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thoffman · Joined: 21 Jul 2011 Posts: 1 1.29 Dollars($)

My house was forclosed on 2 yrs ago. I haven't been contacted by the mortgage co. I have run 2 cr reports, and the loan is closed. The house has been sold and someone has been living in it for at least a year, maybe longer. Do I need to worry at this time about being sued?

gmakerley · Posted: Thu Jul 21, 2011 10:01 am Post subject:

I would certainly think you're in the clear, thoffman. Lenders have commonly not attempted to recover deficiencies in the last few years when they've been able to recoup something via a sale of the foreclosed property.

chrisgummerson · Posted: Thu Jul 21, 2011 10:46 am Post subject:

George is on the right track with advise. But it does depend on the state. Most states are non judicial states, meaning the lender can only take back the collateral or your home. Other states require a court order for foreclosure and are called judicial foreclosure states. Most of these states allow for deficiency judgements. Florida for example can attach a judgement on the foreclosed party up to 20 years. I am sure you would have heard something, but like I said, Florida can collect up to 20 years. Meaning that you might not have any assets now, but in 5 years when you do, the judgement could come up. Check with your state DRE and check your loan documents to see if you have deficiency judgements in your state.

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My house was forclosed on 2 yrs ago. Loan is closed on cr report. Am I ok now?

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