How long does a bank have to file a deficiency judgment against you?

[ilzhoefer]

Hello:

In NC the Statue of Limitations is 10 years to pursue one for deficiency when they get a judgment.

My question would be, how long does a bank have to decide to get a judgment agains you? Is it 10 years as well?

[StartingOver10]

Apparently NC has some very good protection for the consumer for deficiency judgments. It is long and complex, here is a portion from NOLO and the link.  In the link will be further links to NC statutes ...http://www.nolo.com/legal-encyclopedia/deficiency-judgments-after-foreclosure-north-carolina.html

Deficiencies Allowed After Most Foreclosures

In North Carolina, a lender may obtain a deficiency judgment following foreclosure. However, there is an exception to this general rule. The lender cannot get a deficiency judgment if:

• the lender used a nonjudicial foreclosure process, and
• the mortgage was a purchase money mortgage (also known as seller-financed mortgages) (N.C. Gen. Stat. § 45-21.38).

Make sure to look up the link because there are different rules for different situations (DIL/short sale/foreclosure).