How long does the 2nd mortgage company have to file suit within the Statute of Limitations?

Asked over 1 year ago - Corona, CA

My home in California short sale in 7 / 2009 . I had a 2nd mortgage . On the HUD 1 statement it discloses the my 2nd mortgage company received partial payment from the sales proceeds . The 2nd mortgage company continues on my credit report as an outstanding debt . How long does the 2nd mortgage company have to file suit within the Statute of Limitations ? How long does the 2nd mortgage company have to seek payment from me ? How long will KS stay on the credit report as unresolved ? The 2nd mortgage did not send me a 1099 .

Attorney answers (1)

  1. Frank Wei-Hong Chen

    Contributor Level 20

    Answered . Generally speaking, under California law, the second mortgage holder has 4 years from breach or date of last payment, whichever is later.

    Frank W. Chen has been licensed to practice law in California since 1988. The information presented here is... more

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