What to do if I was just served papers by my old bankregarding my forclosed house from 6 years ago?

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What to do if I was just served papers by my old bankregarding my forclosed house from 6 years ago?

The bank is demanding the money and I have 20 days to respond. I don’t know what to do. Does filing bankruptcy take care of it? I certainly do not have the money to pay the bank back.

Asked on August 23, 2011 Minnesota

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you were served with a summons and complaint concerning a possible deficiency judgment over a foreclosed home that you lost more than six years ago, you really should consult with an experienced real estate attorney to explore the following issues right away:

1. is the complaint against you barred by all applicable statute of limitations for the causes of action plead in the complaint?

2. if the loan that was foreclosed upon "purchase money" or if the foreclosure was by way of a non-judicial foreclosure, does your state have laws precluding a deficiency judgment is such a scenario.

A good real estate attorney could point you in the right direction in trying to resolve this dispute and whether a bankruptcy filing is an option for you.

Good luck.


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