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 (email@example.com), September 18, 2002
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 (firstname.lastname@example.org), September 19, 2002.