hi everyone I am new here and hope that I can achieve the success I have seen others have in thier posts. In 2002 both my wife and I were out of work and as such lost everything the house the car, lines of credit and credit cards. Right now I have Commercial Recovery Services hounding me on the mobile home debt that was foreclosed on Feb 2003. I got screwed on this since the foreclosed ont he mobile home then after they took possesion it was broken into and vandalized and they then sold it for a pittence, leaving me with a 50,000 debt. CRS contacted me on Wednesday Jult 29th demanding a 10% payment by July 31st or they would take legal action and will not provide documentation they say they do not have to and will only do so once they file the lawsuit. Some of my questions are what are the statute of limitations on something like this. I heard that it is 4 years on personal property loans and 6 years on real property. This was considered a personal property loan since it was not the home with land just a home which could be moved and separated from the land. Also my parents co-signed on the note and decided to give them small payments toward the debt after it was foreclosed. Would the statute of limitations start after they made thier last payment? or is it possible to have separate statute of limitations from me and for my parents. We are working on a cease and desist letter to send to Commercial Recovery SYstems and also a letter for Validation of the debt. Are there any online available to use? Thanks for all the help so far reading in the forums has given me some knowledge. As we all know though some knowledge can be dangerous though so I want to arm myself with as much as needed to resolve this best. Today being thier deadline before filing the lawsuit I guess I can wait and see if they act on their threat. Thanks Christian
The statute of limitations varies by state. In most states, it starts after the last payment. But you need to find out the specifics for your state. As for CRS, if you send them a cease and desist then they will have very few options. They may return the debt to the original creditor, who will then assign a new collection agency. Or they may immediately file a lawsuit. You could send them a DV letter. Then they have to stop collection activities until they provide validation. Only send a cease and desist letter if you are certain that the SOL has expired.
