how do you know : LUSENET : Repossession : One Thread

How can you find out if the mortgage shorfall is statute barred?

-- san (, December 19, 2003


The 6 or 12 year rule is a grey area. Most people think that when you have a shortfall, it becomes a 'simple' debt and therefore is statute barred after 6 years. However, some say that the shortfall is subject to the same rules as the original mortgage and therefore expires after 12 years.

But when does the 6 or 12 years start? I suggest that you read through this site for further information on this subject rather than my repeating it here and there are several views on this.

-- pendle (, December 26, 2003.

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