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jasummers76

Written Contract

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I live in Illinois. We have a defaulted 2nd mortgage that is over ten years old. The statute of limitations in Illinois for written contracts is 10 years. The 2nd was taken out in 2005 stopped making payments in 2007 and filed for BK in 2009.  Besides their lien still being attached to my home, I can't see any situation where they can foreclose this late in the game without me making a payment starting the statute of limitations all over again. Thoughts?? 

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https://www.alllaw.com/articles/nolo/foreclosure/statute-of-limitations.html

 

SOL expiration doesn't mean the lien goes away.  I believe the lien survives until the maturity date of the original agreement, plus a period of time that varies by state.  

 

So while they may not be able to foreclose due to SOL, depending on if/when you sell your house you may have to settle the matter at that time.  You won't be able to transfer the property with an open lien.

 

If the answer to your question is critical I would strongly advise not relying solely on the vague rantings of an internet stranger.  :)  

 

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