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Foreclosure Forum |
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Re: Post-foreclosure effects..In Reply to: Re: Post-foreclosure effects.. posted by Jose on January 11, 2003 at 2:15 AM : My father's house was foreclosed on and I need to know how I can get his house back. He's been here 33years. I need help as to how I go about this. : : Hello. I had my house in CT foreclosed on in Sept 2001. : : =========== : : 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 dont know what kind of taxes you would owe a city. Perhaps youre thinking of delinquent property taxes, which are usually a county tax. Since property taxes run with the land, not the individual, you wont 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. : : =========== : I too am going through foreclosure...what happens to me? I live in California and I am waiting for th bomb to drop...can anyone tell me what will happen after the auction...how : Thanks
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