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Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31781
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I sold my property in 2010 on a shortsale, we had 2

Customer Question

i sold my property in 2010 on a shortsale, we had 2 mortgages; however the second mortgage lender made 2 out of the 3 people on the NOTE sign a document saying that even when we opted for a shortsale we are responsible for the remaining balance
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Virginia
JA: Has any paperwork been filed?
Customer: i have just been summoned
JA: Anything else you want the lawyer to know before I connect you?
Customer: yeah this debt doesnt show in my credit report, and i bought this in conjuction with my parents when i was 19 years old (in 2005) does the estatute of limitations apply if we stopped making payments in october 2010?
Submitted: 2 months ago.
Category: Real Estate Law
Customer: replied 2 months ago.
we did a few settlement offers afterwards and the last one was denied in October 2013, would this be counted on the statute of limitations, or does the clock start after missed payments only?
Customer: replied 2 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Review Legal Documents. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Roger replied 2 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

Under Virginia law, the statute of limitation for a deed of trust is 10 years. Here is a link to the statute: http://law.lis.virginia.gov/vacode/title8.01/chapter4/section8.01-241/

Thus, the lender is still within that timeframe to sue to recover the debt.

Expert:  Roger replied 2 months ago.

Thus, your best option is likely to try and settle the debt with the lender and avoid having a judgment rendered against you.