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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?

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Thanks.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a [url=http://www.mortgagefit.com/home-equity.html]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).

Thanks.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

zigman

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:46 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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