6 or 12 years - still confusedgreenspun.com : LUSENET : Repossession : One Thread
I cannot get my head around these 6 or 12 year rules.
This is how I understand it, can someone put me straight please? If I am right, please tell and if I am wrong, put me right!
First question - where is the interest charged, is this between repossession and sale?
If no mortgage deed - they have 6 years to trace whole debt, including capital, interest, and MIG payout?
If there IS a mortgage deed - they have 12 years to chase capital and MIG payout, but interest is 6 years?
Where do costs come into these rules? 6 or 12 years?
Council of Mortgage Lenders have agreed to commence chasing debt before 6 years, or drop the claim. If they have already written to you before 6 years, they can then harrass you for another 6 years.
If you offer any sums of money, each letter starts the 6 or 12 year date rolling again, in which case they can chase until the year 2003 (if you happen to live that long)?
My head hurts.
-- One Angry Mother (firstname.lastname@example.org), November 04, 2002