Is a time limit for collecting a deficiency balance from a f

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Icon Mini Profile rljinvestors

Joined: 11 Jul 2008

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Post Posted: Sat Sep 06, 2008 6:53 pm    Post subject: Is a time limit for collecting a deficiency balance from a f

Is a time limit for collecting a deficiency balance from a foreclosure...We had a foreclosure. The deficiency balance was $61k! The house only appraised for $164,000. The foreclosure was in April. Is there a time limit for collecting the balance in Georgia?
Icon Mini Profile helping_user

Joined: 31 Mar 2006

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Post Posted: Mon Sep 08, 2008 1:13 am    Post subject:

Welcome rljinvestors.

There is a time limit for collecting deficiency payment or filing a judgment for it. It's a period of 30 days after foreclosure in Georgia. In most states, it extends to 4-5 years from the date of foreclosure.



Post Posted: Mon Apr 15, 2013 3:02 pm    Post subject: Deficiency Judgment

I had a [url=]home equity loan[/url] with Wells Fargo back in 2006. The house I owned went into foreclosure back in March of 2008, just over five years ago, in the state of Michigan. I now live in Nevada. Can Wells Fargo still come after me or will, "I hope" be write-in off (FORGIVEN).

Icon Mini Profile smithsussane

Joined: 18 Sep 2008

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Post Posted: Mon Apr 15, 2013 10:14 pm    Post subject:

Hi zigman!

Welcome to the forums!

As 5 years have passed, I don't think the lender will come back to recover the dues. However, you should check out whether or not they had charged off the loan to a collection agency.

Feel free to ask if you've further queries.



Post Posted: Tue Apr 16, 2013 12:14 am    Post subject: Wells Fargo

Hi Sussane,

Wells Fargo did call me. They told me that the house went into foreclosure March of 2008 and I was still responsible for the $107,000.00 home equity loan up to ten years after the foreclosure. They also told me, it did go to a collection agency, but they could not find me so it was given it back to Wells Fargo. I told the Wells Fargo agent that I was retired and on a fixed income, (pension). Also told him there would be no way I could ever pay back that kind of money. He told me I could make payments or make a deal for a lesser amount. I told him to do what he have to. After over 5 years, now there after me.
I think with all that's been going on with the Independent Foreclosure Review and the National Mortgage Settlements that it would be very hard for Wells Fargo to take a 60 year old broke man on a fixed income to court on a 5 year old Deficiency Judgment. What do YOU think, scare tactic ? I guess I'll just wait it out and see if I get sued and serve papers to appear in court.

Icon Mini Profile adonis

Joined: 22 Oct 2005

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Post Posted: Tue Apr 16, 2013 10:00 pm    Post subject:

Hi zigman,

They may take you to the court. However, in order to be on the safer side, it will be better if you could consult with your attorney in this regard.

Procrastination is the enemy of your financial success
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