True. But in answer to the question, in most juristictions a deficiency must be filed in 1-3 years. )f course, the timeframe doesn't start until the loss is known. Depends on area. However, a disturbing trend of late is waiting to file this until the last minute. And guess when most people are just getting back on their feet. Yup. 1-3 years.

So generally it is better to be in communications with the bank and attempting to work something out. At least you know where you stand.