How long after foreclosure on my house can I purchase another home without anyone going after me for the outstanding balance?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How long after foreclosure on my house can I purchase another home without anyone going after me for the outstanding balance?
I am afraid of garnishment of wages or liens in the state of California.
Asked on March 24, 2009 under Bankruptcy Law, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Well, the issue is would you be able to purchase another home. With a foreclosure on your credit report, it will not be easy to get the financing to purchase another home. This will appear on your credit report for many years (10 years I believe).
In terms of garnishing wages, liens on any other property, California has what is called deficiency judgment. 3151. Whenever on the sale of the property subject to any liens
provided for in this chapter, under a judgment of foreclosure of such
lien, there is a deficiency of proceeds, judgment for the deficiency
may be entered against any party personally liable therefor in like
manner and with like effect as in an action for the foreclosure of a
mortgage.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.