I have investment property in Virginia. There is only a home equity line of credit no first mortgage. There has been no payment made in the last 7 years. About 3 years ago the matter was turned over to a collection agency. I have ask them just to foreclose, I cannot make the payment, I do not live in it. I does not meet code to rent and improvements are not possible due to financial stress. The collection agency said to put a make offer sign to sell it and no offers have been made. What can I do to stop the harassment from the collection agency? At least foreclosure comes off your credit report some time, I can't get them to do that they said it was not in their best interest to foreclose. What next??
Country relating to Question: United States
State (if USA): Virginia
We buy ugly houses, short sale, make offer ad to sell, tried to turn deed over and walk away.
Hello and welcome! My name is XXXXX XXX I will be assisting you.
In VA, the statute of limitations to collect on a promissory note is six years. If you haven't made any payments in more than six years, and they never filed suit against you within the six-year-period, the collection agency can no longer sue you. In that case, you can tell the collection agency to stop contacting you and they will no longer be able to contact you without violating state and federal law.
what if anything will happen to the property in question?
If they are unwilling to foreclose, then the property would sit.
and is considered my property meaning I have to pay the taxes on it? would it be part of my estate when i die?
It would stay in your name unless you sold it. You could refuse to pay taxes, and eventually the county would foreclose.
It would become part of your estate, unless it is foreclosed for taxes.
can I legally sell or give the property to someone else?
Sure. As long as that person is willing to accept it from you.
You can sell it or even give it away by deeding it.
Please repeat your last comment. I was unable to see it. Thank you.
Did I address all your questions or can I help you further?
Attorney licensed in multiple jurisdictions.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).