Need Advice on Second Mortgage When First Is Foreclosed On?
My first mortgage was foreclosed on but the second continues to hound me (6 years later). They keep refiling every six months to save themselves on my credit report. How long can they do that? I thought that they could only be on the report for 7 years total.
Answers:
Actually 7.5 years on the CREDIT reports but if the total is substantial expect that they may take it to court.
Check your states Statute of Limitations for COLLECTIONS.
IF they directory suit and it is outside the SOL for COLLECTIONS you simply GO TO COURT when summonsed and tell the Judge sorry this is outside the SOL for COLLECTIONS and the case will be dropped.
They will probably appendage up filing suit once it gets close to the 7 1/2 year cut back. A judgement will then stay on for 10 years. Source(s): 23 years mortgage business.
Related Questions:
If mortgage bonds are secured corporate bonds afterwards how did the subprime bubble arise?
I am trying to understand secure bonds and I know mortgage bonds are secured bonds,if to be exact the case,even if they default ,the investor should bring the prinicipal back.Can someone give an explanation of this works. I'll try to...
Answers:
Actually 7.5 years on the CREDIT reports but if the total is substantial expect that they may take it to court.
Check your states Statute of Limitations for COLLECTIONS.
IF they directory suit and it is outside the SOL for COLLECTIONS you simply GO TO COURT when summonsed and tell the Judge sorry this is outside the SOL for COLLECTIONS and the case will be dropped.
They will probably appendage up filing suit once it gets close to the 7 1/2 year cut back. A judgement will then stay on for 10 years. Source(s): 23 years mortgage business.
Related Questions:
If mortgage bonds are secured corporate bonds afterwards how did the subprime bubble arise?
I am trying to understand secure bonds and I know mortgage bonds are secured bonds,if to be exact the case,even if they default ,the investor should bring the prinicipal back.Can someone give an explanation of this works. I'll try to...