Old debt question
Date: Wed, 05/25/2011 - 10:21
I went through some rough financial times a while back. My home was foreclosed on back in 2003. Now I am receiving collection notice from CBCS collection in regards to the second loan. Am I responsible for this? Is it beyond the statute of limitations. What sort of options do I have? Thanks. I live in CO by the way
What do you mean "the second loan"? The statute of limitations
What do you mean "the second loan"? The statute of limitations for written contracts is 6 years in the state of CO.
It's my understanding that they can attempt to collect forever h
It's my understanding that they can attempt to collect forever however they can not sue you once the SOL runs out.....
There was a first loan and a second loan on the home. The first
There was a first loan and a second loan on the home. The first was foreclosed and the home was taken. So they can always try and collect but can't take me to court or report to my credit reports?
They can continue collection attempts but cannot sue you. Negat
They can continue collection attempts but cannot sue you. Negative items stay on your credit report for approx 7 1/2 years, regardless of the SOL.