Posted on: 14th Mar, 2011 09:40 am
I live in Iowa and my house was foreclosed on last year and I have heard from someone that the bank could still come after you for more money even after 10 years after a foreclosure...Is that true? I do not remember getting anything from the bank to sign. Shouldn't there be something I need to sign that said I no longer have the right to my house? please help and I so scared!!
Hi noi_jai!
Welcome to forums!
Once you surrender the property to the lender at the time of foreclosure, you lose your rights to the property. As far as deficient balance is concerned, there can be a time period within which the lender can come after you in order to collect the balance dues. This time period may vary from state to state.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once you surrender the property to the lender at the time of foreclosure, you lose your rights to the property. As far as deficient balance is concerned, there can be a time period within which the lender can come after you in order to collect the balance dues. This time period may vary from state to state.
Feel free to ask if you've further queries.
Sussane