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How can I determine if any current liability exists 11 years after the foreclosure of a property?
Levittown, PA
Viewed 39 times.
Posted 4 months ago in Real Estate
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My ex-husband and I had a commercial property that was also our primary residence. We had to declare bankruptcy in 1997. In 1998 the property went into foreclosure. The mortgage holder was only able to sell the property to a new owner after a number of years. I do not know how much the property sold for or how much the lender lost. Is there a way to determine if there is a possibility of a lien or some other deficiency judgement If I am able to purchase a home in a different state? I have been divorced for 6 years and am considering relocation. What are my potential liabilities associated with this situation?
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Answers (1)
Stephen J. O'Brien
This attorney is licensed in Pennsylvania.
Posted 4 months ago.
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Do a title search, such will indicate if there continue to be any civil judgments against you on the property. In Pennsylvania, a judgment is initially good for 5 years, then it must be refiled, it is good for 10 years before it has to be refiled again. If it is not refiled, it may be refiled later, but will lose its creditor position it had and take on the status of being a newly recorded judgment.
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