Posted on: 16th Sep, 2013 11:11 am
What is the statute of limitations for a deficiency on 2nd mortgage in the state of South Carolina?
No judgment was ever filed in 2010, but wording on closing papers says they will pursue the collection of unpaid balance and they have been reporting it on our credit for three straight years. First Mortgage waived (same bank-BOA) outstanding funds. How long can they continue to ruin our credit or file a judgment before this goes away?
Thanks for any help or advice!
No judgment was ever filed in 2010, but wording on closing papers says they will pursue the collection of unpaid balance and they have been reporting it on our credit for three straight years. First Mortgage waived (same bank-BOA) outstanding funds. How long can they continue to ruin our credit or file a judgment before this goes away?
Thanks for any help or advice!
Hi Guest!
Welcome to the forums!
Any negative item can remain in your credit report for 7 years. Once the SOL period is over, the lender will not be able to take any legal actions against you. For any written contract, the SOL is South Carolina is 20 years.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Any negative item can remain in your credit report for 7 years. Once the SOL period is over, the lender will not be able to take any legal actions against you. For any written contract, the SOL is South Carolina is 20 years.
Feel free to ask if you've further queries.
Sussane
Hi Guest,
As the SOL period is quite long, it will be better if you could take steps in order to pay off the loan.
Thanks
As the SOL period is quite long, it will be better if you could take steps in order to pay off the loan.
Thanks