For a foreclosure, what is the statute of limitations?

Answer by  patti (29325)

The statute of limitations pertains to crime. Foreclosure is not a crime. Foreclosure is an option a lender can exercise as a way of recovering financially for a mortgage on which the buyer has defaulted. Anytime the buyer defaults, the lender can foreclose, per the terms of the contract.

Answer by  MSH (305)

most states have a statute of limitations of 6 years when dealing with contracts. Since a note and mortgage is a contract I would say 6 years form the last payment

Answer by  tamarawilhite (17883)

This will depend on the state in which you live. The statute of limitations on debt ranges from 4 to 7 years.

Answer by  noey1958 (1405)

There is no statute of limitations on a foreclosure. If you owe money on the property the mortgage holder will always be the princable on the deed.