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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 35777
Experience:  16 years real estate, Realtor. Landlord 26 years
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Does a mortgage company have a certain time frame to start

Customer Question

Does a mortgage company have a certain time frame to start foreclosure on a home ? I was told that if they didn't start the proceedings within 2 or 3 years then the house goes back to me. Its been almost 5 years now.
Submitted: 1 year ago.
Category: Real 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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Can you tell me what the duration of the mortgage was? (15 year loan, 30 year loan...)

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thanks

Barrister

Customer: replied 1 year ago.
30 year
Expert:  Barrister replied 1 year ago.

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.

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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.

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thanks

Barrister

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