can a lein be placed on a house i buy 7-10 years from now?
Question by samantha111: can a lein be placed on a house i buy 7-10 years from now?
I walked away from my home in maryland. I want to buy a house in california in what will be 8 years since i foreclosed. if i buy it cash, will a lein be placed on it?
i walked away from my old house and dont know how much it sold for or anything. i financed it 100% then and only lived in that house for 6 months. please dont use “real estate” terminology . just lamens terms so i understand what will happen if i buy another house.
Best answer:
Answer by Help Is Here!
Is Maryland a non recourse state?
You need to find that out, as they can come after you for the shortfall of the sale if it is a recourse state.
So, yes, if you end up being sued for the shortfall, you can have a lien placed on any property you buy in the future..BUT, it depends on the law in MD where you foreclosed.
Also, you may get a 1099 for the shortfall, and have to claim that on your taxes as income. If you cannot pay it or don’t the IRS is really good at putting liens on things, draining bank accounts and all sorts of other goodies!
Know better? Leave your own answer in the comments!
