Posted on: 09th Oct, 2009 09:06 am
If a bank gets a deficiency judgement, how long does it last? How long do they have to collect?
They can start to comeafter you immeditely after the judgement
And it can go as logn as you do nto pay
And it can go as logn as you do nto pay
Hi mgrupp,
A deficiency judgment is valid and stays on your credit report until the SOL (statute of limitation) expires. Once the SOL expires, your creditors will not be able to come after you for the deficiency. The period of SOL is generally 6-10 years, though it varies from one state to another. You need to check your state laws to know how long the SOL period last in your particular state.
A deficiency judgment is valid and stays on your credit report until the SOL (statute of limitation) expires. Once the SOL expires, your creditors will not be able to come after you for the deficiency. The period of SOL is generally 6-10 years, though it varies from one state to another. You need to check your state laws to know how long the SOL period last in your particular state.
Lender has legal right to collect deficient money from you now. a lot depends upon Lender & deficient money.