SOL in CA

Submitted by mortgagevictim on Wed, 10/01/2008 - 15:21
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What is the SOL in CA?

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.

Wed, 10/01/2008 - 23:14 Permalink

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.

Thu, 10/02/2008 - 12:26 Permalink

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

Thu, 10/02/2008 - 15:09 Permalink

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.

Thu, 10/02/2008 - 22:48 Permalink

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.

Fri, 10/03/2008 - 06:01 Permalink