Mortgage Debt incurred, after house is Sold : LUSENET : Repossession : One Thread

I purchased a propety over ten years ago,at the time i couldn't afford to keep up with the mortgage, so i returned the keys to the lender. They sold the propert and made a loss of 23,000 pounds. This it self is questionable in a matter of few months how could auch a big loss be incurred. However, after 10 years the lender is now sending me threatning letters , telling me they will bankrupt me if i don't make this payment in full.I read in the National papers that if the lender doesn't manage to collect the debt within a 10 yrs then the debt must be waived. Could you please advise me on this matter as this is making my life a misery. On top of that i now want to buy a house but am afraid that i will not be able to get a mortgage.

There is something called the statute of limitations, meaning the creditor waited too long to sue in effort to collect. Could you shed some light on this aswell please, if this is true what is the time scale. Please help, i am at the end of my tether

-- Johno Irie (, December 13, 2001

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