Posted on: 05th Jan, 2011 11:30 am
My mobile home was repossed in 2001. I am just now getting calls that they are going to sue me for the balance of the loan. Can they do that?
Hi purekountry!
Welcome to forums!
If the lender has foreclosed the property now and wasn't able to recover the dues in full, then he can come after you to recover the deficient balance. However, if the property was sold off in 2001, then you should check out the statute of limitations (SOL) regarding such debts in your state and then pay them. If the SOL period is over, then they cannot sue you for the debts.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the lender has foreclosed the property now and wasn't able to recover the dues in full, then he can come after you to recover the deficient balance. However, if the property was sold off in 2001, then you should check out the statute of limitations (SOL) regarding such debts in your state and then pay them. If the SOL period is over, then they cannot sue you for the debts.
Feel free to ask if you've further queries.
Sussane
I am in Texas and I believe the SOL is 4 yrs. Could it be someone who bought the old debt and trying to scare me into paying? Can they see my banking accounts?
Welcome purekountry,
It can be a scam and the CA can harass you for the payments. However, as per FDCPA, they cannot harass you or scare you. I will suggest you to contact an attorney and take his help in this matter.
It can be a scam and the CA can harass you for the payments. However, as per FDCPA, they cannot harass you or scare you. I will suggest you to contact an attorney and take his help in this matter.