6 Year Rule HELP!!!!

greenspun.com : LUSENET : Repossession : One Thread

Can anyone state if the 6 yr rule is from the date I stopped paying my mortgage! Surrendered the house, or the property sold?

When do I start counting the days from? Also where is it in writing I can show to my Bank


-- Biggles aka Perfect world (thisisnot@supaworld.com), September 18, 2002


Hi there

If by the 6 year ruke you mean the CML agreement, the 6 years starts from the date of sale of the property.

Under the Limitation Act (12 years fpr principal and 6 yeras for interest) the starts to run from the furst default that allowed the lender to demand repayment of the whole mortgage debt 0 need to look at terms of the mortgage - will usually be after 2 or 3 missed payment.

However, any signed, written acknowledgment of the debt or part payment towards it restarts time running afresh

Hope this is the info you needed.

All thge best


-- Guy (guy@skipwith107.freeserve.co.uk), September 19, 2002.

Moderation questions? read the FAQ