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Re: Post-foreclosure effects..

Posted by Kenneth R Brookins on March 21, 2007 at 9:45 AM

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.
: : : 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.

: : =•=•=•=•=•=•=•=•=•=•=
: Dear all,

: 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
: long do I have before I have to move out?

: Thanks




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