in pa forclosure law is it true they have 20 years to try and get whatever balance I owe after reposession and sheriffs sale

Get Legal Help Today

 Secured with SHA-256 Encryption

in pa forclosure law is it true they have 20 years to try and get whatever balance I owe after reposession and sheriffs sale

I was buying a house in Johnstown pa but after the market crash and other variables, my house value plummeted from 80K to the bank selling it for 1,300. I need to know how long the bank can come after me for the balance

Asked on December 20, 2018 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

After they foreclose, they can try to enforce the judgment against you for the remaining balance. In PA, the statute of limitations (time to enforce) a judgment is 5 years, but can be renewed multiple times. As long as the bank (or anyone they sell the debt/right to collect to) does their paperwork and keeps renewing the judgment as it expires, they can effectively come after you forever. 


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption