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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41221
Experience:  JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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My mortgage is in default going on 6 years. I have tried unsucessfully

Customer Question

My mortgage is in default going on 6 years. I have tried unsucessfully to work with the mortgage company. It is my understanding that in Texas if a loan is not collected within 4 years the the statue of limitations kicks in and the note would not be able to be collected? Am I correct on this matter? Thank You
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 2 years ago.
Thank you for your question. Please permit me to assist you with your concerns.
You are indeed correct with your belief. Please look to Section 16.004 of the Texas Civil Practice & Remedies Code which I have provided to you below for review. Just please be aware that includes any action and any situation where you never 'assumed' the debt or promised to pay it back, as that can restart the statutory period.
Sec. 16.004. FOUR-YEAR LIMITATIONS PERIOD. (a) A person must bring suit on the following actions not later than four years after the day the cause of action accrues:
(1) specific performance of a contract for the conveyance of real property;
(2) penalty or damages on the penal clause of a bond to convey real property;
(3) debt;
(4) fraud; or
(5) breach of fiduciary duty.
(b) A person must bring suit on the bond of an executor, administrator, or guardian not later than four years after the day of the death, resignation, removal, or discharge of the executor, administrator, or guardian.
(c) A person must bring suit against his partner for a settlement of partnership accounts, and must bring an action on an open or stated account, or on a mutual and current account concerning the trade of merchandise between merchants or their agents or factors, not later than four years after the day that the cause of action accrues. For purposes of this subsection, the cause of action accrues on the day that the dealings in which the parties were interested together cease.
Acts 1985, 69th Leg., ch. 959, Sec. 1, eff. Sept. 1, 1985. Amended by Acts 1999, 76th Leg., ch. 950, Sec. 1, eff. Aug. 30, 1999.
This section was amended by the 84th Legislature. Pending publication of the current statutes, see H.B. 189, 84th Legislature, Regular Session, for amendments affecting this section.
Dimitry, Esq.