10 years later!?

[Advice Needed]

What is the name of your state? Florida, but the foreclosure took place in California

I received a letter from a 2nd mortgage I had on a house back in 1995 that was foreclosed on. They stated I owed 52,000 or would incur legal costs if they had to pursue me paying this debt. When I called to find out what the heck this was all about, she said the foreclosure did not cover the balance of the 2nd mortgage. I then replied it took you 10 years to figure that out? Obviously she was not to happy with that comment. Said I could make payment arrangements or they will pursue this legally. Here is the kicker, on my credit it says paid satisfactorily and closed in 1995 and they have never contacted me about this until just recently. I seem to recall the debt being 25,000.00 originally and do not remember this particular mortgage company holding it. I advised the woman that I was aware of a staute of limitations and would consult an attorney. The one I tried to contact never called me back, so here I am. Needing advice..what do I do next? Can they do this?
HELP! The only choice I have right now was from a credit repair person that needs 500.00 up front to work on this debt.

 

[Kansas4me]

What would the statue of limitations be on this? Seems to me that after 10 years they have no leg to stand on, and are simply trying to "scare" you into giving some money to them. Is this the original debtor that called or a third party that bought the debt?

 

[Advice Needed]

10 Years Later?

According to a site I had seen for California the statute of limitations was 4 years for a written contract. I am not sure if they are a 3rd party collector, but I think so. Because I do not recall that company at all. I did state I am aware of the SOL laws in regards to this, and then really did not reply to that. The part I am not sure on is, depends on the site they say do send that in SOL claim by mail, others say verbal. I just don't want to mess it up and be liable for it ya know?

 

[CaRenter]

Try www.creditboards.com they have a mortgage forum and someone there may have the answer for you!
Good Luck!

 

[seniorjudge]

What is the name of your state? Florida, but the foreclosure took place in California

I received a letter from a 2nd mortgage I had on a house back in 1995 that was foreclosed on. They stated I owed 52,000 or would incur legal costs if they had to pursue me paying this debt. When I called to find out what the heck this was all about, she said the foreclosure did not cover the balance of the 2nd mortgage. I then replied it took you 10 years to figure that out? Obviously she was not to happy with that comment. Said I could make payment arrangements or they will pursue this legally. Here is the kicker, on my credit it says paid satisfactorily and closed in 1995 and they have never contacted me about this until just recently. I seem to recall the debt being 25,000.00 originally and do not remember this particular mortgage company holding it. I advised the woman that I was aware of a staute of limitations and would consult an attorney. The one I tried to contact never called me back, so here I am. Needing advice..what do I do next? Can they do this?
HELP! The only choice I have right now was from a credit repair person that needs 500.00 up front to work on this debt.

Sounds shady to me. The second mortgage would've been wiped out by the foreclosure.

Get the debt validated:

Standard answer on expired SOL and/or validation letters.

SOL
http://www.bcsalliance.com/y_debt_sol.html

http://www.fair-debt-collection.com/Disputing_Collections/SoL-dispute-letter.html


Validation letter samples you can get at :
www.creditinfocenter.com
and www.creditboards.com


I am NOT a creditor-debtor lawyer; stand by for further help.

I am NOT vouching for the accuracy of these websites!

 

[Advice Needed]

10 Years later

Hey-
Thanks for the guidance on this you guys. I thought the 2nd would have been wiped out as well, and could have swore that someone told me that is what occurs on a foreclosure. I just could not locate anything on the net in regards to that.
I think what happened was, we applied for a mortgage (that we did get ) and since doing so these things from my past have been creeping up! I think somehow there was a flag, HEY if she ever trys to buy a home again...GET HER!

Thanks again, I will send those letters and see what happens.