6 or 12 year rulinggreenspun.com : LUSENET : Repossession : One Thread
I am currently being chased for a shortfall for a mortage taken out in 1988 and repossessed in 1995, the first letter received for this was in 2001 just under six years after. Despite various threats I still have not been taken to court yet. Can anyone clarify the 6/12 year rule for me
-- Anonymous (email@example.com), June 21, 2002
I'm afraid the 6/12 year limitation period question still hasn't been decided legally, as far as I know, nor whether the limitation period runs from the date of the first default of mortgage payments,date of repossession,date of sale of property,or date of MJO if one was issued. There are supposed to be 3 appeal court cases next month, which may help to clarify the situation. Sorry there's nothing more definite. I have put in a proposal that the limitation period be reduced to 3 years in the Mortgage Shortfall e-petition, which you can find on " www.petition-them.com " in case you wish to add your signature. Only your name will appear on the e-petition, the rest is confidential. By the way, can you let us know the name of the BS? Good Luck.
-- M Amos (firstname.lastname@example.org), June 22, 2002.