Real Estate Law
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Can you tell me what state this is in?
What was the duration of the second mortgage? (10 years, 20, 30?)
Ok, was the second included in the bankruptcy and discharged back in 2006?
Ok, the way mortgages work with regard to statutes of limitations is that they begin to run after the final due date of the mortgage and Note. So if this is a 30 year term mortgage, then the 6 year SOL would start running after the 30 year term expires. This basically means that the lender would have 36 years from the time the mortgage was taken out to foreclose on the property.
So legally if they own the second, they could file suit to get a judgment against you personally and then pursue a foreclosure on the property if the second wasn't included in the bankruptcy and discharged.
I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...
Sorry that was my error above and should read that they can't come after you personally, but can come after the property
For personal liability yes, that is correct. So they can't come after you personally if you haven't paid for 6 years. But the property stands as collateral for the loan and that loan doesn't come due until 30 years after you took it out. So they can't hold you personally liable, but they could foreclose on the property and force a sale if there is any equity in it to make it worth their while to do so.