Q: My husband has a lien from a previous property foreclosure. How long does he have to wait to buy a new house free clear.
How many years do we have to wait so they don't put a lien on the new house? He has a lien for the balance of what he owed on the old house for any future property.
A:
Your description of lien from a prior foreclosure actually does not provide enough information.
I suggest that you meet with a real estate attorney in your area and ask these questions. Depending upon the type of lien it lack thereof there may not be a restriction upon him buying a new homestead.
A: Foreclosures are two part lawsuits. First you have the Final Judgment of Foreclosure, which gives the lender possession and the right to sell the property. If your husband has a Final Judgment of Foreclosure against him, it is non-monetary and should not affect home-buying in the future. If the lender continued to the second phase of the litigation, they would have filed for a Deficiency Judgment, which would require a 2nd hearing, following the foreclosure sale and in which case, a Final Judgment of Deficiency would be entered and that would be monetary and attach as a lien against any property. If that is the case, judgments are good for 10 years and can be renewed, but typically are not. Best of Luck! Jennifer
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