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 .
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 general in nature and is not intended, nor should be construed, as legal advice for a particular case. This Avvo.com posting does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult with your own attorney.