Q: Is there a statute of limitations on a lender to send a default notice after you defaulted on at Loan in North Carolina.
A: There is a statute of limitation, but the more difficult question to answer is generally when does default occur. The statute of limitation in general for a contract "under seal" is ten years, and for a contract not under seal is 3 years. Some loan agreements leave it completely up to the lender to choose when it wants to "accelerate" the loan and the loan does not automatically "default" when a payment is missed. You should take your loan greement to an attorney for a personal review and consultation. A specific answer can;t be given without a review of the loan agreement.
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