Jump to content

Sign in to follow this  

Written Contract

Recommended Posts

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?? 

Share this post

Link to post
Share on other sites



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.  :)  


Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
  • Create New...

Important Information