My mortgage was covered by a MIG policy, the premiums of which were unpaid by my ex, so the Insurers state "the policy has been cancelled with no value attaching and the society is no longer on risk" I have read on these pages that shortfall created after repossession is simple contract debt, as the mortgage deed is discharged, so under the law of limitations act 1980 where 6 years is the time scale, this case is statute barred. Their solicitors say:the date is calculated from the last date of confirmed contact ie six years from the last correspondence received by ourselves from you or six years from the receipt of the last payment made. As I have never written to them until Feb 2000,and my ex paid them last in 93,where do I stand??

-- VIJAY (CIBCEARLY90s@aol.com), February 18, 2002

Answers

I don't think it is written in stone that shortfall after repo is a simple debt. If you had a mortgage under seal ( check your mortgage conditions ) then the shortfall remains a speciality debt and therefore subject to the 12 year ruling. Also, if you had a mortgage with CIBC then it is almost certain that the deed is under seal.

-- (jones5@btinternet.com), February 18, 2002.

checking through the SARN responses I note that the mortgage of life policy has been signed only by my ex . The policy was taken out 8 months after I had left him and the witness is his new wife. The copy of the original policy that I had signed in Nov 89 shows their seal - the new policy does not. The original policy was cancelled by the insurers as my husband had not paid the premiums, this is how a new policy was raised. Although I am named as a Borrower, the final paragraph" signed sealed and delivered by all persons comprising the Borrower(s) and the policy holder:- my signature is absent!! Does this mean I have any liability for this policy? Can the mortgage company chase me for a debt that seems to have dual status? ie is it 6 or 12 years as a time limit? I know from correpondence in the SARN that Eagle Star were somehow involved in chasing him in 94. Any ideas? thanks vijay

-- vijay (cibcearly90s@aol.com), February 24, 2002.

soory, I forgot to add, recent SARN responses and correspondence with lender and their solicitors-both state there is no copy of a mortgage deed held on file, and I have copies of all information that is held in a retrievable format and they can give me no further copy of anything above and beyond that which I have already received. If this went to court, they would have to provide that document and its contractual terms and conditions. Where do I / they stand now? thanks Vijay

-- vijay (cibcearly90s@aol.com), February 24, 2002.