Surely if a debt is sold on, it is only valid for 6 years as it would become a simple debt.(posted 7747 days ago)1. You sign an agreement with a lender to get a mortgage. 2. The mortgage is defaulted. 3. The lender sells the debt to another company (presumably for a good price - which may be less than the original debt). The lender has their money (or enough to satisfy them). 4. YOU have no contract with the buyer of the debt and the debt is no longer in relation to a mortgage because the mortgage debt has been satisfied with the lender. Therefore it is a simple debt and only liable for 6 years?
Please put me right if I've got this wrong.