House foreclosed 4/2011, 1st sent 1099 tax form so debt was forgiven. 2nd was last paid 11/2009. No communication from the 2nd, other than monthly statements from last payment until 2/2012 when a letter was rcvd from a collection agency. We responded with a letter of verification, not validation. The letter was signed for on 3/2012. No communication has been recvd since, until today. 1. What would the statute of limitations be? I understood there to be a 6 month SOL if defaults were sent after a particular time in 2011. 2. Since the 2nd attempted to collect the money through a collection agency, the agency did not respond to the verification, now the 2nd is contacting us again, can the 2nd still come back and ask again for the debt to be paid when their collection agency never responded?
I am not a Nevada licensed attorney, so my advice would be to seek one out for a more in depth discussion on the state laws concerning statute of limitations on these types of matters. However, in reference to the collection agency, I can hopefully provide some insight. You indicated that you disputed the debt and they did not respond verifying the debt. The Fair Debt Collection Practices Act states that a debt collector must cease collection activity until that is responded to. It appears that they did. The creditor is not a debt collector under the Act and was not the entity you disputed the debt with and therefore is not prohibited from collecting --- at least due to you disputing the debt with the debt collector. Whether they are prohibited for other reasons, such as statute of limitations issues would require further investigation and state specific knowledge...therefore, I would advise consulting a local attorney.
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In all likelihood, you would need an attorney to review all of the paperwork you have. In the 2011 Nevada Legislative session, the laws were changed regarding deficiency judgments after a foreclosure. However, the law only applies to foreclosures on or after July 1, 2011. It appears your foreclosure happened prior to that date. I would encourage you to discuss your case with an attorney so they can properly review your situation and advise you as to your rights.
AB 273 states: Sec. 3.3. A civil action not barred by NRS 40.430 or section 3 of this act by a person to whom an obligation secured by a junior mortgage or lien on real property is owed to obtain a money judgment against the debtor after a foreclosure sale of the real property or a sale in lieu of a foreclosure sale may only be commenced within 6 months after the date of the foreclosure sale or sale in lieu of a foreclosure.
2. Sections 3.3 and 5.7 of this act apply only to an action commenced after a foreclosure sale or sale in lieu of a foreclosure sale that occurs on or after July 1, 2011.
Most likely this lender has 6 years to sue. I'm seeing a lot of concerned people in my office after they receive court papers. Hope this perspective helps.
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