Bank of America Deficiency Judgement

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Post Posted: Mon Aug 16, 2010 2:32 pm    Post subject: Bank of America Deficiency Judgement

Long story short, Sherriff's Sale is this Thursday for our house. If our house sells, how long does Bank of America have to come after us for the difference? We live in Pennsylvania. If it doesn't sell, will they come after us for the whole amount due?
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Post Posted: Mon Aug 16, 2010 8:53 pm    Post subject:

Hi MovinOn!

Welcome to forums!

After the foreclosure of the property, the lender can come after you for the balance dues. As far as I know, in Pennsylvania, lenders can come after you for 4 years after the sale of the property in order to collect the balance dues.

In order to avoid a foreclosure, you can apply for a deed in lieu of foreclosure with your lender. If the property is sold off through a deed in lieu of foreclosure, you won't be liable for paying the balance amount resulting from sale.

Feel free to ask if you've further queries.



Post Posted: Tue Aug 17, 2010 11:24 am    Post subject:

We tried for 2 years with Countrywide/Bank of America for loan modifications only to be turned down. We also had a short sale approved but the process took so long that the people buying the house didn't have financing anymore. At that point it was too late for the deed in lieu of foreclosure.
So, you are saying that these people have up to four years to come after us for a deficiency judgement? I was hoping that by the end of 2010 we would be done with this nightmare! Anyone been thru this with Countrywide/Bank of America? They are awful to work with!!
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