Statute Of Limitations
Definition of "Statute of limitations"
Legal time restriction for prosecuting an improper act, or civil or criminal offense. Proceedings must be brought before the expiration date of the applicable federal, state, or local statute of limitations. Most states allow up to six years to file a claim for violation of a written contract and five years for civil liability claims.
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Comments for Statute Of Limitations
I have not paid my mortgage in many months and I 'am also in foreclosure. Is there a shot for me to save my house?
Jan 18, 2021 15:47:34Hey, Nicholas! We are sorry to hear about your situation. You can take specific steps to avoid foreclosure, but things get a bit difficult since you are already foreclosed. Technically you can stop or slow down the foreclosure process once it started. In reality, the foreclosure process is time-consuming and costly; therefore, lenders are willing to find a different solution to avoid going through the foreclosure process.
Jan 25, 2021 09:11:16Try calling your lender and find an option together. Maybe, you can refinance, build a repayment plan based on your budget or temporarily suspend your mortgage payments through forbearance until you discover the financial means to resume your payments. Most importantly, foreclosure can have a powerful impact on your well-being, so don't despair; many have managed to rebuild their lives even after foreclosure, and I'm sure you will find the best solution for your problem. Best of luck to you!
How many years missing a mortgage payment when bank cannot re-poss house?
Jan 17, 2021 07:16:50Hey, Nicholas!
The statute of limitations varies in period from one state to another. Usually, they last between three to six years in most states, but some states might have a longer time period. The statute of limitations starts running when homeowners stop making payments, and the lender has a period of either three or six months - depending on the state - to take foreclosure actions. You can take certain steps to avoid foreclosure if that is something you are interested in finding out. I hope this answers your question!
Jan 18, 2021 08:39:11Have a question or comment?
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