Re: Statute of limitations on foreclosure
Posted by jim on November 24, 2008 at 13:19:38:
In Reply to: Statute of limitations on foreclosure posted by Sunil Agarwal on November 24, 2008 at 06:30:46:
Why would your client just want to wait forever? If the borrower isn't paying on 17 year old TDs, it's also likely the property isn't being maintained which will lower the value of the security. If it's a balloon payment default, but the borrower is still paying an amortizing portion of the loan, I suppose I could understand that.
You need legal advice to confirm the statute of limitations. My opinion is the SOL runs for the length of the loan, plus some number of years, the exact number I don't recall. Again, pay for the legal advice, rather than free opinions.
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