Re: Foreclosure in 1999

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Posted by Jim V on February 27, 2005 at 21:34:28:

In Reply to: Foreclosure in 1999 posted by T on February 26, 2005 at 19:51:29:

T,

I don't have a definitive answer for you, but I'd like a little more info on what exactly the junior lien was.
I believe IA has a 5 year SOL on promissory notes, but a 10 year SOL on written contracts. Why did the junior lien exist? Home improvement, owner carryback, debt consolidation? Knowing what it was, would certainly help in giving you some direction.

: Hi-
: I live in Iowa. I had a foreclosure take place in 1999.
: There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations?

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Comments:
: T,

: I don't have a definitive answer for you, but I'd like a little more info on what exactly the junior lien was.
: I believe IA has a 5 year SOL on promissory notes, but a 10 year SOL on written contracts.  Why did the junior lien exist?  Home improvement, owner carryback, debt consolidation?  Knowing what it was, would certainly help in giving you some direction. 

: : Hi- 
: : I live in Iowa. I had a foreclosure take place in 1999.
: : There was a junior lein on the property for a home improvement. I know that our home sold to the original financial institution for amount owed. However, the junior lien was not paid at that time. I thought everything had cleared when all of a sudden this year I received a notice of amount still owing for junior lien. I have not made a payment at all on this loan since before the foreclosure in 1998. Do I still owe this? What is the statute of limitations? 


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