mortgage shortfall on sale of house

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Post by andypug » Sat Mar 29, 2008 4:46 pm
hi, we sold our property in 1997,with a shortfall of 10,000 pounds,
mortgage company agreed they would accept monthly payments to pay this off, paid these for about 12 months and then we couldnt afford them so just stopped paying,havent heard from company for just over 9 years,,are they still able to chase us for this money. please help


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Post by chris.g » Sat Mar 29, 2008 4:50 pm
I'm not 100% but I think it's 11 yr without attempted contact before the debt is written off with a mortgage.
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Post by MelanieGiles » Sun Mar 30, 2008 4:11 pm
Yes - the statute of limitations runs for 12 years if the debt is related to land or property.
Regards, Melanie Giles, Insolvency Practitioner


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Post by Rachael24 » Mon Mar 31, 2008 4:46 pm
Yeah land and property is 12 years, Statute of limit. confuses me
Recent college graduate with a debt negotiation concentration.
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