in pa forclosure law is it true they have 20 years to try and get whatever balance I owe after reposession and sheriffs sale
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in pa forclosure law is it true they have 20 years to try and get whatever balance I owe after reposession and sheriffs sale
I was buying a house in Johnstown pa but after the market crash and other variables, my house value plummeted from 80K to the bank selling it for 1,300. I need to know how long the bank can come after me for the balance
Asked on December 20, 2018 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
After they foreclose, they can try to enforce the judgment against you for the remaining balance. In PA, the statute of limitations (time to enforce) a judgment is 5 years, but can be renewed multiple times. As long as the bank (or anyone they sell the debt/right to collect to) does their paperwork and keeps renewing the judgment as it expires, they can effectively come after you forever.
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