Q: What is the Virginia statute of limitations involving a third party promissory note with a deed of trust?
Last payment made Dec 2014. Have not heard from note holder until Feb 2024 threatening foreclosure, interest, and legal fees.
A:
You've left out some important information - when was the mortgage taken out, when was it's original due date, and a few other things. I have a lot more questions than answers at this point.
That said, the odds are that the holder of the debt may still be able to foreclose on the property. it is an attempt to collect a debt so you have the right to ask for full verification of the debt, the payment history, and so forth.
You need to meet with an experienced real estate and/or collection defense attorney to review everything you have on the account and help you get verifications.
Dominic Paul Lascara agrees with this answer
A: Keep in mind that in the State of Virginia the statute of limitations on the enforcement of the underlying Deed of Trust is 10 years from the maturity date (VA Code Section 8.01-241). If the Deed of Trust does not state the maturity date, the statute of limitations on the enforcement of the underlying Deed of Trust is 20 years from the date of the deed of trust and if it's a credit line deed of trust, it is 40 years from the date of the deed of trust.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
