Q: Is there a status of limitation on foreclosuring on a property
When a lender/bank starts the foreclosure process,how long do they have to complete it.is there a status of limitation.
A: Let me clear up a few issues. A "statute of limitations" refers to the time to commence a suit. Your case is commenced, so this no longer applies. Once commenced, there is no amount of time in which a case must be completed. Many cases remain open for years.
Jonathan David Warner agrees with this answer
A:
I am working on cases that stated back in 2008. The auction will probably take place in a couple of months. So, almost 12 years without paying a mortgage, and the case will finally be complete. So, once started things can drag on.
If the case is dismissed along the way, then the bank may be barred from bringing the case again if they are beyond the statute of limitations and do not timely bring the new suit.
Jonathan David Warner agrees with this answer
A:
No, there is no time limit in relation to how long the foreclosure case is allowed to last for. Consider retaining an attorney, as I have to assume that you do not have one, based upon the nature of your question.
Good luck.
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