QUESTION
What is statute of limitations on an interest only HELOC in CA?
Asked on Feb 29th, 2016 on Real Estate - California
More details to this question:
After repeated attempts for loan modification our home was foreclosed and auctioned off in 2010. We had a $25, 000 HELOC, and made payments for a year after we lost the home. We decided to stop paying given that we no longer owned the home. 3 years later the bank for the HELOC started calling us repeatedly and had no idea that we no longer owned the home and said that we had to prove it. County records show this info, as does our credit report. Here we are in 2016 and the bank is still calling us 2 to 3 times per week on home and cell phones. My question is, is it passed the statute of limitations for them to sue me, and I just have to deal with the calls? Or can they still sue me?
1 ANSWER
4 years after the later of the due date of the loan or the last payment you actually made.
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Dana Sack
Answered on Mar 10th, 2016 at 10:27 AM