Real Estate Law
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Can you tell me what the duration of the mortgage was? (15 year loan, 30 year loan...)
Ok, the way this works is that there are two different time limits here. One for when they can come after you personally for the debt and one for when they can foreclose on the property that is the collateral for the debt.
To come after you personally, they would have to file suit before the 6 year statute of limitations expires. But to foreclose, they have until 6 years after the underlying Note comes due. So here, since this is a 30 year loan, they would have up to 36 years from the time the loan was taken out to file suit to foreclose on the property and force a sale of it.