Mortgage company debt
Can a mortgage company ask for a debt be repaid that is over 10 years old since anythings been paid? Answer They can ask you for the money at time, until the debt is cleared. However, under the Statuate of Limitations Act, if there has been no contact between a debtor and a lender for a solid period of 6 years, then the debt can no longer be taken to court to get payment. As a result, if the...
Read MoreDebt is this right?
Does debt cease to exist if 6 years have passed since it was last asked for? Answer The debt does not cease to exist, however after a solid period of 6 years of no contact between the debtor and lender the debt becomes statuate barred. This means that although the debt still exists, the lender cannot take the debtor to court to recover the debt. In real terms this means that if the debtor refuses...
Read More