2007-11-16 02:34:28 · 6 answers · asked by Cutie 1 in Business & Finance ➔ Renting & Real Estate
There is no statute of limitations on mortgages.
2007-11-16 02:36:57 · answer #1 · answered by Feeling Mutual 7 · 0⤊ 0⤋
A mortgage is secured by collateral (the property involved) and there is no statute of limitations covering same. The mortgage lasts until it is retired. If you are speaking of having defaulted on a mortgage and are responsible for the deficiency amount, the statute of limitations (the period in which they can file a court action to collect) is five years. After that time, the debt remains and efforts to collect are not terminated by law.
If the mortgage firm involved decides to sell your debt to a collection agency, they can attempt to collect forever.
2007-11-16 03:51:52 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
What? Mortgages aren't a crime, so why would they have a statute of limitations? Do you mean collections? Its 7 years on your credit, and there is a limit to the amount of time they can go after you for collections but I'm not sure how long that is. Look it up on the federal consumer protections statutes.
http://www.fair-debt-collection.com/statue-limitations.html
2007-11-16 02:38:01 · answer #3 · answered by slushpile reader 6 · 0⤊ 0⤋
5 years after the date of default , if the mortgage company has not filed for foreclosure within this time period ,they are barred by a statue of limitations F.S 95.11(2)(c)
2014-07-28 12:45:33 · answer #4 · answered by carlkenyon 1 · 0⤊ 0⤋
Are you asking how long you will have your mortgage?
If this is the question then that depends on how long your financed for. You can reduce that by paying extra toward the principal whenever you can afford to.
2007-11-16 02:41:09 · answer #5 · answered by grannyzattic 4 · 0⤊ 0⤋
Your question does not really make sense. There are no statue of limitations on mortgages. Please explain what you really want to know and we will try to help you..
2007-11-16 06:02:44 · answer #6 · answered by Christiane 3 · 0⤊ 0⤋