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I suffer from diabetes,neuropathy,brain trauma and other things. I am receiving SSI. I have been unable to work since 1998. In order to meet the expenses to keep from losing my house, I kept putting charges on a credit card. The company has gone out of business. I owe the company(credit) $3700.00. Today, I received a summons informing me that I have a hearing with a magistrate on the end of October. I receive $670.00 monthly and I still own my home. Can the out of busin ess credit company prosecute me under these circumstances? What are my rights,if any. I would greatly appreciate any informatio that you can give me. Thank you. DAVID
State/Country relating to Question: Pennsylvania Already Tried: I haven't tried anything, so far.
Hi RED,1) How long ago did you stop making the payments?2) What is the equity in your home (the difference between the principle balance on the mortgage, and what the house is worth)?
I sropped making payments in the late 1990's, when I became ill and unable to work. I haven't had the money to fix up my house. It is currently worth about 40,999.
The collection agency is barred from collecting that debt because of the statute of limitations, which in PA is 4 years from the last payment.You have to notify the court of this fact (that the debt is so old) - the collection agency will not volunteer the information. They are hoping you do not know about this, and will be scared enough to agree to try to pay them, even if it is only a small amount per month. Once the debtor(you) does pay or agrees to pay, the 4 years starts all over again.
Attorney
Admitted NYS Bar, member ABA, NYSBA, NYCBA, QCBA, Licensed Real Estate Broker