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Posted by Kristen on April 30, 2002 at 10:54:22:
After my property is foreclosed upon, how long does the bank have to come after me for the balance due on the property after the sale? I was told they can come after me for up to seven years. Is that accurate? In example, say I owe $40,000. The property is auctioned for $30,000. I still owe $10,000 to satisfy the note. Does the bank (mortage company) have seven years from the date of the auction (May 10) to pursue me for the balance due? If not, how long do they have, or will they not even bother because I don't have any other assets? Any response would be appreciated.
