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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Post-foreclosure effects.. Posted by Ward-CA- on May 01, 2002 at 6:49 PM In Reply to: What happens after foreclosure and Move out ? posted by Leigh on April 30, 2002 at 7:17 PM : Hello. I had my house in CT foreclosed on in Sept 2001. : Can someone tell me what happens next? I have had no contact from the mortgage company regarding the house itself. They never announced the foreclosure in the paper or put up any signs, etc. I have driven by and there is someone doing some major repairs and renovations on the house now. The house wasnt in the best of shape, but the neighborhood was great. I feel like I am waiting for the bomb to drop. Is there a statue of limitations where they can come after us for any deficiency judgements after the house is sold ? Do they ever send us any paperwork as far as for the IRS ? We got a letter stating they were selling things left in the home and that any extra funds would be sent to us. Of course I dont expect anything from this, as it wasn't worth much. How about back taxes we owed to the city. Is there a time limit they can come after us for that ? I am now divorced. How long is this foreclosure going to haunt me on my credit ? Thanks for your help =•=•=•=•=•=•=•=•=•=•= Leigh, Generally state law requires that creditors exercise their collection rights within a timely manner, generally 1 to 2 years from the final determination of their damages. If a lender decides not to come after you for a deficiency then they might send you a1099 form, due to the forgiveness of debt issue, but not all lenders do so. I really don’t know what kind of taxes you would owe a city. Perhaps you’re thinking of delinquent property taxes, which are usually a county tax. Since property taxes run with the land, not the individual, you won’t be personally liable for them. You will probably feel the effect of a foreclosure for about 5 to 7 years. But it will diminish dramatically from one year to the next. Follow Ups: Re: Post-foreclosure effects.. josie norbisrath 6:47 PM, 01/08/08 (0) Re: Post-foreclosure effects.. robin 1:37 PM, 03/20/05 (0) Re: Post-foreclosure effects.. Jose 2:15 AM, 01/11/03 (1) Re: Post-foreclosure effects.. Kenneth R Brookins 9:45 AM, 03/21/07 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hello. I had my house in CT foreclosed on in Sept 2001. : : Can someone tell me what happens next? I have had no contact from the mortgage company regarding the house itself. They never announced the foreclosure in the paper or put up any signs, etc. I have driven by and there is someone doing some major repairs and renovations on the house now. The house wasnt in the best of shape, but the neighborhood was great. I feel like I am waiting for the bomb to drop. Is there a statue of limitations where they can come after us for any deficiency judgements after the house is sold ? Do they ever send us any paperwork as far as for the IRS ? We got a letter stating they were selling things left in the home and that any extra funds would be sent to us. Of course I dont expect anything from this, as it wasn't worth much. How about back taxes we owed to the city. Is there a time limit they can come after us for that ? I am now divorced. How long is this foreclosure going to haunt me on my credit ? Thanks for your help : =•=•=•=•=•=•=•=•=•=•= : Leigh, : Generally state law requires that creditors exercise their collection rights within a timely manner, generally 1 to 2 years from the final determination of their damages. : If a lender decides not to come after you for a deficiency then they might send you a1099 form, due to the forgiveness of debt issue, but not all lenders do so. : I really don’t know what kind of taxes you would owe a city. Perhaps you’re thinking of delinquent property taxes, which are usually a county tax. Since property taxes run with the land, not the individual, you won’t be personally liable for them. : You will probably feel the effect of a foreclosure for about 5 to 7 years. But it will diminish dramatically from one year to the next. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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