How can you find out if the mortgage shorfall is statute barred?

-- san (santrev@lineone.net), December 19, 2003

Answers

The 6 or 12 year rule is a grey area. Most people think that when you have a shortfall, it becomes a 'simple' debt and therefore is statute barred after 6 years. However, some say that the shortfall is subject to the same rules as the original mortgage and therefore expires after 12 years.

But when does the 6 or 12 years start? I suggest that you read through this site for further information on this subject rather than my repeating it here and there are several views on this.

-- pendle (pendle_666@yahoo.co.uk), December 26, 2003.