is there a statute of limitations on the 2nd mortgage if i foreclosed on my house in florida in 2009 I have not paid the 2nd mortgage since 2008 i have recieved a letter about payment. I thought and was told that the 2nd mortgage goes with the foreclosure. by joycem_706_967 from Winter Haven, Florida. Sep 13th 2012
There is no statute of limitations on debt...you signed the note you owe the money, to both, for as long as they as the mortgagor decides to pursue it. Foreclosure is simply the legal process by which the lender repossessed the asset, it does not absolve you of the debt because there is still a deficiency between what you owed them and what they were able to recover through resale.
You are still responsible for your debt.
I understand a lot of people bought homes with little or no money down and values decreased rapidly in the past several years. That means both banks and homeowners are left in a position where they have lost money. Remember that when you initially received the loan from the bank they did so based on a belief that you would repay them, lets call it good will. What I'm getting at is that a statute of limitations won't help your credit, and it won't help you get any loans in the future simply because a law says the creditor can no longer come after you for a debt you failed to repay. When we evaluate your ability to pay on a future loan you can be certain we will take into account that you did not repay a previous obligation. You'll be required to have a much larger down payment to discourage you from defaulting again, or you will simply be denied outright until certain debts are paid. I realize that the amount of value lost on some properties, especially in Florida, is more than many people can handle and there is no way that certain people could pay back the debt they owe in a reasonable amount of time. However, it's up to all of us to be responsible for our own self. If you can pay it back then you should, its not right to leave anyone else stuck with your debt.
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