How long can a debt collector come after me for a foreclosed home?

UPDATED: Jun 29, 2009

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How long can a debt collector come after me for a foreclosed home?

I had a home foreclosed on 15 years ago in NC.There was a judgment against me, which I could not pay. I have not heard from a debt collector regarding this loan in over 6 years. I got a phone call this morning. They offered to settle my $43,000 debt for $17,000, and then went down to $5500. What happens if I can’t pay? My husband and I own a home now, my name is not on the loan, but is on the deed. Can they try to take it or put a lien on it? What about future accumulated assets?

Asked on June 29, 2009 under Bankruptcy Law, North Carolina


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I'm not a North Carolina attorney, but my research suggests that G.S. 1-47 limits action on a judgment to 10 years after its entry, or the last payment made toward satisfying (paying off) the judgment.

You have too much at stake here, to be less than certain;  if it is too late, you can tell the collection agency to go away and leave you alone, but if not, they could sue you and put a lien on your home (in which case the $5500 offer would be a very good deal -- so good, in fact, that I suspect they can't sue you).  Please have a North Carolina attorney review the judgment, and any other facts that he or she thinks might be important, for advice you can rely on.

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 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.

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