Another (potential) loophole for homeholders
Posted: Thu Aug 06, 2009 9:20 pmI was reading calculated risk today and a lawyer from Fl referenced that FL has a statute of limitations of 5 years on debt recovery.
Stating further that people who remained in their homes after being foreclosed upon had to be evicted within 5 years or the debt had to be annulled. This is becoming an issue because several people are at 3+ years and the glut of forclosures is clogging the judicial system....
That made me look for this,
http://www.fair-debt-collection.com/SOL-by-State.html
Not sure how reliable the info is, but it shows Wa at 10 years.
Stating further that people who remained in their homes after being foreclosed upon had to be evicted within 5 years or the debt had to be annulled. This is becoming an issue because several people are at 3+ years and the glut of forclosures is clogging the judicial system....
That made me look for this,
http://www.fair-debt-collection.com/SOL-by-State.html
Not sure how reliable the info is, but it shows Wa at 10 years.