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How to Avoid "Poking the Bear"?


JokeStyles
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Spoke with a knowledgeable lawyer in California and he informed me that depending on a judge they could honor the California statute of limitations or the SOL that would apply to the contract. The SOL for the contract could be as long as 10 years which puts me close to 4 years inside the SOL but over 2 years past the SOL in California. I don't want to "poke the bear" with the CAs so I've decided not to pursue getting them to validate the debt but I still have accounts on my CR that are from the OC and they are no longer in business. Is it wise to try and get the OC tradelines removed from the account by disputing them with the CRAs or would this potentially tip off the CAs in any way and give them a reason to pursue litigation?

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Sounds like this lawyer was trying to scare up some business from you. It is my understanding that if a contract has a clause that extends or waives SOL, that clause is unconscionable and not legally enforceable. You cannot write a contract that violates the law.

 

As always, YMMV. IANAL.

Edited by TampaDude
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Sorry for the confusion. I am a California resident, always have been and this was for a mortgage loan for a property in Michigan with a company that does business in Michigan. The loan was then passed on to another mortgage lender who I defaulted with and now 6 years later is in the hands of a collection agency. The property was charged off and NEVER foreclosed on by the lender and purchased by a collection agency I believe. Eventually the city foreclosed on the property and took ownership to sell. I originally thought the SOL was 6 years at the longest but I recently found the following:

 

REVISED JUDICATURE ACT OF 1961 (EXCERPT)
Act 236 of 1961


600.5807 Damages for breaches of contract; specific performance; fiduciary bonds; deeds; mortgages; surety bonds; appeal bonds; public obligations.

 

Sec. 5807.

No person may bring or maintain any action to recover damages or sums due for breach of contract, or to enforce the specific performance of any contract unless, after the claim first accrued to himself or to someone through whom he claims, he commences the action within the periods of time prescribed by this section.

(1) The period of limitations on actions charging any surety on any bond of any executor, administrator, guardian is 4 years after the discharge of the executor, administrator, or guardian.

(2) The period of limitations is 10 years for actions founded upon bonds of public officers.

(3) The period of limitations on actions founded upon bonds executed under sections 41.80 and 41.81 of the Compiled Laws of 1948, is 2 years after the expiration of the year for which the constable was elected.

(4) The period of limitations is 10 years for actions founded upon covenants in deeds and mortgages of real estate.

(5) The period of limitations is 2 years for actions charging any surety for costs.

(6) The period of limitations is 2 years for actions brought on bonds or recognizances given on appeal from any court in this state.

(7) The period of limitations is 10 years for actions on bonds, notes, or other like instruments which are the direct or indirect obligation of, or were issued by although not the obligation of, the state of Michigan or any county, city, village, township, school district, special assessment district, or other public or quasi-public corporation in the state of Michigan.

(8) The period of limitations is 6 years for all other actions to recover damages or sums due for breach of contract.

 

I also found the following for California:

In some of these states, a special statute of limitation applies to non-judicial foreclosures, such as in California where the statutory limitation period is either 10 or 60 years depending on the terms of the deed of trust.

 

 

 

 

I'm guessing the best course of action at this time is no action at all unless I receive a summons? I'm thinking trying to verify or validate to get things removed off my report could poke the bear? Maybe someone has experience with this and can share.

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Get a second opinion. I know that's what you're trying to do here, but you might make better headway with another attorney.

 

The end-around might be to simply freeze LN. I'm not insanely knowledgeable about what happens when LN is frozen, but it seems to me that now might be a good time to look into it.

Edited by ubercat
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