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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
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What is the statute of limitations for a foreclosure

Customer Question

what is the statute of limitations for a foreclosure deficiency judgment
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: new hampshire
JA: Has any paperwork been filed?
Customer: yes
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 month ago.

20 years is the statute of limitatons in New Hampshire. It is longer than most other states.

Please see below and rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

New Hampshire’s statute of limitations regarding deficiency suits after foreclosure is substantially longer than all other New England states. Current law defines a 20 year statute of limitations for which a Mortgagee can pursue an action on a Note secured by a Mortgage (RSA 508:2 & 508:6). This means the Mortgagor who experiences foreclosure faces a 20-year period of uncertainty and limited options. When a Mortgagor faces foreclosure they are experiencing financial hardship and are often insolvent. Due to their financial condition, in and around the time of foreclosure, the Mortgagor may have options available to protect them from the liability of a suit for deficiency and the tax ramifications of mortgage debt forgiveness:

1. Chapter 7 Bankruptcy may be an option for the consumer. Because of their financial condition around the time of foreclosure and probable ability to qualify for a Chapter 7 Bankruptcy under the United States Bankruptcy Court’s Means Test Calculation (Official Bankruptcy Form 22A), consumer could secure relief through this means.

2. Because of possible insolvency around the time of foreclosure, if consumer receives an IRS Form 1099-C for mortgage debt forgiveness they may be able to prove insolvency and avoid tax liability.

It is truly unfortunate that after foreclosure, consumers face up to 20 years

Expert:  WiseOwl58 replied 1 month ago.

Pease rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 1 month ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 29 days ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 27 days ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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