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SOL in CA

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mortgagevictim

Joined: 25 Sep 2008
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Posts: 25

990 Magic Points

Subject: SOL in CA

Wed Oct 01, 2008 3:21 pm

What is the SOL in CA?

fireyone

Joined: 26 Feb 2008
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1966 Magic Points

Wed Oct 01, 2008 11:14 pm

California Statutes of Limitation

Written agreements: 4 years, calculated from the date of breach.

Oral agreements: 2 years.

The statute of limitation is stopped only if the debtor makes a payment on the account after the expiration of the applicable limitations period.

Mary

Joined: 06 Jul 2006
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Thu Oct 02, 2008 12:26 pm

Hi mortgagevictim
Statute of limitation for written contracts, promissory notes and open ended accounts in 4 years in California. However for oral agreements, it is 2 years. Now credit card debts falls under open ended accounts and mortgage falls under promissory notes and so the SOL in both these types of accounts is 4 years. The SOL starts from the date of your last payment towards the debt.
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mortgagevictim

Joined: 25 Sep 2008
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Posts: 25

990 Magic Points

Thu Oct 02, 2008 3:09 pm

Thanks so much for all the info. I assume negative items stay on for longer though, right?

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Thu Oct 02, 2008 10:48 pm

Oh yes. They will be on there for roughly 7 and a half years. Please be sure if your debt is protected by the SOL that you think hard about making any payments. Once you make even the tiniest of payments the SOL clock will start all ove again.

Justin

Justin

Joined: 17 Jul 2006
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Fri Oct 03, 2008 6:01 am

Hi mortgagevictim
Even if the SOL expires after a maximum period of 4 years, the negative listing will stay in your credit report for seven years and 180 days. However, if your SOL has expired, you are in a safe position with the debt because the creditor cannot sue you and bring judgment against you. But the negative listing in your credit report will definitely lower your credit score.
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Justin

goodnatured

Joined: 03 Nov 2007
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5332 Magic Points

Sat Oct 04, 2008 2:22 am

gr5eat post Justin, you have covered this very thoroughly.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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Posts: 2858

1966 Magic Points

Sun Oct 05, 2008 12:41 am

That definately covers it. Great job Justin...


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