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Response to underground for nearly 10 years need advice

from M Amos (idgroms@hotmail.com)
Jason,

If more than 12 years have passed since you defaulted on the mortgage (normally the 2nd or 3rd default) then, subject to the terms and conditions of your mortgage (it might state for example that you will be in default from the 1st missed mortgage payment), and any possible acknowledgements made by yourself (which doesn't sound likely if you have never been in contact with them) OR any possible part payment made by yourself ,or any possible joint borrower, the debt will be statute barred. However, if a Money Judgment Order was issued then they could, in theory, chase you indefinitely. Records of MJOs are, I understand, only kept for 6 years, so the only way you can find out is from the lender. If an MJO was issued they would need to return to court after 6 years in order to get leave to enforce from the court. This I believe may not be so easy because the lender would need to have shown the court that there were good reasons for the delay. If they haven't done this then I think they'll have cooked their goose. I believe any adverse credit history (with the exception of fraud of course) drops of your credit file after 6 years, so yours should be clear, but you need to check this. If your shortfall is statute barred bear in mind that the alleged debt doesn't disappear, it just lies there, so to speak, it just means that they cannot pursue you through the court. You may find, however, that debt collecting agencies will still hound you for it hoping to get something out of you by playing on your possible ignorance of the law. If this happens and you feel you are being harassed contact the OFT, there are now new stringent regulations in force to prevent this. Hope this is of some help.

Mark.

(posted 7352 days ago)

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