I had a foreclosure on a home approximately 7 years ago. I am now in a position that I may be able to afford to buy another home. Am I under any obligatipon to repay anything from the foreclosure as I have been told there is an outstanding balance showing from the forecloesure?
There may have been a deficiency judgment if the judgment sale did not satisfy the balance due.
However, Ohio R.C. 2329.08 provides generally that the time period to collect a deficiency is 2 years from sale date. Generally, a deficiency is unenforceable on single family or two family homes after two years from time of a judicial sale. If execution is started before the two year expiration, collection is allowed. This is applicable only to debt secured by a mortgage.
Certain exceptions apply, such as waiver. If in doubt, consult with an attorney near you who can review the specifics of your particular case.
Best wishes to you in the purchase of a new home!!
NOTE: This Answer does not constitute legal advice. Every case is fact specific. To render a legal opinion, an attorney must engage in a consultation with a prospective client and review any pertinent documents. This communication does not create an attorney-client relationship with Attorney Amy L. Wells or WELLS LAW OFFICE, INC.
The unsecured debt should fall off your credit history within 7 years. You might try getting a copy of your credit history (www.annualcreditreport.com) and if it is showing up with a balance due, file a dispute with the reporting agent, advising that the lender is not entitled to payment because it did not seek a deficiency judgment. It will then have to verify the debt with the reporting lender, which should result in its removal.
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