Can a foreclosure go to collections even though it’s passed the statute of limitations?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a foreclosure go to collections even though it’s passed the statute of limitations?
I had a foreclosure 7 months ago which, to my understanding, the SOL is 6 months. I now received a letter from a collection agency for the entire balance of the loan, as well as numerous phone calls. How should I handle this? Can they still pursue the loan?
Asked on March 9, 2012 under Real Estate Law, Nevada
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It may be too late to seek a deficiency judgment against you--or it may not be. It depends on when the foreclosure *sale* was. That is, a lender in NV may seek a deficiency judgment, or to recover that portion of the loan not paid off by selling a foreclosed property (such as at an auction), up to 6 months after the SALE. The date of when you were foreclosed upon does not appear to be the critical date--it's the date of when the foreclosing lender sold the property (if it can sell the property--depending on the real estate market, the property, etc. it may not be able to move it) that determines how long the lender has to seek money from the defaulting propertly owner.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.