After the statute of limitations has expired on a debt it is no longer legally enforceable. creditors and collectors can still collect on old debts by calling you and sending letters. However, if you’re sued for a past due debt, the expired statute of limitations can be used as a defense in court to avoid a lawsuit judgment.
Boland, 11 Cal.2d 103 (1938), the court decided that a four-year statute of limitations is a defense to a judicial foreclosure. See Id at 106-7. See also CA civ pro section 2911. However, most lenders pursue non-judicial foreclosures, and neither the statute nor case law addressed deadlines for non-judicial foreclosures.
If you need help finding or interpreting the foreclosure laws for your state, talk to a foreclosure attorney. An attorney can also advise you about any potential defenses you might have to a foreclosure and tell you about various foreclosure avoidance options that could be available to you.
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The expiration of the statute of limitations is an affirmative defense to a lawsuit. This means that even if you admit that you owe the money that the creditor is suing to collect, if the statute has expired, you can prevent a judgment from being entered against you by responding and claiming that the suit is barred by the statute of limitations. (Learn about the statute of limitations in foreclosure actions.) Florida Mortgage Foreclosures and Deficiency Judgments
If the statute of limitations runs out during the foreclosure, then it’s not a defense to the foreclosure. This means that even if a foreclosure takes years to complete , you don’t have a defense to the foreclosure based on the statute of limitations.
But student debt is something you carry for the rest of your life. It’s nearly impossible to refinance. Student debt collections need a reasonable statute of limitations, with a safety net.
Can we or should we try to settle for less than the $15,000? Is there a statute of limitations. you from the debt. In that case, the lender couldn’t sell the debt nor could they go after you later.
If you are defending your second, third, or fourth foreclosure there is an even larger need to have someone that is familar with the statute of limitations argument. Each default in each case matters, the time after default to filing matters, the letters you were sent leading up to your case, etc.