, they could sue you and put a lien on your home (in which case the $5500 offer would be a very good deal -- so good, in fact, that I suspect they can't sue you).  Please have a North Carolina attorney review the judgment, and any other facts that he or she thinks might be important, for advice you can rely on.


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