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I live in, and have a question about the statue of

Hello i live in...

Hello i live in Virginia , and have a question about the statue of limitations on a foreclosed rental property that had a second mortgage . A collection agency sent a letter stating the transfer of collection rights had been transfered to them.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No we haven’t ...the letter said we have 30 days to notify that we dispute the validity of the debt in writing and the letter is dated 3/9/2018. They said effective march 5,2018 making any payment to the original mortgage company that service would be CANCELLED and effective march 5,2018 correspondence and payments should be made payable to them. On the letter it stated date of our last payment was April 12, 2012 almost 6 years ago....I’m thinking statue of limitations in virginia is 5 years ??? Their threat is “ if you fail to fulfill the terms of your credit obligations we “may” submit a negative report reflecting on your credit record to a credit reporting agency “. So we are wondering if we have to do anything ?

Lawyer's Assistant: Have you talked to a VA lawyer about this?

No we haven’t.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No that’s about it for starters.

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3/20/2018
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,497
Experience: Qualified attorney in private practice including business, family, criminal, and real estate issues.
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Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. There is no specific course of action is proposed and no attorney-client relationship or privilege formed within this conversation. (You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.)

I am sorry to hear about this situation.

1) Under § 8.01-241, the statute of limitations for a foreclosure action is 10 years in Virginia.

2) Even if it is too late to enforce foreclosure, they can still place a negative mark on your credit. However, it should fall off under 7.5 years or so, counting from time of debt. So effectively, it may be challenged and may be dropped NOW if they do this.

3) However, you'd still likely not get clear title because even if they are too late with a foreclosure, you still wouldn't have paid off the mortgage so the title would not be free from "cloud" of the mortgage.

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Ely
Ely, Counselor at Law
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Satisfied Customers: 103,497
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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