12 year rulegreenspun.com : LUSENET : Repossession : One Thread
having justtalked to a solicitor i am now confused, when does the 12year rule start 1)second missed payment of a mortgage 2)when the property has been sold anybody got a definte answer to this question or know of any cases that can be proved
-- keith (firstname.lastname@example.org), June 17, 2003
This question has been extensively covered already in previous postings, see my posting entitled "Mortgage Shortfall Limitation -12 years or 6 years ?" on August 2nd 2002. The 12 years usually starts from the 2nd or 3rd missed mortgage payment (Bristol & West v Bartlett), but you need to check the terms and conditions of your mortgage to be sure, in some cases it could be the 1st missed payment for example.
-- M Amos (email@example.com), June 17, 2003.