QUESTION
How long does the lender have to pursue a deficiency judgement on a commercial loan foreclosure?
Asked on Jan 02nd, 2013 on Bankruptcy - California
More details to this question:
I had a commercial mortgage loan foreclosed on by the bank in mid October, 2012. Since that time I have not heard anything from the bank. How long do they have before contacting me to pursue a deficiency judgement if they plan to do so?
4 ANSWERS
Tax Problem Resolution Attorney serving Lake Oswego, OR
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THE WUHRMAN LAW FIRM
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In California, if the foreclosure was done "out of court" through a so-called "Trustee's Sale," they can NEVER come after you.
Answered on Jan 04th, 2013 at 3:20 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the state where you live and the laws of that state. Talk to a competent foreclosure attorney licensed in the state where the property is located.
Answered on Jan 03rd, 2013 at 2:04 PM
Business Bankruptcy Attorney serving Raleigh, NC
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J.M. Cook, P.A.
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There is a one year statute of limitations on a deficiency from the date of the delivery of the deed in the foreclosure sale. However, if the note was signed under seal, that term may be extended. The best advice is to have an atty review your specific situation and docs.
Answered on Jan 03rd, 2013 at 2:03 PM