how do you knowgreenspun.com : LUSENET : Repossession : One Thread
How can you find out if the mortgage shorfall is statute barred?
-- san (firstname.lastname@example.org), December 19, 2003
The 6 or 12 year rule is a grey area. Most people think that when you have a shortfall, it becomes a 'simple' debt and therefore is statute barred after 6 years. However, some say that the shortfall is subject to the same rules as the original mortgage and therefore expires after 12 years.
But when does the 6 or 12 years start? I suggest that you read through this site for further information on this subject rather than my repeating it here and there are several views on this.
-- pendle (email@example.com), December 26, 2003.