I'm looking at a pool of non-performing notes to purchase and I noticed that one of them has a loan maturity date that was about 2 years ago and the last mortgage payment was made 3 years ago.
If note was made after July 15, 2014, then you have 10 years to sue on the contract. If before that, you have 15 years sue.
This response is only general information and is not legal advice. It does not form an attorney-client relationship and should not be relied upon to take or refrain from taking any action. You should seek a qualified attorney before taking any action related to your inquiry.
If you're purchasing portfolios of debt you should discuss these issues with your attorney.
Please be advised: I'm licensed in California only. This response is intended only as general commentary not legal advice and does not create an attorney client relationship. This response may be considered "attorney advertising" material. Nothing in this posting should be considered a guarantee, warranty, or prediction of the outcome of your case or any other case.
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