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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 35358
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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Is there a statute of limitations on the foreclosure process,

Customer Question

Is there a statute of limitations on the foreclosure process, and if so when does the time period begin? Thanks! Tom
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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If a borrower has defaulted on their loan, then there are a couple statutes of limitations that come into play. The first one is the SOL for holding the person personally liable for the debt under the mortgage and note. This is 6 years in CO. That means that after 6 years of no payments, the lender can't sue the borrower personally for the debt any longer.
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However, the lender can still foreclose on the note and mortgage on the property because the SOL for that is 6 years from the date of maturity of the Note. So if someone takes out a 20 year mortgage and instantly defaults, the lender can foreclose on the property as a secured creditor for up to 26 years.
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So while a borrower might not be personally liable for the debt if they don't pay for quite a while, the bank still typically has an extremely long time to foreclose on the actual property and force a sale of it.
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thanks
Barriste
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Barrister replied 1 year ago.
I am sorry, but I can't engage in communications outside this forum as it could imply an attorney/ client relationship, which I am prohibited from entering into under my independent contractor agreement with JustAnswer.
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I will be happy to address any other questions that you might have on the site though..
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thanks
Barrister