acceleration clause
Date: Thu, 12/02/2010 - 01:16
What type of debt was this? Was it a loan? Since the SOL is go
What type of debt was this? Was it a loan? Since the SOL is going to expire soon, they may well be looking at suing you.
The acceleration clause basically will state that if you default, you owe the balance in full on demand and that they can invoke legal remedies.
it was originally a credit union loan, a refinance of a car loan
it was originally a credit union loan, a refinance of a car loan i think. the car is long gone. it might have been a line of credit loan. im so sorry it has been a long time ago and i cannot remember what the loan was originally for. How long can they wait until they invoke such a clause? can they wait 10 years if they want? unfortunately there is another mitigating factor involved, my ex was on the loan, but in the divorce settlement i was to pay the bill. is she still responsible for it as well. can she also be sued if they sue me? thank you so much, most of the time forums ignore you.
A divorce settlement doesnt change the note....your spouse would
A divorce settlement doesnt change the note....your spouse would also be sued at the same time as you. (She would then have to take you to family court to recoop the funds from you.)
They can demand balance in full at anytime after the note defaults.