Foreclosure + Statue of Limitations in CA

Submitted by morfeuss on Fri, 04/16/2010 - 16:50
Forums
Credit repair

Hi,
I am hoping someone can help. I live in CA, but had 2 properties in Florida that went into foreclosure.

I continue to get calls from debt collectors regarding the deficiency, my understanding is that Florida is a state that allows to collect deficiencies. The difficiency is over 100k, which I am unable to pay fully. If i am able to negotiate a settlement, i will still get a 1099, which i will not be able to afford either.

I also believe that the statue of limitations in CA is 4 years. How can i find out how many more years do i have so they the debt collectors will not be able to sue me? I want to know what date is tha start of the 4 years (the date when the properties were foreclosed? when i made the last payment? When the properties are sold in an auction?)

Thanks for your help

cinnamngrl

the SOL in FL is 5 years. I would wait that to be safe. when you made the last payment is the start.

Sat, 04/17/2010 - 11:47 Permalink
morfeuss

Aron,

Last payment was Sept 2007. Historically, do you know what is the likelihood that i would get sued for the difference? Florida is a deficiency state and the difference i belive is ~100k.

Thanks

Thu, 04/22/2010 - 04:26 Permalink
Aaron

Hi Morfeuss,

As your property had got foreclosed in Florida, the Statute of limitations of Florida will apply on the debt. The statute of limitations on debt in Florida is:

Oral Contract: 4 years

Written Contract: 5 years

Promissory Note: 5 years

Open-Ended Accounts: 4 years

Thus, the statute of limitations on your debt has not expired yet, and they can sue you for the deficiency amount.

Thanks,

Aaron

Thu, 04/22/2010 - 09:50 Permalink
matzcrorkz (not verified)

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Mon, 08/04/2014 - 09:10 Permalink
crorkz (not verified)

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Mon, 08/04/2014 - 22:04 Permalink
matzcrorkz (not verified)

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Tue, 08/05/2014 - 10:40 Permalink
Jerri Siegel (not verified)

my neighbor saw the last of a program discussing foreclosure. She heard something about a limit of time a mortgage company can even persue a foreclosure. That would be music to my ears. I have been fighting Chase since Sept 2008. They lost the Class action suit filed in Massachusetts , (accepted by Florida States Att. Pam Bundy to cover Fla Residence, she just forgot to send out the memo to Fla courts) I had shown good faith attempts twice thru the years. Exactely Why they were sued and lost . I can afford my home but the madness just won't stop with them. I had an attorney for the last battle but on June 18, we are back to court. the att for Chase is known to be unethetica and the current judge is known to favor the banks . I wouldn't mind getting the attorney to repersent me again especially if I can just Blow all this away because they have Harrassed me for so long for no good reason. All I have ever wanted to do is just make my payments and move on. Do you have any information on this , any advise would be appreciated

Fri, 06/05/2015 - 18:28 Permalink